Skip to content
Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Chron)   Wall Street analysts angry that Costco treats its employees like human beings   (chron.com) divider line
460
    More: Asinine  
•       •       •

31381 clicks; posted to Main » and Business » on 19 Jul 2005 at 3:37 PM (17 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



460 Comments     (+0 »)


Oldest | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | » | Newest | Show all

 
Azlefty [TotalFark]
2005-07-19 2:56:36 PM  
"On Wall Street, they're in the business of making money between now and next Thursday," he said. "I don't say that with any bitterness, but we can't take that view. We want to build a company that will still be here 50 and 60 years from now."
I think that sums it up well.
 
BrotherMaynard
2005-07-19 3:00:18 PM  
Despite Costco's impressive record, Sinegal's salary is just $350,000, although he also received a $200,000 bonus last year. That puts him at less than 10 percent of many other chief executives, though Costco ranks 29th in revenue among American companies.

[...]

"I just think that if you're going to try to run an organization that's very cost-conscious, then you can't have those disparities. Having an individual who is making 100 or 200 or 300 times more than the average person working on the floor is wrong."

Wow he does a great job as CEO but doesn't require a gigantic salary for doing it. I wish my CEO was like this.
 
Bonkthat_Again [TotalFark] [OhFark]
2005-07-19 3:06:16 PM  
BrotherMaynard: I wish my CEO was like this.


Mine is. I've seen him forego pay to avoid laying off employees.

This needs a hero tag.
 
malainse
2005-07-19 3:09:11 PM  
Costco Rules.
 
eddyatwork
2005-07-19 3:10:13 PM  
The really sad thing is that our economic system is the equivalent of slash and burn agriculture. If you can make a buck now, do it, even if in the long run it is destructive.
 
avaylee
2005-07-19 3:18:43 PM  
I am going out and getting a Costco membership today.

Fark Wall Street.
 
superbeerchan
2005-07-19 3:21:21 PM  
I think some of those Wall Street analysts (and a lot of other companies for that matter) have the thought in their heads that only one part of the Employee/Customer/Shareholder equation matters- that being the Shareholder.

Here's a free clue:
Take care of the employees and the customers, and the shareholder side will take care of itself.
 
BrotherMaynard
2005-07-19 3:25:03 PM  
avaylee
I am going out and getting a Costco membership today.

Was there yesterday. Makes me glad we decided to splurg on the giant crab legs. Although they were really tasty as well.
 
KyngNothing
2005-07-19 3:26:19 PM  
avaylee: I am going out and getting a Costco membership today.

Whenever I get off my lazy ass to actually join a warehouse club, I plan to do costco, even though it's further away...
 
NikolaiFarkoff [TotalFark]
2005-07-19 3:29:41 PM  
Makes me glad we decided to splurg on the giant crab legs

I KNEW they tasted a little salty!
 
NuttierThanEver
2005-07-19 3:30:25 PM  
Make that 3 converts to Costco so far, I plan on getting a membership this weekend.

BTW isn't this how Henry Ford got rich, by paying his employees a decent wage so they could afford to buy the product they made? Doesn't this make more sense then cutting all the jobs here in the US so there's no one left with enough money to buy shiat?
 
Jabber
2005-07-19 3:31:45 PM  
If shareholders mind Sinegal's philosophy, it is not obvious: Costco's stock price has risen more than 10 percent in the last 12 months, while Wal-Mart's has slipped 5 percent.

I think that about says it all. I think that Wall Street is just upset that Costco is making the rest of the companies look bad.
 
jeffcor13
2005-07-19 3:32:22 PM  
Have these guys even met an employee of Costco? All the ones I know hate their jobs.....
 
Smookyfufu
2005-07-19 3:34:02 PM  
I'm converted to Costco too. We need more people like this in business.
 
Dancin_In_Anson
2005-07-19 3:35:42 PM  
This tells me to buy Costco stock ASAP.
 
duppy [TotalFark] [OhFark]
2005-07-19 3:36:44 PM  
Everyone I've met who works there seems happy as a clam.
 
KyngNothing
2005-07-19 3:36:52 PM  
jeffcor13:

Have these guys even met an employee of Costco? All the ones I know hate their jobs.....


Aren't you the guy always talking about how great it was to work at walmart?
 
strangeguitar
2005-07-19 3:37:51 PM  
I will continue to shop at Costco, and will even write a personal note to that CEO telling him that he's an inspiration
 
PicoDelSol
2005-07-19 3:38:47 PM  
They just converted me as well.
 
EatHam [TotalFark]
2005-07-19 3:38:56 PM  
And the more stories like this run, the more people will support them with their wallets.
 
ThatGuyGreg
2005-07-19 3:39:06 PM  
jeffcor13:

Have these guys even met an employee of Costco? All the ones I know hate their jobs.....

I somehow doubt they'd be any happier at WalMart.
 
Phil McKraken [OhFark]
2005-07-19 3:41:37 PM  
Wow. I might become a customer.
 
ck1938
2005-07-19 3:42:07 PM  
On the negative side these guys use eminent domain to take people's property more than Wal Mart does. Of course I have a card, but I didn't pay for it so I guess my shopping there is OK.
 
Sardonic_Padre
2005-07-19 3:43:13 PM  
its a shame theres not a store in Gainesville, i would go there in a heartbeat.

we do have a Sams though...(farking Wal-Mart)
 
snowburnt
2005-07-19 3:43:21 PM  
That guy sounds great from the article. The only problem I have with costco is that I go in there and walk around, and I think to myself: that's cheap, I can get that...that's cheap too...Soon I've spent $200.

I read this one thing about a girl who hated being a free sample lady at costco, but she seemed more like a lazy biatch who didn't want to actually work as opposed to the job actually being bad.
 
syberpud
2005-07-19 3:43:46 PM  
One analyst, Bill Dreher of Deutsche Bank, complained last year that at Costco "it's better to be an employee or a customer than a shareholder."

Wouldn't that always be true Herr Dreher? An employee works to improve the company, a shareholder only contributed some of the capital. Without the employee, the capital would be wasted. Be glad you're getting any return. It's probably still better than interest rates at the bank.
 
blackminded
2005-07-19 3:43:54 PM  
NuttierThanEver

Why, that's nothing but commie pinko liberal terrorist talk comin' outta you. You SHUT your MOUTH!

/good old Hank Ford
//he also hired minorities before anyone else
 
NYC 50's fan
2005-07-19 3:43:57 PM  
avaylee: Fark Wall Street.


Don't forget, fark Walmart too! I've been in Costco with my daughter who has a membership, I noticed the merchandise is of much better quality that Wallyworld's. I liked the layout of the store and the store was clean!
 
tarrant84
2005-07-19 3:44:08 PM  
[HERO]

Now he gets high quality employees and creates a store where I actually want to shop! OMG!

I'm going to find one of those places and specifically shop there thanks to this article.
 
schmack
2005-07-19 3:44:30 PM  
i, too will go get a Costco membership ASAP, but just bear in mind: the day that CEO kicks it, his company is dead meat. Some idiot will come in like those dudes who took over KMart and it'll be executive jets, Greek island getaways and $5 million dollar bonuses all around.
 
KyngNothing
2005-07-19 3:45:08 PM  
btw, these wall street types are why i think the "free market hand" or whatever that wanna-be libertarians always talk about is full of shiat...
 
rdhogan7713
2005-07-19 3:45:40 PM  
From the article:
Bill Dreher of Deutsche Bank, complained last year that at Costco "it's better to be an employee or a customer than a shareholder."

Screw you Bill.

Of course, the term "complained" may have more to do with the author than Mr. Dreher, but as an employee of a big company that doesn't treat its employees well, "screw you Bill!"
 
tarvuz
2005-07-19 3:46:18 PM  
Of course they are run by Democrats...figures...ohhhh it figures.
 
Taunches
2005-07-19 3:46:18 PM  
I just want a costco near me now :(
 
LesserAtuin
2005-07-19 3:46:58 PM  
Why am I pressed with a sudden urge to kiss this man?

I wonder if there's a Costco around here.
 
jim90291
2005-07-19 3:47:14 PM  
costco is what walmart should be.

/another membership here please..
 
Lucubrationist
2005-07-19 3:47:24 PM  
jeffcor13:
I have moonlighted at Costco - twice. Whether for a full-time or part-time position, they can't be beat. Their pay and benefits are great, and they are very flexible on scheduling. Most employees own at least some stock, so they are willing to bend over backward to see the place succeed.

And, unlike Walmart, Costco employees don't have to sign up for state health insurance programs. Therefore they are not a drain on state governments!
 
chevydeuce
2005-07-19 3:47:24 PM  
I know several Costco employees.....They rave about working there. My next door neighbor used to be a front end manager there, she finally quit because her husband got a really good job and she didn't need to work anymore, so she stayed home with her kids......Now that the kids are older, she want's to go back to work, but only at Costco. The local store just isn't hiring at the present time, so she says she'll wait....
 
AgeOfReason
2005-07-19 3:47:29 PM  
Also check out what Costco has done for seniors and others who need discount pharmaceuticals. They are one of the best places to get prescription drugs in the US. The prices they sell generics at are sometimes half or more off of the local RiteAid. They have great long term vision.
 
darklordseth
2005-07-19 3:47:44 PM  
TFA: One analyst, Bill Dreher of Deutsche Bank, complained last year that at Costco "it's better to be an employee or a customer than a shareholder."

I'd take that as a compliment.
 
infernalfuries
2005-07-19 3:47:46 PM  
that's cool. i just wish i knew of a costco nearby.
 
Mob Barley
2005-07-19 3:47:52 PM  
This guy is a hero.
 
tarrant84
2005-07-19 3:48:11 PM  
"Good wages and benefits are why Costco has extremely low rates of turnover and theft by employees, he said. And Costco's customers, who are more affluent than other warehouse store shoppers, stay loyal because they like the fact that low prices do not come at the workers' expense."

"If shareholders mind Sinegal's philosophy, it is not obvious: Costco's stock price has risen more than 10 percent in the last 12 months, while Wal-Mart's has slipped 5 percent."

Some day people will learn-- Republicanism and screwing people is good short term, very very bad long term.
 
JiffyJeff
2005-07-19 3:48:13 PM  
My friends who work at the Sam's Club home office in Bentonville, AR tell me that they regularly sneak into Costco warehouses to spy on their activities. They are always impressed with the quality of the goods available in Costco and wish there was one in Northwest Arkansas... And they work for Sam's Club!
 
remirol
2005-07-19 3:48:32 PM  
Current costco member; ex-sam's club member.

The product quality 'seems' better at costco as well. Don't have much evidentiary basis for this, but...

As far as Der Dreher is concerned: well, no shiat, sheerluck. it's supposed to be that way... unless you have a metric ton of shares.

/$24 case of Bass == happy beer drinker
 
Teucer
2005-07-19 3:48:57 PM  
17 dollars an hour? BRAVO!

/thats close to a living wage, doggonit
 
Lone_Gunman
2005-07-19 3:49:27 PM  
Yeah thats wall street for you... Anyone other than myself notice that HP/Compaq stock has been rising since the announcement letting go of 25,000 people?

/Sick but True.
//Fark Wall-Street.
 
LesserAtuin
2005-07-19 3:49:55 PM  
Nope, no Costco in Central NY. Where are these things, and can I kick my local Walmart out to get one?
 
Papageorgeo
2005-07-19 3:49:58 PM  
I'm going to have to start shopping at Costco.
 
Thisbymaster
2005-07-19 3:50:23 PM  
/sign me up

Going to go find one, but there isn't anything out here but corn

/sigh
 
Displayed 50 of 460 comments


Oldest | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | » | Newest | Show all



Redisplay/refresh comments
This thread is archived, and closed to new comments.

Continue Farking

If you like these links, you'll love

TotalFark

More Fark for your buck

learn more | sign up
On Twitter

  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.