The Container Store has been making headlines lately because it pays its retail employees much more than the minimum wage.
In fact, The Container Store's employees make nearly $50,000 a year, which is nearly double the national average for that type of position, according to Yahoo Finance.
In an interview with Business Insider, The Container Store CEO Kip Tindell explained his reasoning for these high salaries: It's all about productivity and hiring good people, he said.
"Of course, no one person is better than another person as a person," he said. "But if you can, why not hire great people? And you can pay them twice as much and still save, since you get three times the productivity at two times the cost. They win, you save money, the customers win and all the employees win because they get to work with someone great."
Paying employees a higher wage also helps retain employees. Business Insider noted that the company's turnover rate is only 10 percent. [Want to Keep Your New Hires? 5 Ways to Reduce Turnover ]
Tindell also advised other employers to consider how they treat their workers.
"If you're lucky enough to be an employer, you have a moral obligation to create a great work environment," he said. "If people work for a company that treats them with respect, they go home and treat their families better."
But The Container Store isn't the only retail company making sure its employees are well paid. According to a separate Business Insider article, these were the three highest-paying retail companies in 2013:
- Bloomingdale's (Hourly pay: $13.38)
- Costco (Hourly pay: $11.58)
- Nordstrom (Hourly pay: $11.27)
An AOL Jobs report also listed Costco as the second-highest-paying retail company in 2013. No. 1 was Trader Joe's, where employees' starting salaries range from $40,000 to $60,000.
Many companies also find other ways to keep their workers happy. Business News Daily profiled companies that offer their hourly and part-time employees benefits. Here are some of the companies on the list:
- Barnes & Noble: Offers employees medical and dental plans and paid vacation time, holidays and sick days, among other benefits.
- Lands' End: Offers auto and home insurance discounts, merchandise discounts and more.
- Lowe's: Offers health care, insurance plans, 401(k) options, vacation time and more.
You can read the rest of the list here.
Originally published on Business News Daily.