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The miracle of profit-sharing: Year 65 and still no layoffs
Key Excerpts from Article on Website of PBS
Posted: February 11th, 2014
http://www.pbs.org/newshour/rundown/the-miracle-of-profit-sh...
When Canadian journalist ... Frank Koller published his book Spark: How Old-Fashioned Values Drive a Twenty-First-Century Corporation: Lessons from Lincoln Electric's U, about the profit-sharing model pioneered at Clevelands Lincoln Electric, it encouraged Making Sense to return to the manufacturer after first reporting on them back in 1992. Two years later, Koller now updates us on yet another profitable year for Lincoln. Frank Koller: Here are the latest numbers for the Ohio-based multinational welding manufacturer, now 118 years old. 80: uninterrupted years of paying an employee bonus (i.e. profitable every year since 1934). $33,029: average 2013 bonus per U.S. employee (roughly 3,000 employees). $81,366: average 2013 total earnings per U.S. employee (wages or salary + bonus). $100.7 million: total pre-tax profit shared with employees, Lincolns largest bonus pool ever. 0: number of layoffs in 2013 (that makes 65 years without any layoffs) #1: Lincoln Electric remains number one in the global marketplace in its industry. These figures once again provide convincing and reassuring evidence that with an unwavering commitment to respecting employees by offering the opportunity to significantly share in the profits of the firm, while demanding their very best, it is possible to run a very profitable, very large, technologically superior multinational business based in North America while also honoring a firms obligations to its customers, investors and society at large.
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