MULTIPLYING BOTH PEOPLE AND PROFIT

Concur.

It has been my personal experience that profits wisely shared with Wise Employees only serve to multiply profits.

 

Why The Container Store Pays Its Retail Employees $50,000 A Year

Kip TindellAP/Mark LennihanThe Container Store founder and CEO Kip Tindell.
Despite starting out with just a $35,000 investment in 1978, The Container Store founder and CEO Kip Tindell has grown his business to one that has 67 US locations and rings up annual sales of nearly $800 million.

 

Equally impressive is the fact that he’s done all that while paying his retail employees nearly twice the industry average.

 

According to Tindell’s book, “Uncontainable,” the average Container Store retail salesperson makes nearly $50,000 a year compared with what the Bureau of Labor Statistics says is a national average of just above $25,000.

 

In an interview with Business Insider’s Jenna Goudreau, Tindell says the secret to the company’s high wages is what he calls “the 1=3 rule,” meaning that one great employee will be as productive as three employees who are merely good.

 

As a result, Tindell feels he gets ahead by receiving three times the productivity of an average worker at only two times the cost.

 

“They win, you save money, the customers win, and all the employees win because they get to work with someone great,” he tells Business Insider.

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