Empowering Employee Ownership
In addition to the retirement plan aspect of an ESOP, the company established a committee of Loureiro employees to encourage and foster an ownership culture amongst employees by providing education and communication between employee owners (past and present) and trustees. The committee strives to promote an inclusive workplace that mutually benefits each individual and the company as a whole. Any employee can volunteer to serve on the ESOP committee. On average we have 9 employees with representatives from all Loureiro offices greater than 12 employees. Each member serves a minimum of 2 years along with two co-chairpersons who serve for 5 years. The purpose of the committee is as follows.
- To serve as ESOP advocates, communicating the ESOP and keeping employee ownership visible to the workforce;
- To make recommendations to senior leadership about various ESOP related issues;
- To provide two-way communications between employee owners and senior leadership; and
- To contribute to improving business performance and achieving the company’s strategic goals.
Loureiro is committed to their employees and their long-term success with both the ESOP and a 401K program. This allows employees to be involved in their short term and long-term success.