The word: ESOP. Okay, that’s technically an acronym, but it stands for Employee Stock Ownership Program. 📈
Here’s what that means: Instead of being held by investors, owners, or board members, shares of a company are 100% employee owned. It’s a model that local businesses such as MB HAYNES believe is the key to building a better company, since the employees benefit as a result. And clearly, something’s working: MB HAYNES has been in business here in AVL for over 100 years.
Here are four ways that employee shareholders at MB HAYNES benefit from their ESOP:
1. When the company does well, employees share the rewards.
With an ESOP, everyone benefits from the profitability of the company, which in turn motivates employee shareholders to work together toward even further financial success.
2. Employees enjoy access to two retirement plans.
Yep, that’s right: Owning stock provides a secondary stream of retirement income, along with a 401(k).
3. Increased financial information = increased transparency.
Because MB HAYNES is 100% employee-owned, every employee-shareholder is privy to more financial information than they would have in a more conventional firm.
4. Employees receive more professional training.
Fun fact: Individuals who own stock in their company are 1.4 times more likely to receive employee-sponsored professional training than their non-stock-owning counterparts.
Even our community benefits from this model, since ESOPs:
- Keep jobs local + improve worker retention
- Motivate workers
- Increase productivity
- Contribute to business longevity
Want to apply for a job at MB HAYNES? They’re hiring seasoned and entry level positions in all skilled trades areas (think: plumbing, electrical, heating and cooling + more), and are currently offering a $2,000 sign-on bonus.*