Will you be hiring this year? If so, you must understand that expectations, benefits and the employee/employer relationship are changing. Companies are evolving their compensation packages to attract the best talent.
You have heard about Costco. And you’ve probably heard of Sam’s Club. But, have you heard of Boxed Wholesale? The company has been dubbed the “The Costco for Millennials” by Forbes.
Background
In 2013, Boxed was launched as part of the new economy. The founder, Chieh Huang, had a vision of offering the same bulk-sized deals as offered at places like Costco or Sam’s Club, but with the convenience that Millennials demand. He is shifting the business model for warehouse clubs. How? There is no membership fee to join and all the shopping is done online. Huang created a mobile ordering system with delivery right to your doorstep.
The new model is paying off, with over $100 million in revenue and growing. Boxed’s growth is so impressive, Forbes named it one of the 25 Next Billion-Dollar Startups.
Management
What is even more interesting about Boxed, is how it is managed. Huang says he grew up poor and has a connection to what his employees are going through. He clearly understands their struggles, has empathy and has built a model to truly provide for his employees’ health and welfare.
Differentiation
Boxed has some unconventional benefits, but they may be worth considering:
- Forget minimum wage: Boxed voluntarily paid their employees $14.00 an hour at minimum.
- Forget the standard leave laws: Boxed goes beyond expectations with unlimited maternity and paternity leave.
- Forget partial tuition reimbursement: Boxed pays the tuition for the employee or their children for the college institution of their choice. Wow.
- Unheard of: Can’t afford your wedding? Boxed will pay for any full-time employees’ wedding up to $20,000.
The CEO personally funds it and insists it is not only financially feasible, but beneficial. Can every company afford these benefits? Maybe not. But it still maybe time for your organization to challenge status quo. The world is changing. Does your company still fit in?