Record profit at North Dakota state mill means $11,600 profit-sharing checks for workers

[RC]

By: By Tu-Uyen Tran, Forum Communications Co., INFORUM

GRAND FORKS – After reporting record profits, the North Dakota Mill here is also reporting big profit-sharing payouts to its workers.

The average worker earned an $11,600 bonus, about 21.9 percent of his or her annual wages, according to General Manager Vance Taylor. In the past decade, the average bonus accounted for about 9 percent of annual wages.

Profit sharing is part of the compensation package at the mill, he said, and it creates a strong incentive for mill employees to work together as a team.

In fiscal year 2011, which ended June 30, the state-owned mill earned a profit of $16.1 million; that’s 22 percent higher than the record set in fiscal year 2010 and 705 percent more than the mill’s goal of a $2 million profit.

More --> http://www.inforum.com/event/article/id/331434/

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Socialism works. This is not Communism. For one, Communism would not be paying out profit sharing.
Now compare this to the greedy capitalism, where the profits go to the upper management as obscene wages and bonus, as they cut hours, benefits and jobs of the workers to increase those profits.

[Selatius]

1. Yeah, that's socialism. The state actually owns the mill.

But I don't see where it says a communist arrangement would not pay out a bonus, since even in Yugoslavia before the civil war the state regularly allowed employees at workshops and factories a say in the management decisions over production schedules and pay.

[xchrom]

2. from their site:

https://www.ndmill.com/history.cfm

The North Dakota Mill receives no funds or financial assistance from the State of North Dakota to subsidize the milling operations. Selling value- added milled wheat products to bakery and pasta customers, as well as retail and food service suppliers, generates all operating funds. Over 90% of sales revenues are derived from customers outside the State to create value-added income for the State of North Dakota. The North Dakota Mill supports the local economy with a payroll of $7 million annually.

The North Dakota Mill and Elevator Association has contributed in excess of 50% of its profits to the North Dakota State General Fund for more than 35 years and continues to be a valuable asset to the State of North Dakota.


they also have a store on their site:
https://www.ndmill.com/store/prodpage.cfm

[david_vincent]

3. Your description of capitalism applies equally well

to higher education, where a huge number of low-paid staff work their asses off and a tiny number of top administrators get rich.

Thanks for letting me know that a mill worker in North Dakota makes more than I do -- not even counting his/her profit sharing check.

Anyone reading this who's dealing with college/ university, or has a kid or family member in college or university, just remember: the people you talk to at that school aren't getting rich; in many cases, they're barely making ends meet. The invisible ones, the ones at the top who hobnob with the wealthy elites, are making money hand over fist from the labor of the hundreds of staffers and the tuition dollars of the students. They go on trips to the south of France while the staff go without a lot of things, including health insurance in some cases, because they can't afford it.

Of course, a college could never issue profit-sharing checks, because it's a "not-for-profit" enterprise. Be sure to laugh long and loud when you hear a college president tell you that, and remember, they're making mountains of money and retiring in extremely comfortable conditions. Then again, of course, they're "thought leaders". They think up ways to cut our benefits so they can buy enormously expensive antique desks for themselves. It's the identical model under camouflage of intellectual merit.

[uppityperson]

4. k&r for ND Mill. ND, so backwards in ways, so progressive in others

former ND girl here

[Liberal_in_LA]

5. share the wealth. Good for them.