October is Employee Ownership Month, and it’s the perfect opportunity for Employee Stock Ownership Plan (or ESOP) companies across the U.S. to educate employee-owners and the public about the tremendous benefits of ESOPs. That’s why this month we are celebrating the employee-owners who make up Custom Aire!
Employee Stock Ownership Plan, or ESOP, offers our workforce more than just a paycheck. An employee stock ownership plan makes the employees of our company beneficial owners of stock in Custom Aire.
Working for an employee-owned company like Custom Aire offers many benefits to the employees, such as:
- Ownership in the company you are working for
- Employees of ESOPs have, on average, higher wages
- Better benefits for employees than publicly owned firms
- Investments focused on employee retirement plans
- Twice the retirement benefits of similar firms not under ESOP ownership
- Tax-exempt while stock earnings are in the trust, and minimal taxes when cashed in by the recipient
When surveyed, ESOP companies like Custom Aire responded that creating employee ownership through an ESOP was a good business decision that has helped the company, increased revenue, and positively affected the overall productivity of the employees.
The success of Custom Aire depends on the teamwork and positive attitudes of all employee-owners. At every level of job responsibility, the efforts and devotion of many individuals have created the success thus far achieved and will help guarantee that the company remains successful. There are many ways in which employees can help. Just a few examples are:
- Take an active interest in solving the problems of the company,
- Communicate with your fellow employees,
- Reduce waste and inefficiencies to the barest minimum, and
- Make suggestions to your supervisor as to how the company can improve.
Being an ESOP means more team building; more input, which can contribute to better working conditions; cost savings; and an open culture of ownership that can help a company. Here at Custom Aire we are proud to be an employee-owned company, and we celebrate the contributions and dedication from our workforce. Our employees play an important role in the success of our company, which in turn means success in their personal lives.