Hormel hands out $16.3 million in bonus checks

[The Straight Story]

Hormel hands out $16.3 million in bonus checks

Hormel Foods Corp. doled out today a record $16.3 million in profit sharing to its plant employees, including those employed at the Austin plant.

During the 72nd annual Thanksgiving Eve Day profit sharing day, Austin plant employees took part in the day-long celebration, complete with presentations on Hormel's history and the ultimate holiday gift: their seasonal bonus checks.

"Today is a fun day," said Austin Plant Manager Mark Coffey to a room full of plant employees. "Today is a hoorah day."

Checks dished out were compiled based on 2.2 regular week's pay — enough to make most plant employees smile.

"This money helps out a lot with the bills we all have, and, of course, Christmas shopping," said Maribel Mendoza, a nine-year employee of the plant's dry meats division.

Presentations began at 8:30 a.m. and are expected to continue throughout the day and into the evening, with 125 employees present at any given time.



http://www.twincities.com/business/ci_16701869?nclick_check=1

[SoCalDem]

1. Profit sharing is a wonderful thing

Companies USED to do this all the time.. It encourages loyalty to the company and shows that management has nothing to hide..

When corporate pushes all the profits to the "stockholders", the workers on the floor are made to feel like chumps..

This is better than a "bonus" too, because bonus calculations often boil down to the "bosses' pets"...and people are usually told to NOT tell what they got

[The Straight Story]

2. Company I started with this year has it as well as pensions

I was shocked, but quite happy when I got hired on and they told me :)

[TBF]

5. In the 90's I worked in law firms (support jobs) and this was standard -

in one firm we got the christmas bonus (2 wks. pay) plus an additional bonus for New Years if the firm had made significant profits that year (and it did for several years).

[dkf]

3. Corporations are the devil!

If they have any profit that means they are stealing from the people.

Blah blah blah.

[rfranklin]

4. The corporate structure is often used to shield miscreants from responsibility...

and that's why many don't have a warm and fuzzy feeling for them as you do.

[dkf]

7. Corporations are only as good or bad as their people.

The problem is the lack of ethics and morality of the people who are running some of these companies.

I just don't see the point of blaming all the ills on corporations or the rich and just hating instead of trying to find solutions we can legislate to make things better. What are the positive ideas we can contribute to create a fairer system.

[TBF]

6. It is capitalism as a system that is the culprit -

and bonuses for one company (or a few) does not negate how many live in squalor around the world.