TMC Is Proud to Celebrate National Employee Ownership Month

by TMC Corporate Communications on Friday, October 6, 2023 in ESOP

October is Employee Ownership Month, a celebration of employee-owned companies across the US. TMC is proud to be employee-owned through our employee stock ownership plan (ESOP). Our ESOP demonstrates our commitment to excellence and profitability, and it lets all employee-owners share in the company’s growth.

TMC’s ESOP began in 2013, thanks to founder and CEO Harrold Annett, who wanted to maintain TMC’s unique culture of excellence and allow TMC employees to benefit from the hard work they put into the company. We’re proud to carry on Harrold’s legacy through TMC’s employee ownership.

The Value of Employee Ownership

What makes employee-owned companies so remarkable? Studies have shown that employee ownership benefits not only the company as a whole but also employees individually.

Employee-owned companies…

• Grow at a faster rate once they become employee-owned, with 2.4 percent higher sales growth, on average, in the post-ESOP period.
• Were three to four times more likely to retain staff during the economic downturn of the pandemic; even in less uncertain times, ESOP companies are substantially less likely to lay off employees than other companies.
• Tend to have a higher valuation than companies that are not employee-owned.

Studies say that employees at employee-owned companies…

• Have twice as much in their retirement accounts as their counterparts who work at companies that are not employee-owned.
• Have longer job tenure (meaning that they stay with the company for a longer period).
• Have a higher net worth than employees at non-ESOP companies.

We see many of these trends at TMC. Our company has seen tremendous growth over the last ten years, and we believe it is partly due to the employee-owner mindset that grew out of the ESOP. As data business analyst Julio Avila says, “Working for a paycheck is one thing; working with a vested interest in the company’s growth and success is another. This level of commitment stems from humble leadership and leading by example, qualities embodied by Harrold Annett.”  

And while the amount that any individual benefits from the ESOP depends on a number of factors, including how long they work for TMC, many of our fully vested employee-owners say that the ESOP changed what they thought their retirement would look like. Julio agrees, saying, “For me, ESOP is more than just a benefit; it’s a blessing that impacts my life and my children’s future. It allows me to give more, save more, and help more people—much like Mr. Annett did.”

Harrold Annett’s decision to make TMC employee-owned may seem like a huge shift in how TMC runs, but really it solidified TMC’s culture of accountability, excellence, and going the extra mile. Happy Employee Ownership Month to all the employee-owners of TMC!