Flowers Foods, Inc. FLO has adopted some concrete steps to offer bonus and protection to its employees as the world continues to strive against the coronavirus menace.The company, which has been witnessing major surge in food demand due to the coronavirus-induced stockpiling, announced that it has paid nearly $5.6 million as appreciation bonus.
This bonus has been paid to 11,757 qualified hourly and nonexempt employees, leased labor and contract workers.The reward is an acknowledgment of the phenomenal efforts of these laborers during coronavirus pandemic as Flowers Foods' 46 bakeries operate relentlessly to deliver bakery items amid the crisis.
Apart from this appreciation bonus of $500 for full-time and $250 for part-time workers, they continue to be eligible for the company’s yearly bonus program.Additionally, Flowers Foods has executed emergency COVID-19 leave and short-term disability arrangements for its 9,700 workers.
We note that the coronavirus outbreak is spreading at an alarming rate. The pandemic has infected more than 1.5 million people worldwide and the death toll has crossed 100,000. As complete physical isolation is the sole method to flatten the curve, governments across several countries are imposing lockdowns and curfews. With community transmission increasing in scale, people are hoarding essentials so that they do not have to venture out for daily supplies.
Certainly, the stockpiling works well for consumer staple players like Flowers Foods. Also, this is leading to heavy demand at departmental store retailers, discount store retail chains and supermarkets. In fact, many retailers like Dollar Tree, Inc. DLTR, Dollar General Corporation DG and Walmart Inc. WMT are hiring associates to efficiently cater to customers’ burgeoning demand for essential goods and delivery needs.
Meanwhile, Flowers Foods enhanced the sanitization process and implemented remote work for business office team members as precautionary measures. Also, the company has been undertaking various practices like restricting admission of non-essential visitors in its bakeries, warehouses and offices along with limitations on business travel for its employees, among other moves, to contain the spread of the deadly coronavirus.
We note that shares of this Zacks Rank #3 (Hold) company have inched up 1% in the past three months against the industry’s decline of 13.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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