There are approximately 10,000 Employee Stock Ownership Plans (ESOPs) in place in the U.S., with the majority covering the manufacturing, construction and engineering industries. A recent survey performed by the Employee Ownership Foundation, stated that 93% of their respondents agreed that ESOP implementation was “a good, overall decision for the company”, and almost two-thirds noted that the ESOP has helped increase productivity.
Moretrench became 100% employee-owned in 1999 and as a result, the ESOP has had an overwhelmingly positive effect on the company, creating broad-based ownership among all employees, and fostering an environment in which employee-owners understand their roles in helping the company succeed.
October is Employee Ownership Month, which is a tribute to the incredible spirit of employee ownership, and gives an opportunity for ESOP companies across the U.S. to educate employee-owners and the public about the tremendous benefits of ESOPs. Moretrench proudly celebrates their pride in employee ownership, not only this month, but also each and every day. “Throughout October we are recognizing and celebrating our ESOP membership and what it means to us, both as individuals and as a corporation”, mentioned Ken Wigg, Senior Engineer and Chairman of Moretrench’s Employee Ownership Committee. “This year, one of our goals as a Committee is to start bridging the gap between our office and field staff, and to give our superintendents and union personnel a better awareness about Moretrench being employee-owned and the culture it brings.” Moretrench has planned a series of events throughout October to assist in achieving this goal.
For more information about employee ownership at Moretrench, visit here.