CASTLETON, Vt.–Lighting manufacturer Hubbardton Forge said it made the largest profit-sharing distribution in its 34-year history.
Intended to recognize each employee’s contribution to the company’s success in 2007, the individual profit sharing bonuses, paid in a combination of cash and 401(k) contributions, averaged greater than 20 percent of each employee’s annual base compensation, according to George Chandler, president.
Hubbardton Forge’s profit-sharing program is a cornerstone of its open-books management program, which promotes a company-wide understanding of and responsibility for financial performance and enhances everyone’s involvement in driving the success of the business, Chandler said in a statement. “The company believes that open books management is largely responsible for its strong financial performance,” according to the statement.
