We are halfway through ESOP-tober and we have a ton more facts to share with you! Check out the tidbits below to see what makes ESOPs so unique:
- The largest ESOP in the US is Publix Supermarkets with 200,000 employees. In Missouri, Penmac (27,850 employees) and Graybar Electric (8,500 employees) are the largest.
- There are roughly 6,600 employee ownership plans covering more than 14 million participants.
ESOP companies grow 2.3%-2.4% faster after setting up their ESOP than would have been expected without it.
- A 1997 Washington State study found that ESOP participants made 5%-12% more in wages and had almost three times the retirement assets as did workers in comparable non-ESOP companies.
- According to a 2010 NCEO analysis of ESOP company government filings in 2008, the average ESOP participant receives about $4443 per year in company contributions to the ESOP and has an account balance of $55,836
- In the Rutgers study, ESOP account values ranged from $15,000 to $6,000,000.
- Each of the 50 states boasts at least 8 ESOP companies and 1500 employee owners. Missouri is in the top 10.
- ESOP ownership creates jobs, strengthens communities and expands state economic growth. Encouraging broader use of employee ownership through --0-- ESOPs is a highly cost-effective way to retain and create jobs, increase wealth for a broad sector of workers and keep businesses in their communities.
- According to the General Social Survey, employee-owners are one-third to one-fourth as likely to be laid off as compared to non-employee owners.
- Employees accumulate 2.5 times the retirement assets as employees in other plans.
- ESOPs distributed close to $92 million to participants in local communities in the US in 2013.
- ESOPs have longevity: 54% of plans have been around for 20 years or more.
We are proud to have had such great program implemented to DAS and can’t wait to see how it continues to shape the culture of the company over the years!