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DID YOU KNOW:
October is Employee Ownership Month - a month-long celebration of the undeniable benefits employee ownership provides employees and companies. Palmer Holland officially converted to an ESOP on November 22, 2019.
What is an ESOP you ask?
In the simplest terms, an Employee Stock Ownership Plan (ESOP) is a retirement plan. But, in reality, it is much more than that: ESOPs motivate employees, increase productivity, improve worker retention, keep jobs local, contribute to business longevity, and so much more.
When ESOPs are formed, shares of company stock are allocated to all employees, making them employee owners who share in the rewards if the stock rises and the risks if the stock falls. As a result, they are more invested in helping the business succeed and more likely to tackle problems, such as helping co-workers who are underperforming.
For Employee Ownership Month, we want to shine the spotlight on some of our employees and how they provide value to Palmer Holland beyond what are considered typical job responsibilities.
James Adkins does a heck of a lot more than fixing your broken laptop or installing a new set of drivers. He takes his time to understand how the issues you have affect your ability to work effectively, and he helps solve those issues with diligence and compassion. And he’s also crazy good at fixing broken laptops.
Our General Accounting Specialist, Marty Gorsuch, is no number cruncher. She makes her mark on our organization by being a problem solver and process innovator. Think Nicolas Cage in National Treasure: Finance Edition.
ESOP Fun Facts
Employee ownership provides a wealth of benefits, especially when it comes to retirement.
There are over 6,500 ESOP companies in the United States!
Stay tuned here all month as we’ll be sharing facts and figures about the fantastic benefits provided to our employees and our organization as a result of being a part of The ESOP Association.
Want to learn more about ESOPs?
Click here to see what makes being a part of The ESOP Association so awesome.
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