The worth, in dollars, of this employee benefit is incredibly significant and shouldn't be downplayed when it comes to an employee's total salary package. According to Forbes , employee benefits account for approximately 32 percent of employee compensation, with employee salaries accounting for 68 percent.
In other words, if an employer is funding health insurance and other benefits, thereby picking up a huge chunk of expenses for employees, those are dollars that the employee doesn't have to spend out-of-pocket, essentially increasing his or her total wage by potentially thousands, even if this wage isn't "felt" in take-home pay. The cost of employer-provided health insurance is an obvious example, but employer-backed retirement funds with an employer match is another way smart companies can recruit and retain good employees.
Costco employees who reviewed this benefit on Glassdoor seem to like the system it received 4. This benefit can certainly add up to a nice retirement so it's not a shabby bonus at all.
In addition to things you might find in a "typical" benefits package, like healthcare plans and retirement funds, Costco also extends a number of smaller perks to its employees that may not come with big price tags but give the company just a few more selling points.
For instance, all employees are given free turkeys for Thanksgiving, one employee told Mental Floss. It has to be nice to pocket that extra cash around the holidays! The real value to this executive membership, though, can be much greater. It's hard to put an exact dollar amount on the overall savings employees receive with these perks, but they're really just another way to help reduce Costco employees' overall cost of living.
After one year and 2, hours at Costco , the company rewards its employees with 40 hours, or the equivalent of one week, of paid vacation, according to a Reddit thread in which one user shared the company's vacation policy. But Costco's vacation policy isn't static — it improves with prolonged time at the company. After two years of service, paid vacation is increased to two weeks per year and after five years of service, it goes up to three weeks per year. There's also good news for employees who are dedicated to making a career at the company.
After ten years of service, Costco grants four weeks of vacation per year and after 15 years of service, that goes up again to five weeks of vacation per year. So think about that: Costco employees receiving five weeks of vacation a year, plus between eight to ten paid holidays, plus any sick day s they need to take based on their ongoing accrual, could be looking at the equivalent of around two paid months off of work per year. For employees who work their way up to being a store's general manager, the payoff in compensation is significant.
Obviously, that's enough to support a comfortable living in most cities around the country. But they can actually earn even more. Callans went on to explain that managers can earn bonuses and stock-based compensation that far surpass the regular take-home pay. Share this —. Follow today. More Brands. By Ronnie Koenig. Pop Culture 'This thing drips street cred': The reviews for this Costco sweatshirt are everything. For you.
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It concluded that the federal minimum wage would increase pay for at least 17 million people and lift almost 1 million out of poverty, but it could also cut 1. It seems that large, dominant corporations, such as Costco and Amazon, have the financial might to raise pay, whereas small businesses operating on a paper-thin margin would be unable to handle the increase.
This is especially acute, as the pandemic has wrecked many mom-and-pop enterprises. Tens of thousands of restaurants, gyms, bars and other Main Street small businesses are hanging on by a thread. The idea of raising the minimum wage is noble and commendable, but many of the arguments rely upon raw emotion and neglect sound economic ramifications that will adversely impact the same people it's trying to help.
Raising the minimum wage has a number of serious and negative unintended consequences. Employers, especially small family and midsize businesses, will be disproportionately hurt by the extra costs incurred.
The local neighborhood stores and businesses with razor-thin profits will be forced to raise prices to make up for the additional labor costs. With the increased prices, customers may elect to take their business elsewhere. Losing customers means losing income, which could result in the business having to layoff workers.
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