Business Summary 2009 represents several years in a row that QuikTrip, the 24 hour convenience store operating stores in the Midwest, Southeast, and Southwest, has been named in Fortune magazine’s “100 Best Companies to Work For”. Employees are treated so well in wages, benefits, and training that long? term retention of 20 years or more is the norm. With recent year revenues in excess of $8 billion, and workforce of over 10,000 with 65% full time employees, 37% female, 30% minorities. S company’s annual growth rate of 33% places it in the top 5 in the country and in the top 4 for never having had a lay off.
QuikTrip is a closely held company with employees owning almost half of the company stock. The Cadieux family is the majority shareholder with co? founder Chester Cadieux and his son Chet actively running the company. They are recognized by employees for their commitment to providing employees the opportunity to grow and succeed.
All full time store employees qualify for a monthly store bonus, based on store profits and a customer service assessment score. The customer service score is based on a “mystery shopper” program. The bonus can amount to 20% to 25% of pay. Managers receive a small (10% of pay) additional bonus based on employee retention. Designed to reward those who work more hours, part time employees receive a tenure bonus, with an additional 25 cents per hour for each six months still on the job, plus a 25 cents per hour raise.
Professional training is offered at 30 hours a year to hourly employees, and 24 hours a year to salaried. With acquiring and developing human capital QuikTrip has a more of a traditional approach in making and not just buying talent. Two thirds of its corporate management personnel started at the entry job level in a store, including the CEO – Chet Caideux. Many others started in entry levels jobs in the corporate office. Employees are listed for promotion on the recommendation of supervisors. An action plan is developed for those who are not listed noting what they must.