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from the happy-employees-make-happy-customers dept.
Wegmans is a family-owned grocery store chain. NYTimes noted it can actually claim a "cult following".
The Center for American Progress reports
It manages to have a huge selection while offering prices that can compete with Walmart, but that it does it while treating its employees well.
The perks start with pay, which for hourly store employees is a little more than $33,000 a year on average. By contrast, Walmart has admitted that more than half of its employees make less than $25,000 a year.
[...]but that's not what makes the company famous for employee satisfaction, landing it on Fortune's 100 Best Companies to Work For list every year since the list began. It also offers generous benefits. It pays about 85 percent of the costs of health care coverage, including dental, for its full-time employees and offers insurance to part-time workers who put in 30 hours a week. It offers 401(k) plans with a salary match of up to 3 percent of an employee's contribution.
And it has a scholarship program[...]
Wegmans also offers more work/life balance than most retail jobs.[...]
These benefits aren't just altruistic. The company generates $7.1 billion in revenue and is profitable. "When you think about employees first, the bottom line is better," the company's vice-president for human resources has said. The company boasts a 5 percent turnover rate among full-time employees, compared to a 27 percent[paywall] rate for the industry. That comes with a cost, as it often eats up about 20 percent of a worker's salary to replace him.
(Score: 4, Interesting) by Thexalon on Saturday May 16 2015, @07:54PM
The thing is, what's smart for one company is really dumb if everybody does it.
The reason is that Peter's costs are Paul's sales. So if Peter manages to cut their costs, then Paul's just lost a bunch of revenue, and has to cut their costs too. But their costs are paying Peter, so now he's lost sales too, and so forth. And that in a nutshell is why businesspeople usually don't understand economics and macroeconomics in particular: they're only looking at their own role in the system, not the system itself.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.