In these days when we can feel surrounded by discouraging news, I thought this story was worth sharing.
Following the sale of their company to SKF Group of Sweden, the founding family of 67-year-old PEER Bearing Company, an international manufacturer of ball bearings, distributed $6.6 million in bonuses to its 230 U.S. and British employees.
From the story at UPI:
We always knew the success of the family could not have been achieved without our employees, and we wanted to show our sincere appreciation with something extra special as we all ride through these uncertain economic times," said Laurence Spungen, who announced the "thank you" with his wife Florence and their four children.
And...
The bonuses, based on each employee's years of service, are in addition to the company's profit-sharing payments and 401k contributions, the family noted.
Daughter Debbi Spungen said some employees became emotional when they learned of the gifts.
"There was more than a little crying," she said. "One woman told me her husband has been out of work and the bonus will relieve a lot of financial pressure. Another woman was able to provide money for her elderly father to have surgery and said the money was 'a gift from heaven.'
The Spungen family sets a good example for all of us.
Hat tip to John Hunter of the Curious Cat Management Improvement Blog for his posting on this story.
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