In January of 2016, Swissturn became employee owned through an ESOP (Employee Stock Ownership Plan). 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 partners in everything we do.” Over the past few years we have built a company culture that gives our employees significant autonomy through the establishment of self-directed work teams. Now that they are owners, Swissturn employees are much more than figurative partners. They will now share in the financial and operational success of Swissturn in ways that few employees do.
With the implementation of the ESOP, we will foster an ownership culture at Swissturn. We are implementing an open-book management system. This means that the employee-owners will have the financial data about their company that will help them know where we stand and where we are going. Employees will receive financial literacy training and will participate in an incentive bonus program based upon meeting specific and achievable targets.
We are excited about this important development in our business. ESOP companies have higher growth rates and better employee retention than other forms of ownership. Becoming an employee-owned company ensures that Swissturn will remain an independent, locally operated company. The values that have allowed us to prosper for almost 30 years will continue unchanged.