Economy

This Major Corporation Pays above Minimum Wage, Gives Stock Options, and Has a No Lay off Policy

Meet an inspiring business executive this week: Container Store Founder and CEO Kip Tindell.

Tindell stated recently that the average Container Store retail employee makes $50,000 per year, employees get stock options after two years of service, and the company has a no-layoff policy. Oh, and when the Container Store had their IPO last year, Tindell gave company employees 5% of the company at the IPO price.

So it should come as no surprise that the Container Store has been on the Fortune's Best Companies to Work For list 15 times (including ranked #28 for 2014).

When asked why he pays employees well, Tindell said he believes in the 1 = 3 rule, meaning one terrific, happy employee is equivalent to three good employees. 

Tindell has also stated that he supports raising the minimum wage and recently said, "It’s unbecoming to speak out against raising the minimum wage.” He was also just named Chairman of the National Retail Federation, which is the largest retail trade association in the world and came out against raising the minimum wage earlier this year.

When asked about the National Retail Federation's views on the minimum wage, Tindell said, “I’m working, frankly, to get the NRF to maybe moderate its view on that." 

Hopefully Tindell can bring the 'treat your employees fairly' attitude to the National Retail Federation. 

You can watch the entire interview with Tindell below.