CEO of The Container Store Kip Tindell discusses in his pay speech that compensating employees well and past the minimum is a great way to create long-lasting company workers and improve the brand's bottom line.
To pay your workers well a brand needs to start by hiring outstanding employees. Tindell encourages brands to use the one-to-three method when hiring. He explains, "one great person can easily do the business productivity of three good people" and so hiring an overtly productive individual cuts down on the need for extra employees. Companies can then compensate by paying these valuable employees more than their average counterparts would receive. This relationship creates employees for life that feel valued and are more willing to stick around longterm in a company.