Pan-Oston is proud to be part of one of the largest Employee Stock Ownership Plan (ESOP) companies in the United States. As a Houchens Industries Company, Pan-Oston provides ESOP benefits to all employees, which time has proven is beneficial for employees, the company, and for our customers.
What is an ESOP company?
An Employee Stock Ownership Plan (ESOP) is an employee-owner program that provides a company’s employees with an ownership interest in the company. With no financial investment from the employee, the company provides their employees with stock ownership. The number of shares given to an employee is based on their salary combined with the annual success of the company. These shares are held, in a trust for the employee, until they leave the company or retire.
Benefits to Pan-Oston Employees
By giving our employees stock, we are contributing to their retirement savings (with no cost to the employee). Over time, ESOP companies have proven to be less volatile and have far better rates of return than a traditional 401(k) savings plan. A study also found that ESOP participants made between 5% and 12% more in wages and had almost three times the retirement assets of workers in comparable non-ESOP companies.
Benefits to Pan-Oston
According to the experts, ESOP companies report better employee performance than non-ESOP companies. Because employees have an ownership interest in the company, they are more motivated and perform better. In addition, it facilitates a collaborative, team atmosphere with aligned goals and incentives.
Benefit to Our Customers
Pan-Oston, as a part of Houchens Industries, is honored to be an ESOP company and we believe it has contributed to our success over the years. By giving our employees ownership in the business, we have created a sense of pride and loyalty. In addition, we have increased organizational performance and motivated employees. This recipe for success is evident in our products and our ongoing commitment to our customers.