Porsche Employees Get €9,700 Bonus After Record Year
It pays off to be work for Porsche. After a record 2018 financial year, the German automaker is paying all of its employees a €9,700 bonus (a little under $11,000 currently), “in recognition of [their] extraordinary dedication and commitment.”
The bonus is split into two parts, the first a €9,000 performance bonus and the second a €700 special contribution to employees’ Porsche VarioRente pension scheme or personal pension fund. This is just slightly more than the €9,656 special performance and anniversary bonus employees had already received in 2017.
In 2018, Porsche vehicle deliveries rose four percent, revenue 10 percent, and net profit four percent. Return on investment was 16.6 percent, and the automaker hired more than 350 new people, bringing its total workforce to 32,325 employees (if all of these employees benefited from the bonus, that adds up to €313,552,500 from Porsche, or nearly $355 million).
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This sharing of the wealth provides a stark contrast to companies that post record revenues only to spread the wealth among its top executives, or worse, follow up by making job cuts. Activision Blizzard, for instance, came under fire earlier this year for cutting eight percent of its staff —about 800 jobs — after reporting “record-setting” revenue for its 2018 fiscal year.
At Porsche, on the other hand, no matter their position in the company, all employees will receive the same bonus as part of their April paycheck. “That’s our understanding of equal opportunity,” said Andreas Haffner, one of Porsche’s Human Resources executives. “We know that every single employee in this company contributes towards its success, and our approach to these bonuses reflects that awareness.”
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