Ben Gilbert: belief

Transcript context

…Yeah, miles ahead. I think part of this comes from the fact that they’re just amazing at the industrialization of production. David, you’ve raised that point that the factories run 24 hours a day and at that Chicago plant. I think today, the fun size Milky Way bars are produced at over 5500 bars per minute. It was a stat that I saw. They just run at incredible efficiency in production, but they also then effectively share this increase in efficiency with employees by doing the higher pay and the bonus-based pay. If the revenue per employee is way higher than their competitors like Hershey, they should pass some of that efficiency benefit along to their employees in terms of higher compensation, which in turn retains people for longer, which keeps tribal knowledge around, which decreases recruiting costs. It’s very Costco-like in that way. It is. It’s totally a flywheel type reinforcing structure, where it all fits together.…

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