October is Employee Ownership Month. As a company that takes part in an Employee Stock Ownership Plan (ESOP), we at Custom Aire want to take the opportunity to provide an explanation of this program and its benefits to employees who take part in it.
An ESOP is an employee benefit plan that makes the employees at a company, like Custom Aire, owners of stock in that company. The goal of these programs since the ESOP Association was founded in 1978 has been to improve American competitiveness, increase productivity through greater employee participation, and strengthen our free-enterprise economy. While this commendable step of becoming an employee-owned company can be found in companies across all industries, the manufacturing sector specifically accounts for 22% of all ESOPs in the United States.
One of the primary benefits of employee-owned businesses that set them apart from other companies is the sense of ownership and accountability that is present throughout the company, from entry-level to executive positions. When you have a stake in the company through an ESOP, all employees who are part of the business step up their game because they are more directly involved with the business operations as a whole.
When employees are privy to company information that would otherwise be private like revenue, expenses and profit margins it allows them to be more aware of what goes on behind the scenes. It also empowers employees to be more purposeful and motivates them to shine in the role they play within the company.
Working with an employee-owned company is a great fit for hardworking individuals interested in career development, personal growth, and a team environment. Most companies with an ESOP in place provide its benefits to employees after a certain period of time, such as one year in a full-time position, but every company and its program is unique.
Interested in learning more about a career with an employee-owned company? At Custom Aire, we are dedicated to the professional development of our employees and are always looking for motivated, talented workers. Visit our website to learn more about what career paths we offer or to contact us for more details on a specific topic.