'It works for us,' says new Costco CFO after confirming he is giving up a popular perk when he takes over company | 8Z45CU8 | 2024-04-28 17:08:01
COSTCO'S new chief financial officer has shared that even though he's now the boss, the previous position holder gets to keep his prime parking spot.
CFO Richard Galanti retired on March 15 after 40 years at the company.
Gary Millerchip has since stepped into the position but explained he would not get Galanti's long-time parking spot.
Reserved parking spaces for employees at Costco are based on tenure instead of titles, reported The Wall Street Journal.
Under the rule, Millerchip has to park his car at an unreserved spot across the street.
"We just grew up that way," Galanti told WSJ.
"We're a little quirky, but that's our culture and it works for us."
WORK TO THE TOP
Many Costco employees have worked their way from the bottom to leadership positions in the company.
The VP of the company, Todd Thull, started as a forklift driver 44 years ago, according to his LinkedIn.
John Conlon started "pushing carts at the original Costco" in 1987 and is now, 37 years later, a director role at the company's headquarters, according to Business Insider.
Employees have rated their work experience at the major retailer as a 3.9, just about four stars, according to Glassdoor.
Seventy-four percent of employees would also recommend friends to work there.
<!-- End of Brightcove Player --> It also made Glassdoor's Best Places to Work List for 2022 and has a multitude of positive reviews from almost 16,000 current and former employees.
In 2021, W. Craig Jelinek, Costco's chief executive, said the company would raise its minimum wage from $15 to $16 an hour.
"This isn't altruism," Jelinek told the Senate Budget Committee, according to The New York Times.
"At Costco, we know that paying employees good wages and providing affordable benefits makes sense for our business and constitutes a significant competitive advantage for us."
WORK PERKS
Costco offers their employees, as well as friends and family, hidden perks that go beyond their benefit plans.
Every Costco employee gets a free executive store membership for themselves and their spouse or partner.
<!--googleoff: all--> <blockquote class="article__quote"> </blockquote> <!--googleon: all--> The membership usually costs $120 annually.
Employees are also able to add two more friends or family members to their account as business members.
The warehouse doesn't offer employees a specific discount, but staff can shop outside normal hours and get first dibs on some sales, an employee told Fox Business.
Though hours depend on location, Costco is not open on Sundays, so if an employees work that day, the incentive is time-and-a-half pay for the shift.
Costco also lets employees have or donate a turkey from its store around Thanksgiving.
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