Minnesota-based adhesives manufacturer H.B. Fuller is investing its tax reform savings in the most important part of its company: its employees.
“Our business is a business of people,” said Kimberlee Sinclair, H.B. Fuller’s Director of Global Communications. “So we made a decision to invest our tax savings two ways: by investing in our employees and by accelerating our debt paydown to benefit our investors.”
“The employee-focused investment is particularly important because it demonstrates our commitment to creating a great place to work. When we figured out what our 2019 tax savings would be, we decided that, rather than give people a one-time cash bonus, we would do something that could permanently improve people’s lives,” Sinclair said. “And, the biggest impact would be improving the benefits our employees receive.”
As of January 2019, H.B. Fuller will reimburse 100 percent of individual health insurance premiums for every employee making under $50,000 a year and 50 percent of premiums for those making between $50,000 and $60,000—many of them the men and women on H.B. Fuller’s shop floors.
In addition, more H.B. Fuller employees than ever before will have a chance to gain an ownership stake in the company through the employee stock ownership program.
“We expanded our stock program to a significant number of employees at a more junior level,” said Sinclair. “This allows our employees to have a personal stake in our success.”
But the expanded benefits don’t stop there: H.B. Fuller also enhanced its incentive bonus program to enable more employees to take home more money in their paychecks.
“Now, more employees are eligible for the company’s performance-based bonuses,” said Sinclair. “A segment of our plant workers, for example, will now be eligible to receive quarterly performance bonuses, and tax reform helped us make it a reality.”