October is Employee Ownership Month, and we’re excited to celebrate another year of employee ownership.
This year as we celebrate ESOP month, we launched a campaign that coincides with our new purpose statement, Build the Extraordinary. This purpose extends beyond literal spaces, it also represents our culture, community, and people. The ESOP plays a vital hand in allowing us to live out this purpose, and hopefully you will see how it positively impacts our company.
What is an ESOP?
An ESOP (Employee Stock Ownership Plan) is a vehicle by which employees can share in the ownership of the company. In addition to the 401k plan, the ESOP is a significant retirement benefit. Employee ownership creates such a strong identification between employee and company that it translates into enhanced productivity, greater employee retention, and, ultimately, success in the marketplace. Our employee owners receive shares of company stock in their ESOP accounts on an annual basis.
Effects of Employee Ownership at MMC Corp
Day in and day out, our teams demonstrate quality craftsmanship in their work, but their dedication to MMC Corp goes beyond the duties of their jobs. Each teammate is committed to the success of their colleagues and celebrates those successes as their own, and the unity that has derived from our employee ownership has produced a family-like culture that we’re lucky to experience.
We asked members of our team how employee ownership at MMC Corp helps them build the extraordinary, and the results only reinforce our confidence in our ESOP program and how it has affected our team:
Although retirement may be farther in the future for some of our teammates, we can all still feel the impact of our ESOP every day as we walk onto jobsites, collaborate in meetings, and rally around each other.