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Costco follows some major practices to make sure that a business is successful. The practices may include keeping operating cost at minimum in addition to their no-frills warehouse. Another core principle is the way Costco treats its employees. It views every employee as a critical part of the business but not as a commodity from the perspective of corporate. This makes a good sense of the business because each person deserves respect. Customer and employees services they provide creates an impression seen when making purchases at Costco. Costco aims to offer a guarantee of value and satisfaction when purchasing membership because they make the experience of the customers to be a positive one.
In an attempt to show love to new employees, Costco begins with competitive wages on the solid ground immediately and goes on with the wage scale that will make the new employees move up over a short period. Their policy is to endorse from within so that workers who do well get the first crack at advancement chances. Also, comprehensive advantage packages are presented for part-time as well as full-time workers. The impacts of the practices make people stick on the job. The turnover ends up becoming low which is always uncommon in the retail industry.
Moreover, the employees end staying long in the corporation. Other practices Costco does to show love to the employees is the provision of silver name badges to employees who have attained 25 years of service in the corporation. The practices can be noticed at the local warehouse on friendly employees.
I chose the Costco article because the services it renders to its employees, as well as customers, is pleasing and when applied in a business can help improve the performance of the business. I as well chose it because it is the largest retailer in the world with uncommon turnovers in addition to large quantities stock it deals in at a discounted prices. Therefore, the corporation would offer a good example and also act as educative reference to the business sector.
It is important because it makes the entrepreneur see new opportunities by seeing the big picture of something new and trying the market that has never been tried. Costco also changes the way the entrepreneur thinks to make them win the business game. It makes entrepreneurs demand the best from their suppliers which is the way of sowing entrepreneurial seeds by insisting to vendors to push for the innovative envelop to become efficient. This will lead to perpetual high-level yields of productivity and efficiency. Costco also helps the entrepreneur to add business and consumer services while reducing the cost. The member care is as well improved as a result of bulk consumer services and goods.
Some of the impacts of Costco to the business community include extraordinary show up of the publics interest in attracting industry as there have been sharp and fairly rise in retail sales in the business community. Costco has led to economic growth since retail is in a position of attracting people from the outside community depending on the local needs although retail business is not a primary driver of the economy. Costco has led to the prioritization of employees as the essential stakeholders in the business community. This is because they directly influence the performance of the business. Costco has shifted the purchasing habit in the business community thus changing the market base. Its presence helped other stores in the business community to get more customers. Presence of Costco has as well led to the inflation in the business community. It is because it has caused an increase in price by its competitors. This is because Costco is related to high grocery prices at incumbent retailers mostly in high grocery store densities and in a small population.
In conclusion, practices done by the Costco Corporation should be implemented in business sector for a business to be successful. This is because it will increase the relationship of customers and employees leading to improved performance in the business.
Kaufman, Allen, and Ernie Englander. A team production model of corporate governance.Academy of Management Perspectives19.3 (2005) 9-22.
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