FedEx Cozies Up To Employees

FedEx enlarge have warmed up during the mercantile thaw, but reinstating worker benefits will have an stroke on the package shippers bottom line.In the fourth entertain report, the association posted net income of $239 million, a 146% enlarge from last years $97 million. FedEx additionally reported that reinstating worker benefits will expected suppress gain expansion in the future.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/18/fedex-earnings-benefits-markets-equities-shipping-update.html?partner=yahoobuzzAfter slicing multiform worker benefits programs to cut costs during the abyss of the recession, FedEx ( FDX - news - people ) has backed the merit-based compensate enlarge and to some extent backed the 401(k) relating program. Both programs affect U.S. salaried employees, mostly in bureau await positions--not front-line hourly workers, says FedEx orator Jess Bunn. Shares of FedEx gained 3.2% to close at $92.67 Thursday. FedEx isnt the usually association whose change piece stands to take a violence from benefits. A Feb inform from the Center of Retirement Research at Boston College available that the rise of good cuts came in Feb 2009 and an estimated 4.9% of sum 401(k) participants have been influenced by the benefits roll-back. While Eastman Kodak ( EK - news - people ) and General Motors have backed their 401(k) relating programs, dialect stores Sears Holdings ( SHLD - news - people ) and Macy"s ( M - news - people ) have nonetheless to begin behind up. Starbucks ( SBUX - news - people ) and Stein Mart ( SMRT - news - people ) have additionally backed relating programs.Still, a immeasurable infancy of companies who have slashed 401(k) programs during the mercantile slack have nonetheless to return them.,,2010/03/18/fedex-earnings-benefits-markets-equities-shipping-update.htmlSome observers think that the large pursuit and good cuts signified an overreaction on the piece of corporate America. As Bob Froelich, comparison handling executive at The Hartford Financial Services Group ( HIG - news - people ) discussed at a lunch for strategists Wednesday, the downsizing has assembled stellar distinction margins that stemmed from in advance staffing cuts, not softened commercial operation models. (See "The Hartford Casts A Wide Net.")Boston College researchers forked to liquidity concerns as the first reason for rollbacks in benefits, whilst boosting profitability did not arrange as a tip motivator.
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