ESOP is a way to transfer company ownership from one generation to the next—in many cases, this transfer happens when the original owners sell their stake in the company to their own employees. ESOP stands for Employee Stock Ownership Plan, but the acronym hardly conveys the potential of this empowering ownership model. That’s because ESOP is more than just a financial structure—it has the potential to shape company culture, fueling innovation, driving accountability and making an appreciable difference in the quality of customer relationships.
Our slogan at Eagle Precision is “Think Like an Owner,” which is a direct reference to our ESOP structure, and aims to boost awareness among our employees of the benefits we all share. Our employees are our company owners, and adopting that mentality has already led to a slew of innovations and improvements in our daily operations.
Tags: American Manufacturing, Eagle Group Values, Eagle Precision, ESOP, Employees, Human Resources
This blog was updated on July 16, 2024.
You might have heard from politicians, journalists and even investors that American manufacturing is on the decline. There have been claims that globalization has weakened domestic manufacturing (1) and that businesses will continue outsourcing to low-cost countries. Some people even go so far as to say that manufacturing jobs won't be an option within a generation or two. But you know what? They’re wrong.
Those who currently work in the American manufacturing industry understand that this outlook—that manufacturing is on the decline—is far from the truth. In reality, an increasing number of American manufacturers are coming back to the U.S. from lower cost countries. They recognize the cost advantages diminish as other risks associated with low-cost countries increase.
Manufacturing in the U.S. reduces risks significantly and is an attractive option for keeping operations domestic, with numbers to back it. The United States currently has a thriving manufacturing sector, with an annual output of more than $4 trillion (2). Manufacturing in the United States is thriving and will be for a long time to come.
Below are five key reasons why American manufacturing of cast products can’t be replaced.