Southwire, a leading manufacturer of wire and cable solutions, plans to reinvest approximately $9 million back into the lives, and pockets, of its employees, joining a growing list of companies that have made similar moves as a result of recent tax reform.
In addition to global, one-time employee bonuses, the company said that it is expanding its parental leave policy and taking steps to strengthen its commitment to education, skilled trade development, STEM programs, and diversity in the workplace.
Full-time employees in the U.S., with the exception of executives and upper management, will each receive a $1,000 bonus, and full-time employees outside of the U.S. will receive an equivalent supplement. Part-time employees will also receive a bonus payment of $250 or an international equivalent. These investments will impact the majority of Southwire’s nearly 7,500 employees.
“Building organizational capability is one of the key components of our company’s strategy, and it is vital that we make the right decisions as we continually enhance Southwire’s great culture,” said Rich Stinson, Southwire’s president and CEO. “We’re off to a good start in 2018, and I am pleased to be able to share this benefit, both monetarily and through the extension of new and existing programs and partnerships, with the Southwire family.”
In addition to the one-time bonuses, Southwire will expand its parental leave policy to assist eligible parents.
“At Southwire, our desire is for all employees to focus on ‘The Whole You,’ a concept which goes beyond standard benefits and provides access to resources that touch many aspects of an employee’s life,” said Kathleen Edge, EVP of Human Resources. “In doing so, we must offer programs and total rewards like these that reflect this commitment.”
Southwire will also offer a bridge scholarship program for eligible hourly employees seeking to further their education through a two-year degree, four-year degree or technical certification. The company also announced that plans are in the works to make strong investments into new and existing industry partnerships. The purpose of these investments is to accelerate the attraction of diverse candidates into Southwire’s manufacturing and STEM careers. More information on these new programs will be available soon.
“As we continue to grow, we’re also looking at significant modernization and safety improvement efforts into our manufacturing and distribution facilities,” said Stinson. “Our goal is to be a generationally sustainable business for the next century and beyond, and to get there, we must make considerations and investments like these.”