Corning Employees Recognized for 2008 Accomplishments
CORNING, N.Y. – Corning Incorporated (NYSE:GLW) will distribute its annual GoalSharing payout to approximately 5,000 employees in the Corning, N.Y., area on Friday, Feb. 27. The total 2008 payout in the local area will be approximately $17 million.
The company’s 2008 payout averaged 4.28 percent of an employee’s annual base salary. This year’s payout represents a 39 percent decrease over 2007’s average payout. GoalSharing payouts can be as high as 10 percent.
“The company takes great pride in recognizing our employees’ achievements through the GoalSharing program, particularly in these tough economic times,” said Kirk P. Gregg, executive vice president and chief administrative officer. “While this year’s payout reflects the impact of the global recession, we remain confident in the future of the company’s performance through the hard work and dedication of our employees.”
Corning began its GoalSharing program in 1990 to link pay with performance. Nearly all of Corning’s global hourly and salaried employees are eligible to participate in the annual program. It rewards employees based on their manufacturing or business unit’s progress toward meeting or exceeding key long-term business objectives, such as customer satisfaction, process improvement and product quality. The company’s net profit is also factored into the GoalSharing payouts.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 150 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.
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