October has become much more than a Halloween trick-or-treat for approximately 7,000 to 10,000 companies who are celebrating pride of employee stock ownership plans (ESOPs).
“Cachet Financial Services became an ESOP company this past June and is now 100% employee-owned,” says Vice President of Sales, Brandi Utria. “Our employees continue to learn the benefits of the program and we are pleased to join the celebration with others in the ESOP community,” Utria added.
The ESOP Association located in Washington, DC is spreading the word regarding a month-long tribute and celebration in October and “in the spirit of employee ownership” as they state.
Here are some highlights in their October 1, 2015 Press Release:
• There are approximately 10,000 ESOPs in place in the U.S., covering 10.3 million employees (approximately 10% of the private sector workforce).
• The 24th Annual Economic Performance Survey conducted in 2015 by the Employee Ownership Foundation found:
– 92% of respondents reported that creating employee ownership through an ESOP was ‘a good business decision that has helped the company.’
– 78% indicated revenue increased
– 65% of companies indicated they have created an ESOP education program or ESOP advisory committee since establishing the ESOP.
– 77% of respondents indicated the ESOP positively affected the overall productivity of the employees.
Click here to read the entire release: Employee Ownership Month-long Celebration Begins October 1st
ESOPs Stir Economic Power
Financial Business Group Holdings, the parent company to Cachet Financial Services recently made the announcement that they had moved to launch their ESOP this past June. Stats from The ESOP Association and the National Center for Employee Ownership (NCEO) led their 85 employee base to consider the economic power that 100% employee-owned companies can generate.
In a nutshell, ESOPs are good business for organizations that participate in them. Productivity tends to improve and community company wealth becomes equitable across all levels – rare into today’s post great recession environment. “We have added to our employees’ retirement benefits with the ESOP in addition to a 401(k) program”, Utria offers. “We will all benefit from this effort”, she continued.
We hope this piques your interest or confirms your choice to work with Cachet. If you have any additional questions about Cachet Financial Services and the new release of I ♥ ACH, please contact Brandi Utria (626) 578-9400.