Some bonuses are deserved...
Amid all the hooforaw about the AIG bonuses, here's a company that believes in its employees and their contribution, and rewards them for the right reasons.
FREEWAVE TECHNOLOGIES' FOUNDERS SHARE $9 MILLION WITH COMPANY EMPLOYEES
Employees help FreeWave achieve phenomenal performance and customer satisfaction – company founders maintain philosophy of sharing in financial success
BOULDER, Colo. – March 16, 2009 – As the drumbeat of bad economic news hits a fevered pitch, last Thursday afternoon, FreeWave Technologies (www.freewave.com) distributed the third installment of a $9 million equity bonus to its employees. The bonus, part of a $113 million private-equity transaction, was given by Company Founders Steve Wulchin and Jonathan Sawyer to reward employees for their hard work and dedication that has helped the company become the leading supplier of high-performance spread spectrum and licensed radio products and services.
"This bonus is a tribute to the great work all FreeWave employees do everyday to build great products and deliver them to customers with the highest level of service,” said Co-founder and CTO Sawyer.
"Our philosophy is simple – as the company prospers, so to should the employees that helped us get to where we are today.”
As the industry's largest independent provider of spread spectrum and licensed radio products and services, FreeWave continues to build products that are more reliable, cost-effective and technically advanced to meet the growing need for remote wireless data transmission. The wireless data radio provider continues to build upon its leadership position in oil and gas; military; electric power; and, the water industries, to name a few. Its success is based on two simple concepts: First, hire the best and the brightest; and second, listen to your customers, deliver what they need.
"Having a common purpose and shared responsibility results in great business performance, satisfied customers and a self-fulfilled workforce,” said Wulchin, the company's CEO. "Nine million dollars seems like a lot of money, and it is. Sharing in the success of the company has and always will be a cornerstone of how FreeWave builds it business.
"This bonus, of course, is very important. It does over-shadow some of the hallmarks of our philosophy for running the company successfully;” Wulchin continued. "FreeWave has never had a layoff and we are committed to avoiding ever having a layoff. We have paid bonuses every six months since hiring our first employees in 1995 – including as recently as January 2009. On average, the lowest the annual value this bonus has been for any employee over each of the last five years is more than $11,000,” he added. "We feel that being profitable is more than a goal. It is critical to our customers and employees. Every month since we have had employees, we have been profitable.
"Finally, we view each of bonus programs in the same light. Our people work very, very hard,” Wulchin noted. "These bonuses give them a chance to help define their own success along with the company's success. We know that they will continue to contribute at very high levels and we will commit to sharing the fruits of our joint success.”