Business View Magazine - January 2024

LONG-STANDING PARTNERSHIPS AND COLLABORATIONS Of course, continuous growth requires support, and like many other companies, 501(c) Services collaborates with key partners who help them efficiently execute their operations. While the company handles mostly unemployment services, it also supports about 200 nonprofit organizations in the State of Washington that self- insure their worker’s compensation. To accomplish this, 501(c) Services partners with a firm called Integrated Claims Management that works directly with these companies on things like safety training and injury mitigation. However, to handle the bulk of its work, the company has established a firm partnership with a firm in Nashville called Thomas & Company, which, and this makes our retention really above average,” Stemm says. Retention rates soar as the ESOP, coupled with nurturing company culture, creates a workplace where employees feel respected. This familial atmosphere has produced an overwhelmingly clear reflection of how employees feel about the company, with a turnover rate consistently below 5%. According to Stemm, financially, the ESOP structure has also been a game-changer.“The financial benefits of being a 100% owned S-Corp ESOP have been really significant…we’re certainly stronger and more financially successful as an ESOP than we would have been without one,” Stemm says, pointing out that S-Corp status has been immensely helpful in allowing the company to reinvest in its business, ensuring continuous growth. 130 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 01 501 (c) SERVICES