Hormel Foods holds profit sharing in the era of COVID-19
Published 8:31 am Friday, November 27, 2020
Hormel Foods Corporation distributed its annual profit sharing to eligible hourly and salaried team members on Wednesday. This marks the 82nd consecutive year the company has done so.
“We have been able to share our profits with our inspired people for more than 80 years, and this year, more than ever, we are honored to be able to share our continued success with our uncommon and unmatched team,” said Jim Snee, chairman of the board and president and chief executive officer at Hormel Foods. “This has been an unprecedented year and I’m incredibly proud of how our team continues to focus on Safety First while working to ensure food is readily available during this pandemic.”
Because of the COVID-19 pandemic, the annual distribution event, traditionally held on the day before Thanksgiving, was not held.
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“As I reflect and think about 2020, the pandemic challenges our country has had, it’s even more special this year than it is any other year as far as the profit sharing we’re celebrating today,” said Austin Plant Manager Clint Walter in a video message released by the company.
Management and employees alike recognized the struggles many are having this year and continue to be grateful that the profit sharing could still go through, despite the disruption.
“This year has been very difficult for some people, whether it be their health or loss of a job or loss of a family member,” said employee Angela Samora. “Most companies do not have profit sharing, so for Hormel to actually share that with us is great.”
The profit sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors. It has since become an annual Thanksgiving Eve tradition.