Savvy Rest believes every employee should benefit from a company’s growth and success so in 2012, we made it official and became an employee-owned company.
But what exactly does this mean? Keep reading to learn about employee stock ownership and why it matters.
What is employee ownership?
Employee ownership means that every employee owns shares of stock in the company.
Unlike publicly traded companies where stocks can be bought and sold on the open market, an employee earns shares of stock gradually as the employee stock ownership plan (ESOP) buys the company from the original owner.
An employee earns shares usually after they have been with the company for at least one year. As a company becomes more successful, the value of those shares should increase over time. The longer an employee stays with a company, the more shares they have.
An ESOP is actually a qualified retirement plan that is designed to benefit employee-owners long-term. Meanwhile, employee-owners still have access to traditional retirement plans, such as 401(k)s.
Customer Benefits: Buying from Employee-Owned Companies
- Better Customer Service: Employee-owned companies have stronger morale and with that comes exceptional customer service. Employee ownership brings a sense of pride that positively impacts the quality of both the products and overall customer service experience.
- Supports ALL Employees: There’s something special about supporting a company that genuinely cares about their employees and shows this through financial opportunities. When you purchase a product from an employee-owned company, you’re truly supporting ALL the employees and not just the top leaders.
- Supports Small Businesses: A significant portion of employee-owned companies are small businesses so the overall shopping experience is more personal. Also, you vote with your dollars so support small businesses when you can!
Employee Benefits: Working for an Employee-Owned Company
- Pride in Ownership: It’s so important to love what you do and employee-owners feel very connected to their work. There is a true pride in ownership.
- Community: An employee-owned company believes in the power of community and teamwork. The business thrives through the collaboration and dedication of all employee-owners.
- Financial Benefits: Employee-ownership means having actual financial incentives beyond a paycheck. As previously mentioned, employee-owners have stock in the company.
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