Costco's Visionary

warehouse-shotIf you don’t want to read the entire article from Fast Company here are some of the points that struck me: 

  •  In business for 25 years
  • Pays workers an average of $17 an hour
  • Covers 90% of insurance costs for full-time and part-time employees
  • Stock has doubled
  • Revenues have grown by 70% over the past 5 years
  • “You have to recognize — and I don’t mean this in an acrimonious sense — that the people in that business are trying to make money between now and next Thursday. We’re trying to build a company that’s going to be here 50 and 60 years from now. We owe that to the communities where we do business. We owe that to our employees, that they can count on us for security. We have 140,000 employees and their families; that’s a significant number of people who count on us. We owe it to our suppliers. Think about the people who produce products for us — you could probably multiply our family of employees by three or four times. And we owe it to our customers to continue to offer good prices. Our presence in a community makes pricing better throughout that community because when you have a tough competitor in the marketplace, prices come down.”  CEO, Jim Senegal
  • They recycle 100% of the boxes that goods are shipped to their stores in
  • Changed the shape of their cashew boxes in order to improve packaging thus saving the company 560 truckloads a year for shipping that single product (cashews).

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