Southwire, a manufacturer of wire and cable solutions based in Carrollton, Ga., recently announced that it will reinvest approximately nine million dollars back into the "lives, and pockets, of its employees." They join a growing list of companies that have made similar moves as a result of the 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, Science, Technology, Engineering and Math (STEM) programs as well as 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 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 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."
The company is also expanding 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, executive vice president of Human Resources.
Education is another area that the company is focusing on. It will 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.
