Marvin held its annual meeting on December 21, and announced its 2023 profit sharing to the company’s more than 7,500 employees. Founded in 1912, Marvin first instituted profit sharing in 1957.
This year’s meeting was held via live broadcast from Marvin’s Warroad, Minnesota, headquarters, where approximately 1,600 employees gathered in-person. Celebrations at Marvin’s 15 additional locations brought together the majority of its remaining 5,900 employees for localized festivities and a livestream of the Warroad gathering.
What Marvin says
“This year marked the first in our current five-year business strategy and it was a year of foundational preparation, research and piloting,” says CEO Paul Marvin. “I am proud of how our teams delivered exceptional business results while also tackling an ambitious transformational plan to ensure Marvin is positioned to thrive for generations to come.”
Marvin collects insights from employees across the enterprise through its annual employee survey, where team members help to shape the company’s leading benefits program. In 2024, Marvin employees will have increased paid time-off flexibility, including Better Living Day, an additional day of paid-time off for anything that supports employee wellbeing on the day of their choice. Marvin has also increased leave benefits for new parents and invested to ensure employees will not incur health insurance premium increases in 2024, despite rising costs.
“Our benefits are not only a big investment, they’re also a big expression of Marvin’s commitment to our employees and the things they care about,” says Marvin.
Chief Marketing + Experience Officer Christine Marvin also shared the impact of the company’s Giving at Marvin program in 2023, which included contributions to hundreds of organizations and thousands of employee volunteer hours for causes most important to Marvin employees.
Some numbers from Marvin
Paul Marvin announced that more than $20 million in profits would be shared among 7,089 eligible employees across all Marvin locations this year. Full-time employees with more than 1,500 hours worked received a minimum of $2,200 up to more than $6,400, depending on length of service with the company. This is a 59% increase over profits shared in 2022.
Beginning this year, 25% of Marvin’s profit sharing pool was distributed based on employee length of service, recognizing employee commitment to Marvin. More than 15% of Marvin employees have been employed at the company for 20 years or more.
Over Marvin’s 66-year profit sharing program, the company has shared more than $395 million with employees.
