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How Much Do Costco Employees Make A Year – While Costco Wholesale ( COST ) is drawing attention for its minimum wage hike, the company is already a leader in fair wages.
Shares of the big-box retailer rose to their highest level since early December, handily beating estimates despite a pay hike that put the company on par with Amazon ( AMZN ) for base pay.
How Much Do Costco Employees Make A Year
“We announced that we are taking our starting wages from $14 and $14.50 to $15 and $15.50 an hour in both the US and Canada,” CFO Richard Galanti told analysts Thursday. “Additionally, we are raising wages for supervisors and have introduced – and introduced – paid bonding leave for all hourly employees.”
How Much Money Do Costco Employees Make A Year
He noted that the increase in SG&A expenses for the front half of the year represents a three to four basis point headwind as the company tries to be more fair with its pricing models and stay ahead of the retail industry curve.
However, when the company’s payment practices are thoroughly examined, the company is far ahead of its peers in terms of fair wages and the ability to balance livable wages for employees and returns for shareholders.
“The company strives to develop long-term relationships with employees,” explains a recent 14-A filing from Costco. “Workers at the company’s membership warehouses receive more generous wages and benefits than their competitors. This long-term investment in its employees has benefited the company with greater loyalty, and the company benefits by having less employee trust. Turnover rates and a lower attrition rate in the industry.”
Benefits include equity grants, company filings note, as a “meaningful part of compensation” for more than 5,000 employees. The advantage that Amazon has given up on raising its minimum wage to $15 an hour in order to win the endorsement of America’s leading Democratic socialist, Bernie Sanders, is significant.
Costco Employee Making $30/hr For ‘drawing Smiley Faces’ On Receipts, Sparks Heated Debate On Fair Pay
Executive commitment is evident, as Costco CEO W. Craig Jelinek’s average employee pay ratio is much lower than some of his peers.
In fact, Amazon’s pay ratio is the only one that is lower, given that Jeff Bezos has already chosen to take a lower salary given his enormous wealth.
If politicians once again push for higher wages and more equitable compensation for executives and employees, Costco will be one of the last companies affected.
(Amazon is a holding in Jim Cramer’s Action Alerts Plus member club. Want to be alerted before Jim Cramer buys or sells AMZN? Learn more now.)
What Costco’s $4.99 Rotisserie Chicken Says About The Future Of American Factory Farming
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We have seen some denial about the level of Fed hawkishness, and this action now reflects a more realistic view of the economic situation.
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Los Angeles Costco’s Increasing Wages $5/hour!
According to Glassdoor, the average cashier salary at Costco is $14 per hour, with a range of $8 to $25. That compares to the national average cashier salary of $11 per hour, according to Salary.com. Front-end assistants, employees who help customers around the store, take home an average of $13 an hour, with a range of $8 to $22.50. Additionally, hourly and salaried, part-time and full-time employees are eligible for benefits. Find out what the people handing out samples at Costco wish you knew.
In addition to being fairly compensated, Costco employees — plain and simple — love working at Costco. A 2014 Glassdoor report found that Costco ranked second in the United States for compensation and benefits. The ranking is determined based on employee reviews on the site in the 12 months preceding the report. The retailer is right between Google, which was number one, and Facebook, which was number two.
But even though Costco employees are well compensated, they still keep some things to themselves. Learn 15 Money-Saving Secrets Costco Employees Won’t Tell You
We no longer support IE (Internet Explorer) as we strive to provide site experiences for browsers that support new web standards and security practices. Store managers make an average salary of $138,000 a year, but Costco’s bonus and stock compensation can roughly triple that amount.
The Surprising Amount A Costco Store Manager Can Make
4 of 17 Here’s a great reason to buy your next TV at Costco: With all tech purchases at this discount retailer, you get access to an on-call concierge line for free tech support by phone. No more yelling at the remote next time your Netflix isn’t syncing.Paul Sakuma/Associated Press Show More Less
5 out of 17 No one enjoys haggling with car salesmen. Since more than 3,000 dealerships are part of the Costco Auto Program, you get a large selection of new or pre-owned cars (or motorcycles or snowmobiles or sidecars) to choose from that have already been negotiated by the Costco team. For an even better deal. Naughty hornick show more show less
7 of 17 price reductions are not only applicable on the shelves in this store. Members also receive discounts on all-inclusive resorts, theme parks, flights, car rentals and cruise ships. Do we hear Mexico calling your name? Naughty hornick show more show less
8 of 17 If your insurance doesn’t cover all of your medications, you should investigate Costco’s prescription program, which members have a list of medications they can get at a fraction of the cost — many for as little as $5. Scott Olson/Getty Images Show more Show less
Does Costco Really Pay $21 An Hour?
17 out of 10 Anyone who loves to see the latest blockbuster or see DiCaprio’s most recent Oscar-worthy performance knows that ticket prices add up fast. At Costco, you can buy discounted movie tickets in packs of four or 10 that never expire.Vstock LLC/Getty Images Show more Show less
11 of 17 Bypass the co-pay at your ear doctor and head to Costco’s Hearing Aid Centers, where they offer free exams to members. Even better: they don’t charge for follow-up appointments or cleanings. Suzanne DeChillo Show More Show Less
17 out of 13 Blank checks are a pain because replacing them is expensive. But Warehouse Club offers the same service for half the price of your bank — and can pick up business checks, ink stamps and tax forms while you’re there. Mayra Beltran/StaffShow MoreShow Less
14 of 17Costco doesn’t accept regular manufacturer coupons, but you can use discount apps to save. “With cash back apps — Ibotta, Mobisave, and Checkout51 — you can submit your Costco receipts and anywhere from $0.20 to $3 will be deposited into your account,” says Melody Hansen, the blogger behind This Beautiful Frugal Life. “Once you hit a certain amount, you can redeem for cash or gift cards.” ap/gettyShow MoreShow Less
Costco Hearing Aids
16 of 17 Costco compensates its employees by minimum retail standards. Rank and file employees average $22.50 an hour. Tim Boyle/Getty Images Show more Show less
Costco is beloved by consumers for its low prices, wide selection of products, and generous return policy. But it’s a great place to work, especially if you rise to the position of store manager.
Walmart has expanded its U.S. Less than a week after disclosing how much it paid store managers, Reader’s Digest dug up Glassdoor statistics on Costco salaries for comparison.
They showed that general managers of big-box chains earn an average of $106,000 a year, with top earners clearing $180,000. Not bad, right?
Podcast: Why Can’t Everyone Pay As Well As Costco?
But Costco reached out to us on Wednesday to tell us that those figures were underreported by Glassdoor.
Patrick Callans, Costco executive vice president, administration, general manager’s actual annual salary was $138,000. But it is a part of the compensation package for the position.
“Adding bonus and stock-based compensation, Costco GM could earn roughly three times that amount,” Callans wrote in an email.
Meanwhile, the average Walmart worker earns $14.46 an hour, or about $25,000 a year for 34-hour weeks, which is considered full time at Walmart. This is not enough to keep a family of four above the poverty line.
Things Costco Employees Won’t Tell You
Start receiving breaking news emails about wildfires, civil emergencies, riots, national breaking news, amber alerts, weather emergencies and other critical events with Breaking News Email. Click here to make sure you get the news. President Obama chose to push a Costco warehouse store in Maryland on Wednesday
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