In 2015, Swissturn USA, inc. began the process of becoming an employee-owned company through an ESOP (Employee Stock Ownership Plan). The transition took place in three stages over five years and in 2021, Swissturn became a 100% employee-owned company. Becoming an ESOP company ensures stability for our customers, employees, vendors, and our local community. The ESOP is part of a long-term business succession planning strategy.
Employee ownership complements our core values. One of these values is that “we are responsible for the betterment and continued sustainability of the communities in which we live, work, and play.” Over the past few years, we have built a company culture that gives our employees significant autonomy by establishing self-directed work teams.
Now that they are owners, Swissturn employees are much more than figurative partners. They share in the financial and operational success of Swissturn in ways that few employees do. The wealth created through the success of Swissturn is shared among all of our employee-owners.
As an ESOP, we recognize the importance of fostering an ownership culture at Swissturn. This ownership culture changes the way employees relate to their jobs, to their co-workers, and to our customers and vendors. We share financial and other performance metrics with employee-owners on a regular basis so that they know where we stand and where we are going. Employees receive financial literacy training and participate in an incentive bonus program based upon meeting specific and achievable targets, with the most critical being customer satisfaction.
We are proud to be one fewer than 6,000 privately held employee-owned companies in the United States. In 2020, almost $9 billion was distributed to employee-owners of privately held ESOP companies, a benefit not available to closely held companies. ESOP companies have higher growth rates and better employee retention than other forms of ownership. Becoming an employee-owned company ensures that Swissturn remains independent and locally operated.