Average Salaries at Costco
The average salaries at Costco have sparked controversy, but not for the reason you might expect. Costco has actually been accused of paying employees too much. Critics contend that high worker salaries cut into the company’s bottom line and negatively impact shareholders.
However, Costco CEO, James Sinegal, views things differently. He believes that by paying employees higher wages than other companies in the same industry, he’s building a strong company that will last for years. His philosophy attracts and retains workers; Costco has a low turnover rate when compared to other companies, and employee satisfaction is generally high. This saves the company money in the long run, because they have to search for and train fewer workers.
Salaries by Position
The average salary for Costco employees is $17 per hour. However this figure varies based on position, years with the company, and the region of the country in which an employee works. Below are some of the average salary ranges by job title, according to PayScale.com. Keep in mind that this information is generated by employees posting their salaries, and doesn’t come directly from Costco.
- Cashier: $8 to $15.50 per hour
- Stocker: $9 to $20 per hour
- Food Service: $9 to $16.50 per hour
- Butcher: $10 to $25 per hour
- Cake Decorator: $9.50 to $18.50 per hour
- Truck Driver: $11.50 to $22.50 per hour
- Wholesale and Manufacturing Sales Representative: $11 to $25 per hour
- Pharmacy Technician: $11.50 to $21 per hour
- Optician: $11 to $26 per hour
- Warehouse Supervisor: $14 to $26.50 per hour
- Front End Supervisor: $13 to $29 per hour
Additional Benefits
In addition to a salary, attractive by industry standards, Costco provides generous benefit packages to employees including health insurance and retirement plans. Costco covers the bulk of health insurance plans, leaving employees to cover just eight percent of the premium. They also contribute an annual average of $1,330 per employee into retirement plans. Around 82 percent of employees are enrolled in the company’s healthcare plans and 91 percent are enrolled in retirement plans.
Industry Comparisons
You can see how this compares to other industries by checking our list of jobs with the highest salaries. If you're looking to get yourself into a job on that list, you may want to read about starting salaries you can expect with a business degree.
