Last summer, engine manufacturer Briggs & Stratton cut its employees’ pay by 10%. In January, it paid most of it back.
The Milwaukee-based company reimbursed salaried employees 75% of the pay they lost during the six-month wage reduction. It also restored previously suspended 401(k) contributions.
“We had some difficult decisions to make during the recession and our employees really pulled together as a team to help the company,” says CEO Todd Teske, who will decide after the first quarter whether the organization can repay the remaining 25%.
Officers and key executives will not be eligible for reimbursement until salaried employees are reimbursed 100%.
Contact: Todd Teske at (414) 259-5333.