Hormel gives extra bonus to all 20K employees
Published 10:32 am Wednesday, December 18, 2013
Hormel Foods has provided a profit sharing bonus for its employees for exactly 75 years. But earnings have been so good the last four years the company has been doing something extra.
Hormel announced Monday that it would give all 19,800 employees, including more than 2,750 in Austin, an extra bonus this year, with full-time workers getting $300 and part-timers getting $150. This is the fourth-straight year Hormel has divvied out a second bonus.
This year, its profit sharing bonus totaled a record $17 million, as the company reported an all-time best $526.2 million in profit, a 5 percent increase over last year, and $8.75 billion in total sales, a 6 percent increase. This is the fifth-consecutive year Hormel has increased its profit, which was at $285.5 million in 2008.
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“For a fourth consecutive year, our company’s record results have allowed us to share a discretionary cash award with all of our 19,800 team members,” Hormel President and CEO Jeff Ettinger said in a news release. “The dedication and passion our employees bring to Hormel Foods every day are essential in achieving these outstanding results.”