Marvin shares profit with employees despite difficult year
After rebounding from a significant drop in sales early in the pandemic and avoiding layoffs, CEO Paul Marvin announced yesterday that $15,326,676 in profits would be shared among 5,841 employees across all Marvin locations. A 63-year tradition, profit sharing began at Marvin in 1957 and is a key part of Marvin’s history of giving and a core tenet of the company’s purpose and values. Amidst a pandemic and an all-around challenging year, Marvin is able to share more profit than in 2019, thanks to swift pandemic response plans, a continued commitment to the safety of all the company’s team members, and a workforce that is truly stronger together.
Just as Marvin’s employees have adopted many different ways of working this year, the company’s annual meeting yesterday was completely digital, foregoing their community-based gatherings for the first time in 63 years. Employees from across the company’s various locations across North America viewed the meetings on computer screens across the country. They reflected on the year’s many successes despite the challenges presented by COVID-19, and received the news that profit sharing would once again provide a year-end check that’s needed this year more than ever.
President Darrin Peterson reflected on the year with gratitude and optimism. “I am most proud of the resiliency and adaptability of our teams,” he shared. “Each of us worked through our own personal challenges and at the same time adapted to new ways of working. We found new ways to thrive, accepted change, and persevered through some notably difficult times.”
Paul Marvin echoed similar gratitude throughout his update on the business. “Product quality was strong, we experienced one of the best safety years in our history, and record sales came in across the enterprise,” Marvin noted. “The common thread that ties all of these accomplishments together is our people. Our actions and attitudes in the face of pressure this year put us in a great position for the year to come.”