Baltimore-based real estate property St. Jon Properties is winning hearts across the world over after surprising employees with a $10 million bonus for 198 employees. The amount is divided among staff based on the years of their service in the company.
On the average St. John Properties employees will be receiving $50,000 on top of the company's standard annual year-end bonus. Further, employees will be receiving other benefits like 401(k) and commissions. Their paid vacation time is also in effect.
A standard bonus scheme for most companies nowadays is giving employees between 2.5 to 7.5% of payroll. For a few, that percentage can go up to 15%. As always the case, the bonus is on top of their base salary. In any given scenario, the bonus is dependent on the company's profitability.
Employees cried and hugged each other during the announcement of the bonus at the company's annual holiday party. The bonus has been life-changing for the employees as they will be going home that night already a millionaire.
Stanley Ches, a maintenance technician for St. John Properties, received $200,000. Ches has been with the company since 1981. He said he was shocked by the announcement that his colleagues had to shook him to calm down.
Another employee, Danielle Valenzia, who has has been in the company for 18 years plans to pay it forward. She felt all her hard work and time spent working are all validated.
St. John Properties said the bonus is one way to celebrate its development of 20 million square feet of office, R&D, retail, and warehouse in eight states. It has operations in Maryland, Colorado, Louisiana, Nevada, Pennsylvania, Virginia, Utah, and Wisconsin. In 2005, the company has one vision: to double its 10-million square feet of the portfolio in 40 years. It is only 2019 and they achieved that goal already.
All those achievements happened over a 14-year period which means that St. John Properties was on an upward momentum even during the recession. In October 2018, St. John Properties was awarded Developer of the Year.
Company founder and chairman Edward St. John announced the bonus during the party. The real estate company was founded in 1971. Its big projects include Maple Lawn in Howard County and Crossroads at Greenleigh in Middle River. St. John Properties currently sits on a $3.5 billion asset.
St. John Properties is not just being praised for the $10 million bonus. Employees have been raving about the amenities in their office. There is an on-site fitness facility. Company cars, free consultations for physical therapy and wellness, and staff can consult with a financial advisor anytime.
