If you’ve been missing Jim Sinegal since he’s stepped down as CEO of Costco, here’s a little interview for you. Recently (okay, a few weeks ago), Jim Sinegal was the keynote speaker at the Western Washington University Foundation Seattle Business Forum. Afterwards he answered a few questions about his college days, mentoring, and of course, Costco. There’s only eight questions but they cover a really wide range of topics and his answers are really interesting. Here are a couple that I really wanted to highlight:
Q: You spoke about the importance of paying a living wage to your employees, has this helped the success of Costco?
A: It is very simple; it is good business. If you hire good people and provide a good job, you will have better productivity and they don’t leave.
Q: What has been the most rewarding part of founding Costco?
A: I think being a part of people development. Watching a young person go from pushing shopping carts or schlepping boxes in the store and then watching them move up the company ladder, with some becoming executives, has been the most rewarding.
I think both answers speak a great deal about the kind of person and business leader Jim Sinegal is and why he is so respected. Not to mention, both answers are a key to Costco’s success.
To read the whole Q&A session visit The Western Front site.