We're in the WRONG Industry
Marvin Windows and Doors drops $50 million on employees
By Ryan Bakken
Herald Staff Writer
WARROAD, Minn. -- Sarah Washnesky, like 3,573 other Marvin Windows and Doors employees, landed a hefty bonus check Friday. She also landed something more valuable.
"I'm getting an engagement ring," she shouted as she approached friends standing in line to cash their checks at Security State Bank.
She called boyfriend Mike Flick to inform him of the profit-sharing amounts they each had received.
"He said, ‘It looks like you're getting your engagement ring,'" Washnesky said. "He's getting a gun, and I'm getting a ring. We're both happy."
The employees here, in Grafton, N.D., and in Baker, Ore., are sharing a record $50.3 million bonus, an average of $14,000 per person. The bonus is 2 1/2 times the previous high of $20 million in 1988. Individual amounts are set by a formula that considers salary and longevity.
For the likes of long-time employee Catherine Kaml, the bonus is a half-year's salary. "Most years, the bonus is about the same as two paychecks," Kaml said.
The 5,000 employees, families and interested observers on hand erupted with spontaneous joy when CEO and Chairman Jake Marvin announced the amount. All that was audible was "fifty million." The rest of the amount -- $298,662 -- was drowned out by the noisy celebration. The scene was a mix of laughter, whooping, hugs and tears.