Salem Fabrication Technologies Group

8 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 5 There are many advantages to the ESOP model, Willard says, but one is the ability for employees to build personal wealth that will support their retirement years. As mentioned above, the company also pays regular bonuses based on overall financial performance. These payouts do require Salem to maximize revenue while minimizing unnecessary expenses. Financials are regularly analyzed to ensure budgets and targets remain on track, Willard says. “As an ESOP, we ask employees for their sweat equity,” Willard says. “That includes giving 110 percent every day. The reward is that (the company) contributes money to their own account without asking for them to contribute any money on their own. It’s a nice nest egg for our employees when they retire.” In addition to the ESOP ownership funds, Salem employees are eligible for a 401K plan with company matches and still can draw on their Social Security at retirement. Willard says that many retired employees have shared stories with their former co-workers about how they have been able to afford long-term, dream vacations based on their time working at an