Hormel annual profit sharing continues
Published 9:53 am Wednesday, November 24, 2021
83rd Consecutive Year of Program for Team Members
Hormel Foods Corporation has distributed its annual profit sharing to eligible hourly and salaried team members during this 83rd consecutive grant this week.
“This day is special to our entire team after a challenging year, just so we can show we appreciate everyone, say ‘thank-you’ and show we value our employees now more than ever,” said Plant Manager Kari Pollak.
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Plant employee Jaun Lopez was one of the many who received checks this year. Getting a check for the first time left an impression on Lopez, who will be getting married in the near future.
“A company that shares its profits means a lot because this is the first time I’ve actually experienced it,” he said. “You work hard all year round and you get something out of it. It’s actually pretty awesome.”
“It makes me feel appreciated for how I’ve worked hard all year long, especially these last two years with the pandemic,” he added.
The grant amount varies each year depending on the company’s performance and number of eligible employees; in the last 10 years, it has ranged from $14 million to $17 million annually. 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. Distributions from the plan have become an annual Thanksgiving Eve tradition at the company.
“There are many things that make Hormel Foods uncommon, including our portfolio of global food brands and the incredible people who make them,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods in a press release. “Equally uncommon is our legacy of giving back to our team members and our communities, including our annual tradition of sharing profits with our inspired team. This time-honored tradition – an 83-year-old practice – rewards the dedication and hard work of our team every day to put food on tables across the globe, which has been especially challenging during the pandemic. They have my sincere gratitude, and I am honored to be on their team.”