TED Business The case for good jobs — and why they're good for business too | Zeynep Ton
Oct 7, 2024
Zeynep Ton, a professor at MIT Sloan and co-founder of the Good Jobs Institute, champions the transformative power of fair wages for essential workers. She argues that categorizing every job as a 'good job' enhances employee satisfaction and productivity. Highlighting examples like Costco, Ton illustrates how investing in employee well-being leads to sustainable business success. Moreover, she calls for a shift in focus from just recruiting new talent to nurturing existing staff, promoting growth through fair compensation and meaningful training.
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Janet's Struggle
- Janet, a retail manager, struggled with low pay and unpredictable schedules, forcing her to work a second job.
- This instability affected her well-being and job performance, highlighting the challenges faced by essential workers.
Hidden Costs of Low Wages
- Companies focusing solely on minimizing labor costs often incur hidden expenses.
- These include rehiring, retraining, lost sales, and wasted resources due to high turnover and inefficiency.
Costco's Success
- Costco's success challenges the notion that high wages necessitate high prices.
- Their low employee turnover and strong stock performance demonstrate the benefits of investing in employees.