Guess What Maine Company Did So Well, Employees Are Getting a 20% Bonus?
Editor's note: This article was written by a Townsquare Media Northern New England contributor and may contain the individual's views, opinions or personal experiences.
Here's a hint. You probably helped this Maine company out last year - I know I did.
It's L.L. Bean! I know, I know you guessed already. First off, kudos to Beans for having such a phenomenal year! According to Maine Public Radio, L.L. Bean had such a good 2021, they are sharing it with all their 5,500 employees! That's not just Maine, but also across the country and internationally. This isn't unusual for the very generous Maine company. Just last year, in the midst of the pandemic, they increased salaries and gave out 10% bonuses. Oh, that percentage is based on your salary.
L.L. Bean is giving out bonuses because they made $1.8 billion in revenue last year. That was apparently one of their best years - ever! That's up 14% over the year before, so they are spreading the wealth with 'performance' bonuses. That's 20% of an employee's annual pay. It will be split between actual cash and 401(k) contributions.
The pandemic has forced us outside, and as a lot of us went to go camping, hiking, fishing, or just sitting outside - we realized, we are ill-prepared for the good ol' outdoors! L.L. Bean over the past two years has given out some of their highest bonuses in decades because they have had revenue growth that has been almost as unprecedented as the pandemic. If there was a company to make money because of Covid, I'm glad it's Beans.
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