As an investor and aspiring business man, I know that caring for one’s fellow employees and as an owner, for those who work for you is important. After all, if you don’t they are likely to jump ship, protest, riot or go on strike as well as join a union. Paying workers well is how this economy stays afloat and even improves humanity as a species, as long as we have money. An age old question that I have heard many times. A person is considering buying a good pair of boots that will last him a decade or more, but cost them 5x the amount as a regular pair. The regular pair will break apart after a year of wear and become unwearable. Assuming the individual has enough money to have enough left over for other necessities, which pair should he go with?
This is an investment question, you go with the boots that last longer, because over the lifetime of buying the cheaper boots, you will buy more in cheaper boots than if you went with the more dependable option. Treating workers well is the same way. Building a cohesive team that you can count on to stay with you if you treat them well and give good benefits and wages is invaluable. Whether this be a normal business, unionized or co-op. You save money by treating your workers well and here is a list of aspects of the business that you will save money on. Not having to fight unions, not having to pay as much to train new workers, not having to pay money to fight workers in court, not having to pay as much to advertise, as if your employees feel that you are loyal, they will help promote business. Not losing time fighting workers, unions, government from underpaying workers.
Co-ops are even better, as the employees can buy into the business and is owned by local workers. Workers in this situation have a vested interest in making sure the company does well. It promotes strong bonds in the employee group as well. They save money on recruiting, and other costs. I’ve also noticed that workers are much happier in this environment, as they seem to have each other’s backs. I love the one in Bellingham.
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