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Siemens employees get big post-recession bonus

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in Leaders & Managers,Management Training

Now that the worst of the economic crisis seems to have passed, Berlin, Germany-based electronics and powerhouse Siemens in December said thanks to its employees worldwide with “special payment” bonuses totaling $430 million.

“The company came through the crisis with flying colors,” Siemens AG President and CEO Peter Loscher said in a statement. “Our 400,000 employees can be very proud of their achievement. For their extraordinary performance in a difficult time, I owe them my deepest respect and gratitude.”

Nonmanagement employees in the United States received almost $100 million. Siemens officials said the bonus is a one-time payment.

During the recession, the global organization had to slash more than 17,000 jobs—including some top executives—to cut costs and boost margins.

Contact: Elizabeth Cho of Siemens, (212) 258-4589.

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