Boating Industry Intelligence You Can Profit From
WATERFORD, Conn. – This week, Defender Industries distributed bonuses to its staff based on profits earned in 2009, the company reported in a release. Thanks to 10-percent sales growth last year, the amount distributed to employees was 25-percent higher than the largest previously paid.
In the fourth consecutive year the company has shared profits with its staff, the average eligible employee received an extra week’s pay.
“Defender’s Success Sharing Program rewards our employees proportionately for their individual and collective contributions to our success,” co-owner Stephan Lance said in the release. “Their dedication to continuous improvement every day is directly responsible for our record sales and overall success. 2009 was Defender’s 71st year in business, the eighth consecutive year of significant growth, and sixth year in a row of record sales.”
Employees can decide how they want to receive their individual bonuses. Options include any combination of extra paid time off, pre-tax contributions to either their 401(k) retirement account or Health Savings Account, or bonus pay.
“Our sharing program is unique in that it is also designed to provide a significant additional reward to our staff for their years of service to Defender, which can double the amount an employee receives,” Executive Director Al Knupp said in the release. “Maintaining the highest quality staff and being the best employer we can be is fundamental to our continued success.”
According to Knupp, retention rates at the company are at all-time highs, with the average tenure of Defender’s employees at almost five years.
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