St. John Properties awards employees a total of $10 million in bonuses
Maryland Real Estate Company Split $10 Million Bonus to Employees
On December 7, 198, employees were surprised when St. John Properties, a Baltimore-based commercial real estate property management and development company, announced during its annual holiday party that they would provide a $10 million bonus.
The amount of the bonus was based on how long the employees had been with the company
“The [bonus] distribution was based solely on years of service. It had nothing to do with a person's position in the company,” said St. John Properties president, Larry Maykrantz. “We spent a little bit of time discussing it, and believe me, once we made that decision, we realized that was the only fair and equitable way of handling this.”
Individual employee bonuses varied from $100 to $270,000, according to the company’s LinkedIn post. On average, each employee got about $50,000.
The bonus surprise is an extreme secret that only five people in the company knew about the bonus.
Edward St. John, Founder and Chairman of the real estate, is thankful to his employees
For Edward St. John, Founder and Chairman of the real estate, without the team, they are nothing.
What urged this massive bonus was the company’s goal back in 2005 to double the size of its portfolio from 10 million square feet to 20 million square feet, according to Maykrantz. At the time, St. John Properties had no idea how long the goal would take to reach, assuming it would take nearly 40 years.
The company wanted to reward its employees for reaching a milestone
The employees were visibly overwhelmed with emotion when they made the announcement. There were screaming, laughing, hugging.
One employee who has been with the company for 44 years received a $270,000 bonus, while a new employee who started earlier this week received a $100 gift.
It was an unbelievable night to everyone
“We thought that would just tell him a little bit about who we are,” Maykrantz said. “He was so happy with that sign of appreciation.”
He described the announcement and night overall as “unbelievable.”
“What occurred that night exceeded my expectations tenfold,” Maykrantz said. “It was one of the most incredible experiences I’ve had in my 40 years of business experience.”
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