Trader Joe’s Anti-Scrooge Business Practices Pay Off
It’s getting to be that time of year where people begin to show care for others more than they usually do.
It’s a time when kindness is popular and being a “Scrooge” is not.
Most people tend to assume that big company’s business practices would be selfish and Scrooge-like.
That’s why the article below might surprise you and teach you a lesson about an alternate way to run your business.
Check out this post called “The Trader Joe’s Lesson: How to Pay a Living Wage and Still Make Money in Retail” by Sophie Quinton and learn of companies who put their employees above profits…
“The average American cashier makes $20,230 a year, a salary that in a single-earner household would leave a family of four living under the poverty line. But if he works the cash registers at QuikTrip, it’s an entirely different story. The convenience-store and gas-station chain offers entry-level employees an annual salary of around $40,000, plus benefits. Those high wages didn’t stop QuikTrip from prospering in a hostile economic climate. While other low-cost retailers spent the recession laying off staff and shuttering stores, QuikTrip expanded to its current 645 locations across 11 states.
“Many employers believe that one of the best ways to raise their profit margin is to cut labor costs. But companies like QuikTrip, the grocery-store chain Trader Joe’s, and Costco Wholesale are proving that the decision to offer low wages is a choice, not an economic necessity. All three are low-cost retailers, a sector that is traditionally known for relying on part-time, low-paid employees. Yet these companies have all found that the act of valuing workers can pay off in the form of increased sales and productivity.”
Photo by TraderJoes.com
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