FloraCraft employee (Courtesy image)
At a time when even bankrupt companies funnel millions in yearly bonuses to their top executives, one Michigan company has flipped the script and given fat year-end bonuses to its workers.
FloraCraft, a sytrofoam company based in Ludington, which is in northern Michigan, says it will issue cash bonuses and 401(k) gifts to 200 full-timers based on longevity. The company's longtime chairman, Lee Schoenherr, annonced the news at a holiday lunch Friday. A media release says employees clapped, cheered and even cried when they heard the news.
The release gives further details on the company's workforce and the size of each gift:
FloraCraft enjoys a stable workforce with an average employee tenure of nine years. Some families are second- and third-generation employees. While the gifts will vary depending on longevity, the company estimates the average gift will top $20,000 in combined cash bonuses and additional 401(k) contributions. Top gifts to employees with more than 40 years of tenure will exceed $60,000.
The company was founded in 1946 by Schoenherr's uncle and has never had a layoff. It makes a kind of styrofoam used for crafts like solar system displays and flower arrangements.
