People of True Class

[ImWithStupid]

and worthy of respect for showing they value the effort of their employees...

 

Ill. family thanks employees with surprise bonuses

 

 

By CARLA K. JOHNSON, Associated Press Writer – Sat Nov 29, 9:36 am ET

 

CHICAGO – Even though employees at the Peer Bearing Co. no longer work for the Spungen family that recently sold the Waukegan-based ball bearings maker, they still received a turkey each this Thanksgiving in keeping with tradition.

 

But even better was the gift that came in mid-September, when the Spungens threw a party to celebrate the company's acquisition by a Swedish company.

 

They gave away $6.6 million in year-end bonuses to Peer's 230 employees, decided by a formula based on each worker's years of service.

 

"My grandfather was always charitable," said Danny Spungen, grandson of Peer founder Nathan Spungen. He said Laurence and Florence Spungen and their four children decided on a bonus formula a year before the acquisition closed.

 

He said the decision was "a gamble that we would come out OK as well."

 

Family members signed two thank-you cards to each employee, one in Spanish and one in English, expressing gratitude for "the loyalty and hard work of our employees over the years."

 

"They treated us like extended family," said Maria Dima, who works at the company along with her husband, Valentin. "We won the lottery."

 

On the day the checks were distributed, Valentin Dima watched as co-workers broke down in tears over their bonus checks. He drove home first, then opened his envelope: $33,000. His wife received a check for a smaller amount, and the two Romanian immigrants have since taken a Caribbean cruise to celebrate.

 

"This company gave us stability, so we dare to spend some money on such a thing," Valentin Dima said.

 

While neighbors and friends faced new financial strains, the bonuses have helped Peer employees breathe easier.

 

"I know people who work for corporate America are not going to get treated like that. And most of the family-owned businesses are not going to treat you like that," said Dave Tiderman, who received $35,000. "This is something that just really doesn't happen."

 

Tiderman, who started at Peer in 1985 and worked his way up from the warehouse to assistant product manager, said most of his bonus will stay in the bank because of the uncertain economy.

 

"I do have to put some tires on my truck," he added.

 

Jose Rojas, who works in Peer's customer service department, said he plans to save his $10,000 check for his son's college education.

Peer made $100 million in sales last year and was acquired for an undisclosed amount. The new owners intend to operate the company based 40 miles north of Chicago as a wholly owned subsidiary. Workers have been told that most will keep their jobs.

 

Ill. family thanks employees with surprise bonuses - Yahoo! News

[Ahhlee]

I give all my employees a Christmas bonus every year, even though my business is only open during the spring and summer. It's not a $33,000 check, but they seem happy with what they get.

[mercury]

all I ever got was a Turkey.

[eddo]

My branch usually gives out $25-$50 grocery cards for the holidays.

 

Then I can go buy a turkey...

[mercury]

I lied a little...

 

One place gave us a Turkey for Thanksgiving and a Honeybaked Ham for Christmas. He also threw us one hell of a party; we got to get out of our grungies and had an open bar.

 

Another place gave out gift books... and a Honeybaked Ham.

 

And once I got $100 cash.

[ImWithStupid]

I He also threw us one hell of a party; we got to get out of our grungies and had an open bar.

 

That is one hell of a party if you were taking off your underwear.

[mercury]

grungies refers to greasy grimey work clothes... I worked in an auto dealer service department

[phreakwars]

Now that's what ya call true trickle down economics.

 

This year, my wife got a $15 gift certificate for a Christmas Turkey/Ham.....

 

WHOOOPEEEEEEE

.

.

[RoyalOrleans]

In the coming years, I hope to be able to provide my employees with bonuses. We're in the early stages of growth and money is a little tight. We're just lucky to have jobs, because so many are going under around us.

 

We had a company Thanksgiving at my house Wednesday evening. I deep fryed a turkey and the guys brought over whatever they wished to contribute.

 

These bonuses, however, will come at sporadic and/or particularly bountiful times. If bonus time come in the late Fall or early Winter, then the timing was just right.

 

Fukk this giving automatically because it's "that time of the year". If anyone was any good at all, they'd give when they could and what they could afford year around.

 

Ohh... and they will be based on merit. I'm not running a pre-K program down here.

[Ahhlee]

In the coming years, I hope to be able to provide my employees with bonuses. We're in the early stages of growth and money is a little tight. We're just lucky to have jobs, because so many are going under around us.

 

We had a company Thanksgiving at my house Wednesday evening. I deep fryed a turkey and the guys brought over whatever they wished to contribute.

 

These bonuses, however, will come at sporadic and/or particularly bountiful times. If bonus time come in the late Fall or early Winter, then the timing was just right.

 

Fukk this giving automatically because it's "that time of the year". If anyone was any good at all, they'd give when they could and what they could afford year around.

 

Ohh... and they will be based on merit. I'm not running a pre-K program down here.

 

 

Good for you.

 

And I don't give equal bonuses across the board either because you know what...some of them work a hell of a lot more hours and damn harder while they're there. They are the ones who find a hunskie in their Christmas envelope.