The Clifton Review
The Clifton Review is a tri-weekly column that examines the question of the Clifton project along with the evolution of the war between two billionaires. We covered the start of this war with articles describing the battle over easement rights, the mysterious burning of a home, the blocks to rebuilding, and countless questionable court filings.
The 2018 series salutes fashion mogul Peter Nygård’s Golden Jubilee detailing his rags to riches story and incredible business success over these past fifty years. The Clifton Review will take an inside look at how he did it.
Peter Nygard Gave 110 Employees $10,000 Each
By P.J. Malone
‘Thanks A Million!’ That’s how much fashion mogul Peter Nygard spent, (actually, 1.1 million dollars to be exact) to give each NYGARD company associate, who had been with the company twenty years or more, ten thousand dollars. It was about 110 employees. That was during celebrations for Peter Nygard’s thirty-five years in business.
One employee said, “You don’t ever expect to win the lottery in your life, and you don’t expect your employer to give you $10,000!”
There wasn’t a dry eye anywhere in the room after Peter Nygard announced that all NYGARD employees who had been with the company for twenty years or more would find extra money on their bank accounts that payday.
Can you imagine finding an extra $10,000 in your bank account because your employer decides to be generous? You certainly don’t find that everyday.
And what did those employees do? In true Nygard-sharing fashion, they bought lunch for all of their other coworkers.
It isn’t very often that you hear of employers sharing their wealth in such a fashion. Yes, they may give their senior management millions of dollars in bonuses, but you don’t hear of them giving line employees $10,000 just because.
Peter Nygard has, as they say, ‘never forgotten where he came from’. He has a reputation for treating everyone equally, treating those in typically thankless jobs extra special, and being generous to boot.
This is what Peter Nygard said at his 35th Anniversary event:
“I am getting the greatest kick out of tonight—one of the greatest things that you can do with money is to share it; share it with your family, your loved ones, and above all, share it with the people who have made it possible for you. I want to share my success, which is your success.”
So many employers can take a lesson out of Peter Nygard’s book. They forget that it is the hard work of many of their employees who contributed to their success. If they could do it on their own, they would have no need to hire help.
We won’t deny that the employers have to have what it takes to make the business work. Yet, they still can’t do it without hardworking employees.
Does it hurt to say “Thanks!” in an extra special way? No. It can only help. Imagine how much harder those 110 employees worked for Mr. Nygard after that. Imagine how much more effort they put into getting it right and contributing in every way they can. That’s what an extra special thank-you would do.
Not only would it benefit employees, but it would benefit the employers themselves if they showed more gratitude. A number of mental health experts extol the virtues of showing gratitude. It is said to bring about a sense of well-being; and it has been said to cultivate an “abundance mindset”.
Why is this important? Motivational speaker Tony Robbins says, “The abundance mindset is what creates fortunes and lasting financial freedom.”
So if employers want more abundance or fortunes in their companies, they should show more gratitude to their employees.
Peter Nygard was happy to say, “Thanks a million!” No wonder he is such a success.
Wouldn’t it be awesome if many more employers would follow suit?
