As the air becomes crisp and the leaves change to vibrant colors for another cycle of seasons in New England, October has an additional meaning for our team. This month is Employee Ownership Month, also known as ESOPtober and is a time to not only reflect on what it means to be a member of an employee-owned company, but also to celebrate being part of such an extraordinary culture.
At AVID Products, being an ESOP company is a huge part of who we are, how we operate and the decisions we make. It is in our DNA to be a family of owners that support one another for the success of the whole. We bring this pride to all our relationships because we understand that together we all succeed. We have been now been 100 percent employee-owned for three years after beginning the process seven years ago.
What is an ESOP?
ESOP stands for Employee Stock Ownership Plan. To gain a better understanding of what that means, we’ve broken it down for you by letter:
E (Employee) Most companies are made up of a team of employees. As an ESOP, we at AVID feel each of us is an equally vital part of the whole. Together we celebrate our successes and overcome our obstacles.
S (Stock) As employee-owners, we are also shareholders who claim stock in the company depending on the number of vested years of employment.
O (Ownership) Being an ESOP brings with it a strong sense of ownership among the employees. We know our day to day activities have an impact on the success of the company.
P (Plan) Becoming a vested employee-owner means having a retirement plan for the future. An employee-owner’s legacy continues as the company grows with new employees, opportunities and leadership.
We are excited to share more about this important and unique quality of our company. Follow us to learn more of what being part of a 100 percent employee-owned company is like as we celebrate Employee Ownership Month!
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