According to the ESOP Association, an Employee Stock Ownership Plan (ESOP) is a tax-qualified retirement plan authorized and encouraged by federal tax and pension laws.
While that’s the technical term, you may be wondering, what does that mean?
For companies that are 100% employee owned with an ESOP in place, like Brewco Marketing Group, it means that eligible employees are empowered as owners of the company. This lends itself to a workforce that is passionate about what they do and take a caring approach to each decision made. Our employees are owners who share in the rewards when our stock rises, but also the risks if it falls. All eligible employees are part owners at no cost to them.
We transitioned to an employee-owned business model in 2017. What are some benefits to being an employee-owned company with an ESOP?
- Motivation: Employees are motivated to be successful in their projects, which contributes to the overall success of the company, and in turn, the stock.
- Empowerment: Employees feel empowered that their day-to-day tasks are making a difference.
- Retention: Participation in an ESOP is a rare benefit for employees to come across and helps retain employees.
- Teamwork: Employees recognize that they are all a team working towards the same goal of a rising share price through company success. They pitch in and help each other; they are all owners with the same goal in mind.
We know that an investment in our team is an investment in our company’s success. Brewco Marketing Group is proud to be owned by employees and have an ESOP established.
Interested in working at Brewco Marketing Group? Reach out to us at email@example.com.