Sunday, November 30, 2008

A rare and beautiful bonus

In all the news about corporate greed against the backdrop of workers and their struggling families, we came across this incredible story:

From "The Spungen family, owners of a ball bearings company in Waukegan, Ill., about 40 miles north of Chicago...sold their business for $100 million dollars to the Swedish SKF Group."

But instead of just pocketing the money and giving their employees a little pat on the back, the family decided to split a total of $6.6 million in bonuses over their 230 employees with amounts based on years of service.

Some employees opened their yearly bonus envelope and saw a check for $35,000, others saw checks of $10,000 and $33,000. Shock turned to tears and loving appreciation for the small company that "treated them like extended family."

We know this is a rare and beautiful story about a truly special family that cares deeply about those who helped them make their business reach its goals. A mere 6.6% of the $100,000,000 the family received from the sale of the company was being fairly distributed to hard working employees. This is not 'sharing the wealth' as some might think, nor is it some kind of new corporate-socialism...rather, it is simply an example of people being recognized and rewarded for their contributions in making the company they work for successful.

Perhaps we are entering a new era where companies can compete against each other in being generous to their employees! Where the sign of success is not how many homes and airplanes the top executives possess, but is instead is measured by their employees sense of happiness in being simply acknowledged for their efforts, and most of all by the stability of their employees and their families to survive and thrive.

This American Dream is alive and well at the Waukegan-based Peer Bearing Company!

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