100% Employee-owned company now boasts 25 millionaires – including 10 technicians – in ESOP program: 76 employees with more than $500K in plan
Alliance Material Handling, a Jessup, Md.-based industrial equipment company, today announced their latest Employee Stock Ownership Plan (ESOP) statistics, highlighted by a record number of 25 employees with at least $1 million in stock ownership. The company currently has 286 full-time employees working in locations throughout the mid-Atlantic region. Today’s announcement follows the company’s annual review of their ESOP program.
“We are thrilled to announce that Alliance Material Handling now has 25 employees who are millionaires through our ESOP program,” said Alliance Material Handling CEO Tom Albero. “Perhaps even more exciting for us: 76 employees are well on their way to this remarkable milestone, as they boast more than $500,000 in stock ownership. We are proud to be an employee-driven and employee-owned company.”
Alliance Material Handling, a full-service forklift and warehouse racking dealership, has seen remarkable success since implementing the ESOP program for their employees in 2004. Over the past 20 years, the company has paid out over $10 million in employee distributions. In addition, and in large part due to the popular program, the employee turnover rate has decreased from 58% in 2016 to 6%, currently. Alliance has paid out more than $2.5 million this year alone to employees.
The ESOP program makes every Alliance employee a partial owner of the company. Benefits of being a member of Alliance’s ESOP include:
- Increased earnings: In addition to a regular salary, every full-time employee receives an ESOP account that grows in value.
- Diversification in employee retirement accounts: Alliance owners have the opportunity to diversify their investments with an ESOP in addition to their 401K.
- Increased employee morale: As a partial owner of the company, participants of the ESOP feel a sense of pride and importance in their daily work. As employees grow, so does the company and the value of each ESOP account for every employee.
Alliance is currently hiring new employees, with more than 20 open positions available ranging from technicians to customer care representatives. Current openings at Alliance can be viewed online at www.alliancemat.com/careers .
About Alliance Material Handling:
Alliance Material Handling is a full-service forklift & warehouse racking dealership with four locations throughout the DC, Maryland, Virginia, and Delaware area offering: Parts, Service. Rental, Warehouse, Racking, Sales & Leasing Options and more. To learn more about how Alliance Material Handling can improve efficiency in your warehouse, please visit our website: www.alliancemat.com.
