Costco's chief furnishes his boardroom with faux-wood tables, has no PR staff, and doesn't offer customers shopping bags—but he does pay employees a fair wage. Now that his formula is pleasing Wall Street, will other companies follow?
Scott Tanksley's insight:
Love this statement!
Costco treats its employees well in the belief that a happier work environment will result in a more profitable company. “I just think people need to make a living wage with health benefits,” says Jelinek. “It also puts more money back into the economy and creates a healthier country. It’s really that simple.”
There is a link between organizations that instill a sense of purpose and their long-term success, says a new survey just released by Deloitte. Yet, businesses are still not doing enough to create this sense of purpose and make a positive impact on all stakeholders. In fact, according to the report, 91% of respondents who said their company has a strong sense of purpose also said their company has a history of strong financial performance. However, 68% of employees and 66% of executives believe businesses do not do enough to create a sense of purpose and deliver meaningful impact. So says Deloitte Chairman Punit Renjen who has been out and about evangelizing for the power of purpose. “Our research reveals the need for organizations to cultivate and foster a culture of purpose,” says Chairman Renjen.
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