John Deertons auto parts division is offering its workers a raise in the form of a $3,000 bonus, the company said Tuesday.
The announcement comes amid a recent round of layoffs and amid a nationwide recession that has resulted in the closure of more than 4,000 factories.
John Deers auto parts company announced in January that it would slash nearly 1,000 jobs.
The company’s workers are getting a raise of 2 percent in the first year, but that raises will increase each year as the company makes significant investments in equipment, manufacturing and research.
The bonuses will be retroactive to Jan. 1, 2019, John Deer said in a statement.
“We have always strived to create the highest quality products at the lowest cost to our customers,” John Deerman said in the statement.
“As a result, we are excited to share that we are adding this bonus to the bonuses that we have already given our employees.
Our goal is to keep everyone on a level playing field with our competitors.
It’s the right thing to do.”
Deere also said that its workforce will continue to be boosted by a new incentive program called the JobPlus, which allows workers to earn up to 10 percent more by working for John Deering.
The company said the program has been rolled out nationwide and is available to all employees who are on or have taken part in a new training program, such as a factory apprenticeship program.
Deere’s stock has been in free fall this year and has fallen nearly 50 percent since April.
John’s shares have also lost about a quarter of their value since January.