How Being an Employee-Owner Can Change Your Life
When you think of life-changing experiences you might think of graduating from school, moving to a new city, falling in love, or maybe even getting your dream job. What if getting your dream job also means that you become an employee-owner of the company you work for? Let’s imagine how being an employee-owner can change your life.
Let’s start off by talking about what it means to be an employee-owner. An ESOP, or Employee Stock Ownership Plan, is a company that is either partially or completely owned by its employees; employees own the company through stock. Hoffman & Hoffman has been 100% employee-owned since 2016. Being a partial owner of the company you work for creates a common goal among your other colleagues: to run a successful business. Because of this mindset, H&H employees have been able to thoroughly adopt our Core Values into our daily culture. Everyone is thinking about ways to ensure we’re as productive and efficient as possible.
This work culture can change your life because suddenly, you start thinking about how you can make an impact on the benefits coming back to you. For Hoffman & Hoffman, being an ESOP leads to greater contributions towards our retirement plans than a non-ESOP company. In 2020, the Hoffman Family of Companies gave 18.55% of eligible compensation in ESOP contributions and W2 bonuses.
When you think about how that extra income could affect your future, it could be astounding! According to the ESOP Association, “Employees at ESOP companies tend to earn higher wages and have greater savings than their peers in non-ESOP companies.”
With our ESOP continuing to grow through our new employee-owners, the benefits continue to grow for everyone in the company. Take a look at what some of our employee-owners had to say about how the ESOP has affected their lives.
If you’re interested in learning more about how you can join our ESOP and become an employee-owner, CLICK HERE.
// about the author
Allison Hamilton is the Video & Marketing Coordinator for the Hoffman Family of Companies. She enjoys learning about the HVAC industry and meeting new people along the way.