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July 29, 2005
Costco Rocks! Analysts Suck!
Another entry for the bulging files of corporate greed.
The New York Times has an article detailing how Costco has become the #1 warehouse store in the nation by offering lower prices for quality goods, while at the same time treating their employees like, you know, human beings (paying them a living wage, giving them health benefits, letting them unionize, etc.). But some analysts think they should do things differently.
Emme Kozloff, an analyst at Sanford C. Bernstein & Company, faulted Mr. Sinegal (Costco's CEO) as being too generous to employees, noting that when analysts complained that Costco's workers were paying just 4 percent toward their health costs, he raised that percentage only to 8 percent, when the retail average is 25 percent."He has been too benevolent," she said. "He's right that a happy employee is a productive long-term employee, but he could force employees to pick up a little more of the burden."
Make no mistake about it, this is the same attitude that begat Koslowski, Lay and the gang and gave us the entire corporate climate right now which says that no amount of profit is ever enough...and no amount of screwing your employees and customers will go unrewarded so long as the investors are raking it in.
Check out the full article here.
Then let's all go open Costco accounts this weekend and spend a bundle. I'll just need to figure out where to store a years supply of Apple Jacks.
Posted By | July 29, 2005 08:51 AM | DIGG ME!
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