Fargo, North Dakota – Spectrum Aeromed announced today plans to distribute around $100,000 in profit sharing funds to 20 employees, including interns, at the Fargo location.
The bonuses are paid as a reward based on growth in LEAN principles & production initiatives, efficiency, quality, continuous improvement mindset, teamwork, and attitude. Spectrum Aeromed was awarded the 2017 When Work Works Award.
“Despite challenging times in the aerospace industry over the past few years, we continue to achieve solid levels of revenue and profitability,” said Spectrum Aeromed Chief Operating Officer Chad Kost. “We are fortunate to have the opportunity to reward our team of dedicated employees with profit sharing as a result of their hard work and determination.” Revenue grew by 10% in the last year – up 20% since 2015.
The profit sharing bonus averages $5,000 per participant, with distribution is based on position and experience within the company. This is the fourth year the company has paid out significant profit sharing compensation to its employees. Spectrum Aeromed has paid out over $500,000 since 2011.