Question

In: Other

On July 1, 1978 The Container Store opened its first store in Dallas, TX. Kip Tindell (Chairman and CEO), Garrett Boone (Chairman Emeritus)

 

On July 1, 1978 The Container Store opened its first store in Dallas, TX. Kip Tindell (Chairman and CEO), Garrett Boone (Chairman Emeritus), and Architect John Mullen focused the original product offering around an eclectic mix of products that would help simplify consumers' lives. The Container Store was a pioneer in this new, specialty category of retailing that focused on storage and organization. The first store was filled with products like, wire drawers, mailboxes, burger baskets, and milk crates that consumers could not typically find all together in other retail stores. Today, The Container Store has locations nationwide that showcase thousands of innovative products to help consumers save time, space, and money.

For the past twelve years, The Container Store has been named one of Fortune Magazine's "Top 100 Companies to Work For." One of The Container Store's Foundation Principles is that one great employee is equal to three good employees. The Container Store believes in hiring great employees and retaining them! According to The Container Store, "A company must be extraordinarily dedicated to its human resource endeavor, because it takes astronomically more time and effort to attract, hire, and retain great people. They're more challenging to get and they're more challenging to keep. But the payoff they'll provide is enormous." The Container Store's annual turnover rate is 10%. The average turnover rate for most retailers is 100%.

What are some of the ways that The Container Store puts employees first?

Training- The Container Store is committed to giving its sales associates all the necessary tools to be successful on the sales floor and add value for customers. Full-time associates will undergo an average of 263 hours of training in their first year compared to 8 hours for most full-time associates at other retailers.

Fun- The Container Store centers its organization culture on having fun. The retailer sponsors such events as annual service awards celebrations for employees, an annual chili cook-off contest and hosting a "We Love our Employees Day" on Valentine's Day. On this special day, employees received gifts, celebrations, and recognitions at all of The Container Store locations.

Benefits- The Container Store offers a comprehensive benefits package to its employees including health and dental. Recently, The Container Store announced that it would be offering its employees a discounted rate for Pet Insurance. The Container Store recognized that pets are a special part of employees' lives.

Wages- The Container Store does not use a commission based program to compensate employees. Instead, The Container Store offers employees wages and salaries that are 50% higher than the retail industry average.

1.

Creating a Fun work environment is an important part of The Container Store's ______________________.

A) Organization Incentive B) Organization Growth C) Organization Culture D) Organization Commitment E) Organization Constitution

2.

Health care, dental, and even pet insurance are all part of The Container Store's _____________ package for employees.

A) Commitment B) Benefits C)Gift D)Product E)Selection

3.

The Container Store is committed to a comprehensive ________________ program that lasts over 260 hours for all new employees. During this time, employees learn about products, corporate values, expectations, and customer service skills.

A) Organizational B) Training C) Invitational D) Streching E) Hiring

4.

The Container Store does not offer ______________ or incentives to employees. Rather, The Container Store offers employees a salary or wage package that is typically 50% higher than the national retail industry average.

A) Commissions B) Statuses C) Balances D) Strategies E) policies

5.

A clear indicator of employee satisfaction is The Container Store's low annual _______________rate which is 90% lower than the national retail industry average.

A) Compensation B) Wage C) Functioning D) Satisfaction E) Turnover

Solutions

Expert Solution

1. C) organizational culture

Based on this culture the organizations accommodates fun in the organization for employees

2. B) Benefit

Benefits and compensations provided to employees.

3. B) Training

This will ensure growth and development of employees.

4. A) commissions

5. E) Turnover

The rate of turniver is very low compared to other retailers in the industry.


Related Solutions

Globo opened its first store in 1992 and it is Canada's largest family shoe store with...
Globo opened its first store in 1992 and it is Canada's largest family shoe store with the widest selection of fashion-right footwear. The company has recently launched an online store. Sales via the internet have been sluggish compared to their brick and mortar stores, and management suspects that its regular customers have concerns regarding the security of online transactions. To determine if this is the case, they plan to survey a random sample of their regular customers. Under consideration are...
Question 1 Aminah opened a laundry shop on 1 July 2012. During the first month of...
Question 1 Aminah opened a laundry shop on 1 July 2012. During the first month of oeprations, the following are their business transactions: July 1 Invested RM20,000 cash in the business. 2 Paid RM1,000 cash for store’s rental for the month of July. 3 Purchased washers and dryers for RM25,000 paying RM10,000 in cash and the balance by obtaining a personal loan from a bank. 4 Paid yearly premium of RM1,200 for an insurance policy that relate to employees’ injury....
Staples, the inventor of the office supply superstore category, opened its first store in 1986 in Framington, Massachusetts.
  Staples, the inventor of the office supply superstore category, opened its first store in 1986 in Framington, Massachusetts. The company targeted small to medium-size businesses selling everything for the office under one large roof. Between 1986 and 1996 Staples expanded rapidly by the addition of new stores, acquisition of existing office supply companies by region, and international expansion through joint ventures. In 1996, its tenth anniversary, sales exceeded $3 billion—only the sixth company in U.S. history to achieve this...
Case Scenario: Swedish furniture behemoth IKEA opened its first store in India on August 9 2018,...
Case Scenario: Swedish furniture behemoth IKEA opened its first store in India on August 9 2018, creating quite a buzz among the residents, with industry insiders looking forward to the multinational's expansion in one of Asia's fastest-growing economies. A rising middle class has become a major factor in attracting foreign companies like IKEA to invest in India, and two decades of experience in a neighboring emerging market may help it better understand local needs. Hundreds upon thousands of people in...
Swedish furniture behemoth IKEA opened its first store in India on August 9 2018, creating quite...
Swedish furniture behemoth IKEA opened its first store in India on August 9 2018, creating quite a buzz among the residents, with industry insiders looking forward to the multinational's expansion in one of Asia's fastest-growing economies. A rising middle class has become a major factor in attracting foreign companies like IKEA to invest in India, and two decades of experience in a neighboring emerging market may help it better understand local needs. Hundreds upon thousands of people in Hyderabad, capital...
Silver Lake Resort opened for business on July 1 with eight air-conditioned units. Its trial balance...
Silver Lake Resort opened for business on July 1 with eight air-conditioned units. Its trial balance before adjustment on December 31 in as follows. (100 points) Silver Lake Resort, Inc. Unadjusted Trial Balance December 31,2014 Debit Credit Cash $ 19,600 Supplies 3,300 Prepaid Insurance 6,000 Land 25,000 Buildings 125,000 Equipment 26,000 Accounts Payable $6,500 Unearned Rent Revenue 7,400 Mortgage Payable 80,000 Share Capital-Ordinary 100,000 Dividends 5,000 Rent Revenue 80,000 Maintenance and Repairs Expense 3,600 Salaries and Wages Expense 51,000 Utilities...
On July 1, 2019, the first day of its 2020 fiscal year, the Town of Bear...
On July 1, 2019, the first day of its 2020 fiscal year, the Town of Bear Creek issued at par $4,200,000 of 8 percent term bonds to renovate a historic wing of its main administrative building. The bonds mature in five years on July 1, 2024. Interest is payable semiannually on January 1 and July 1. As illustrated in the table below, a sinking fund is to be established with equal semiannual additions made on June 30 and December 31....
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin...
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued at par $4,200,000 of 8 percent term bonds to construct a new city office building. The bonds mature in five years on July 1, 2021. Interest is payable semiannually on January 1 and July 1. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31,...
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin...
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued at par $2,000,000 of 6 percent term bonds to construct a new city office building. The bonds mature in five years on July 1, 2021. Interest is payable semiannually on January 1 and July 1. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31,...
Wingfoot Co. began operations on July 1, 2019. By the end of its first fiscal year,...
Wingfoot Co. began operations on July 1, 2019. By the end of its first fiscal year, ended June 30, 2020, Wingfoot had sold 10,000 wingers. Selected data on operations for the year ended June 30, 2020, follow. (Any balance sheet figures are as at June 30, 2020.) Selling price $100 Wingers produced 18,000 Ending work in process 0 Total manufacturing overhead $15,000 Wage rate $8 per hour Machine hours used 9,000 Wages payable $20,000 Direct materials costs $10 per kilogram...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT