Wells + Associates is an employee-owned company. Employees are eligible to participate in our Employee Stock Ownership Plan (ESOP), in which they are incentivized to improve our company’s performance and stimulate future growth.
Our ESOP helps to create a strong company culture amongst employee-owners and encourages everyone to collaborate on what’s best for the company and our collective futures. As part of this, Wells + Associates is a proud member of the National Center for Employee Ownership (NCEO).
Check out our top five reasons why you should work for an ESOP, like Wells + Associates!
1. Training + Advancement Opportunities
ESOPs want to invest in their employees because their employees invest in the ESOP. According to research funded by the Employee Ownership Foundation, companies with employee stock ownership are 1.3 times more likely to provide employee training than conventionally owned ones.
2. Every Employee Is an Owner, So YOU Work with Equally Dedicated People
Each member of your team has something to gain from a job well done, so you can expect them to work hard for you, the company, and themselves. It is amazing to see coworkers working together toward a common goal of company success. There is a collective feeling of goodwill when employees see their stock plan price and value climb higher.
3. Better Retirement Savings
ESOPs are very similar to 401(k)s, with one major difference: employees do not contribute their own funds to the retirement plan. Instead, employer contributions are made, and employees accumulate those funds over time. ESOP participants have approximately 2.2 times as much in their retirement savings accounts as participants in comparable non-ESOP companies.
4. Job Security
In difficult economic times, employees of private and publicly held companies are much more likely to be laid off than ESOP employees. Some of the factors behind this include employers having to pay out employees at termination and a stronger company culture that helps the company endure tough times. A 2000 Rutgers study found that ESOP companies grow 2.3% to 2.4% faster after setting up their ESOP.
5. Greater Job Satisfaction
Due to the nature of the collectively owned ESOP, an employee of an ESOP has a personal interest in seeing that their work benefits the company, which also results in greater job satisfaction. Overall, companies with employee ownership often see greater productivity, higher profitability, and increased revenue. These successes also tend to continue over time, as the motivation of employees continues as long as they have an interest in the overall health of the company.
Wells + Associates has a vested interest in our employees. We want to help our employees reach their career goals. The people they work with are equally as dedicated because every employee is an owner. Our ESOP can help employees build a foundation for their future and provide them with purpose in their career.