Milwaukee-based financial services firm Robert W. Baird & Co. Inc. plans to give more than $5 million to its employees as a result of its savings from the recently enacted federal tax reform.
All of Baird’s more than 3,500 employees worldwide will receive a one-time benefit, which it announced to them last week.
The company’s leaders will receive their bonuses in the form of a $1,500 donation to a nonprofit each individual will select. That portion is expected to total about $1.2 million.
The remaining part-time and full-time benefit-eligible Baird employees will get a one-time cash bonus of $1,500. Interns and other part-time employees not eligible for benefits will receive a $500 bonus.
“Our associates are our greatest asset and supporting the communities in which we live and work is obviously critical to our ongoing success,” said Steve Booth, president and chief executive officer of Baird. “We are pleased to provide additional opportunities to invest in our associates and our communities as a result of federal tax reform.”