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How Much Do Costco Employees Make 2016 – Have you ever thought about a career at Costco? Well, today is your lucky day, because two Costco Canada employees gave us the inside scoop on what it’s really like to work there, and some of the perks may surprise you.
Spoke with two employees Anna* and Taylor*, who gave us a behind-the-scenes look at Costco salaries and benefits, and it sounds like there’s a serious upside to working for the retail giant.
How Much Do Costco Employees Make 2016
So, if you’re looking for a change, you might want to keep an eye out for available Costco jobs because those benefits sound very appealing.
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Employees enjoy shopping at the store without the annual fees. They get three free memberships in total – one for themselves and two for family members.
A Costco spokesperson confirmed this and said that employees receive Gold Star memberships when they first start, and after the 90-day trial period, they receive an executive membership and two additional Gold Stars for family members.
Executive membership includes a 2% reward on eligible purchases, which can mean savings of up to $1,000 per year. Taylor confirmed, “You get the management with 2%, and then the other two are just ordinary.”
As a Costco shopper, you may already know that Gold Star Costco memberships have an annual fee of $60, and Executive Membership fees are $120 per year. So it already sounds like a big savings.
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Anna told us, “You get bonuses twice a year, June and December. You know, when you need it the most. After you do your taxes and before Christmas. And depending on the hours you work you can get anywhere from $1,500 to $3,000 dollar.”
Costco refers to these as “lumps”. This is due to the fact that there is no performance requirement attached to it.
There are minimum working hours required in order to win a one-time amount, and the amount depends on the employee’s rank. Part-time workers can also receive a lump sum, and their salary is based on the number of hours worked. So, it sounds like Christmas comes early when you work there!
According to a Costco spokesperson, the minimum wage you’ll earn is $17 an hour. Minimum starting salaries were increased only last fall. Of course, some salaries are higher depending on the position.
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The average hourly rate for an employee at Costco is $24.88, which the company says is due in part to the fact that the average employee has worked at the company for eight to nine years.
When asked how the program works, Anna said, “It’s not your check. So I don’t exactly know, because we figured that out all along during orientation.”
According to Costco, they have a system where they pay directly into your retirement plan, as well as a matching plan if an employee chooses to add to it, up to a maximum amount.
The amount that Costco pays depends on the employee’s years of service. The matching program is unrelated – they will match 50% of employee contributions, up to a set maximum.
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Taylor also added, “And your bonuses too. You have the option of putting your entire bonus into your RSP as well instead of taking it, or you can do partials.”
“If you take it all, you’re bound for it,” said Anna. “But if you put it in your RSP you’re not taxed, you get the full amount.”
Employees get the first opportunity to see what’s new and sample products. This means that as a customer, when you ask them about a new snack, they usually know what it tastes like.
“Any new item that comes in, whether it’s candy, fruit, any food item, we can actually sample it so we know exactly what it tastes like. So when friends come in, we can already let them know,” Anna said.
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Taylor added, “Like new recipes and stuff. We always cook them at the deli so everyone knows what it tastes like.”
One of the perks of being a customer is going to Costco for the delicious samples, and employees get to experience that on a regular basis.
Costco offers a comprehensive health and dental benefits package, including prescription drug coverage, orthodontics and paramedical services such as psychology and physical therapy.
“The benefits are good. So if you’re full-time, you get more or less 80% covered health-wise,” Anna shared. “If you’re part-time it’s 50% guaranteed to you.”
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According to Costco, premiums are fully covered for health and life insurance so employees don’t have to pay for their own benefits. Many of the other benefits are paid at 50% coverage. The amount varies throughout the Manulife plan, and there are associated maximums. Employees have the option of increasing the percentage of coverage by adding and contributing to the premium amount.
Megan Johnson was a staff writer at Canada’s Ontario Desk focusing on new Netflix shows in Canada and things to do in Ottawa. It is located in Ottawa, Ontario. It accomplishes this by trying to increase “the frequency of purchases from new and existing members and the amount they spend per visit. There are a few things to keep in mind when thinking about sales volume at a typical Costco. First, the longer a store is open, the more likely sales Hers will be bigger. However, having run a retail store, I can attest that this relationship is valid. The other thing to keep in mind is that there are exceptions. We’re here to answer that question with a video from our YouTube channel!
A full transcript accompanies the video. Editor’s Note: The number of paid members in the video is in the thousands. NARRATOR: You might think Costco is your average retailer. The “everything in bulk” store sells cleaning supplies, jeans, pet food, and everything in between, but Costco doesn’t actually squeeze a lot of money into the goods it sells. In this video, we’re going to break down where the cash really comes from at Costco.
We also have to factor in all of the company’s retail employees, pallet trucks, and store overhead that enable Costco to sell these goods and give away the sweet, sweet samples for free. So where does the extra money come from? This is a challenge for retailers like Costco because employee retention is an incredibly important part of a successful business model.
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As The Balance Careers has pointed out, the cost of employee turnover is incredibly high. It is expensive – not only in dollars, but in time – to find, hire and train a talented employee. One of the strategies Costco uses to retain good employees is to pay front-line workers well above the national minimum wage. What is amazing about this decision is that this dollar increase in the minimum wage came less than a year after the company’s previous increase in the minimum wage in the summer, such moves make it clear that the company is watching, listening and responding to the needs of the industry and its workers.
Costco understands that in order to retain good employees, they need to reward them for their service. A solid minimum wage is a great start. Costco Pays Time and a Half on Sundays for Facebook Depending on the company you work for, you may be used to getting days off from work, such as Thanksgiving, Christmas, or New Year’s. Alternatively, if you have to work, you may receive holiday or overtime pay for work days that others can celebrate with their families. However, in the United States, holiday pay is not a guarantee or anything that a company is required to offer, unless you have a contract that says so.
Still, Costco is making a special payment a regular thing. No matter the job, no matter the total number of hours worked in the week, Costco offers all of its employees time and a half pay every Sunday they are scheduled to work, former Costco employee Meghan De Maria revealed in an article for Yahoo! Just do the math on that for a second. This is especially true when the amount of money Costco employees make in a year is constantly reviewing and adjusting its minimum wage for all employees, making the older, self-reported wages collected by third-party organizations essentially moot.
This number is of course not something to scoff at, but it is important to note that a significant portion of Payscale’s data comes from information that originates before the minimum wage increases and it is possible to reason, therefore, that the average hourly wage is even higher. Haim All full-time and part-time employees at Costco are eligible for benefits, including health insurance. The dollar value of this benefit to the employee is incredibly significant, and should not be underestimated when it comes to the employee’s overall pay package.
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According to Forbesememployee, benefits make up about 32% of employee compensation, with employee salaries making up 68%. In other words, if an employer funds health insurance and other benefits, thereby charging a huge share of employee expenses, those are dollars the employee does not have to spend out of pocket, essentially increasing his or her total. Salary according to potential
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