“Could Costco make more money if the average wage was $2 or $3 lower?” Richard Galanti, Costco’s chief financial officer, mused in an interview with Businessweek. “The answer is yes. But we’re not going to do that.” http://www.huffingtonpost.com/…
Imagine that … a company that recognizes that paying decent wages takes priority over corporate profits. The shock to me, having known that CostCo paid more, was just how much CostCo on average does pay.
From the same article:
The average Costco worker made about $45,000 per year, Fortune reports. By comparison, Walmart-owned Sam’s Club, a Costco competitor, pays its workers $17,486 per year, according to salary information site Glassdoor.com.
I work in IT and I don’t make $45,000 per year; not even close. I’m gonna cry.
Costco’s insistence on treating its workers well hasn’t come at the expense of the company’s bottom line. The retailer’s profit jumped 19 percent to $459 million last quarter, while Walmart’s sales suffered during the same period.
Walmart’s PR department has had to work overtime in recent months as the discount retailer was tied to both fires at factories in Bangladesh and showed a marked insouciance toward same and then did not support efforts to improve conditions at other factories. There have also been stories on the state of Walmart stores, specifically being dirty and poorly stocked.
And one of my Senators, Sanders, frequently points out that the Walmart heirs own more wealth than more than 40% of Americans.
Six members of the Walton family appear on the Forbes 400 list of the wealthiest Americans. Christy Walton, widow of the late John Walton, leads the clan at No. 6 with a net worth of $25.3 billion as of March 2012. She is also the richest woman in the world for the seventh year in a row, according to Forbes. Here are the other five:
No. 9: Jim Walton, $23.7 billion
No. 10: Alice Walton, $23.3 billion
No. 11: S. Robson Walton, oldest son of Sam Walton, $23.1 billion
No. 103: Ann Walton Kroenke, $3.9 billion
No. 139: Nancy Walton Laurie, $3.4 billionThat’s a grand total of $102.7 billion for the whole family. http://www.alternet.org/fun-fa…
stolen from Betty Cracker at Balloon Juice
Of course, some would say that I’m jealous to point out how unfair it is for folks who did nothing but be born or were lucky enough to marry into a certain family and who make their money on the backs of low income workers both here and abroad. Walmart sells cheap crap made by workers in other countries with little worker protection and sold by workers here and in other countries who cannot afford to buy the products they sell.
A Walmart is opening in the coming months just up the road from me. Vermont hasn’t allowed “super” Walmarts but “enhanced” ones in the past. I know nothing about this one other than I won’t step foot on its property. If I can’t afford to buy something elsewhere I won’t buy it at all.
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