CEO on why giving all employees minimum salary of $70,000 still "works" six years later: "Our turnover rate was cut in half"
CBS Newscbsnews.com
CEO on why giving all employees minimum salary of $70,000 still "works" six years later: "Our turnover rate was cut in half"
People often say they’d prefer being the highest-paid employee of a company rather than the lowest-paid one—even if it means making less money.
Dan Ariely • Dollars and Sense
we changed the basis for bonus calculation from actual salaries to the median salary of all people in that job.
Laszlo Bock • Work Rules!: Insights from Inside Google That Will Transform How You Live and Lead
our quantitative
understanding of elasticity is shortterm we can estimate what a price reduction will do this week in this quarter but we cannot estimate the effect that consistently lowering prices
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Time and again I am asked why no one has successfully replicated Trader Joe’s. The answer is that no one has been willing to pay the wages and benefits, and thereby attract—and keep—the quality of people who work at Trader Joe’s. My standard was simple: the average full-time employee in the stores would make the median family income for California.... See more
Joe Coulombe • Becoming Trader Joe: How I Did Business My Way and Stil…
Before Ford changed the whole labor economy of the United States with one announcement, labor turnover at the Ford Motor Company had been so high that, in 1912, sixty thousand men had to be hired to retain ten thousand workers. With the new wage, turnover almost disappeared. The resulting savings were so great that despite sharply rising costs for
... See more