AUSTIN, Minn. – Hormel Foods handed out its 83rd annual profit sharing Wednesday.
The company says the amount varies by year but over the last decades it has averaged from $14 to $17 million going to hourly and salaried employees.
“There are many things that make Hormel Foods uncommon, including our portfolio of global food brands and the incredible people who make them,” says Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “Equally uncommon is our legacy of giving back to our team members and our communities, including our annual tradition of sharing profits with our inspired team. This time-honored tradition – an 83-year-old practice – rewards the dedication and hard work of our team every day to put food on tables across the globe, which has been especially challenging during the pandemic. They have my sincere gratitude, and I am honored to be on their team.”
The profit sharing program at Hormel Foods began in 1938 and is paid out at the discretion of the company’s Board of Directors.