Marvin, a family-owned manufacturer of windows and doors based in Warroad, Minn., is sharing $20 million in 2023 profits with its employees.
Full-time employees who worked more than 1,500 hours are receiving bonuses between $2,200 and more than $6,400, depending on how long they have been with the company.
Marvin, founded in 1912, instituted profit sharing in 1957. Over those 66 years, the company has shared more than $395 million with its employees.
“It’s a fundamental core value and belief that when times are good, we share in the profits with our employees,” says Chief Marketing + Experience Officer Christine Marvin. “It’s a recognition and acknowledgment of their hard work and contributions that led to Marvin’s success.”
The tradition of sharing profits with employees goes back to 1957, says Marvin, a fourth-generation member of the Marvin family. The amount varies from year to year, and there have been a few years where hard times for the business meant no profit sharing.
The company announces the profit-sharing number at an annual meeting that includes an update on the business’s performance. About 1,600 employees gather in person in Warroad, and the remaining 5,900 watch a livestream from the company’s 15 additional locations.
Although the profit-sharing itself likely plays only a small part in employees’ decisions to join or stay with the company, Marvin says the program fits into a larger recruitment and retention strategy — an important focus for a company that is not located in a major metro area. More than 15% of Marvin’s employees have been with the company for at least 20 years.
“It’s a manifestation of our values. I don’t believe people come here solely for profit-sharing, for a one-time gift at the end of the year,” Marvin says. “But it is part of a larger philosophy we have, in terms of what it means to work at Marvin and the culture we want to create and foster. It’s a gesture from the business and the family, and it’s appreciated.”