Employee Stock Ownership Options help some companies keep manufacturing in United States
Writing an opinion column for the Cleveland Plain Dealer, Louis A. Guzzetti Jr., CEO of Spinnaker Coating, suggests a way for keeping manufacturing jobs in the United States: Employee Stock Ownership Plans (ESOPs).
ESOPs … provide both front-line workers and management ownership stakes in their companies. An ESOP is a retirement plan that can be structured so that it is funded entirely by the company, thereby enabling employees to gain ownership positions without any personal financial contribution.
According to Guzzetti, 11,500 ESOPs exist in the United States, comprised of over 10 million workers. He says he chose to give his workers an ownership stake to “motivate(e) them in the best way -- tying their financial interests directly to the company's success, today and in the future.”
Guzzetti acknowledges that an ESOP may not be an option for all companies, but “it is one alternative that can be used to keep manufacturing jobs from disappearing.”
Read more here.
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