Business View Magazine June 2023

90 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 a result, Powermatic works to reward its top- performing employees and individual actions designed to support company success. To ensure that employee-owners understand all the benefits available to them while working as part of an ESOP, Powermatic creates educational updates and provides training designed to help employees get the most value from their ownership. According to Powermatic HR Manager Thadya Zoraster, these efforts can help inform employees of the opportunities and rights they have. A more informed employee- owner is often a more efficient one as well. Furthermore, the ESOP model places added emphasis on ensuring new hires are likely to fit the role and model of a Powermatic employee-owner, Zoraster says. As a result, the Human Resources team will use a range of tools and tests designed to match preferred skill sets to candidates. Obvious financial benefits for employees Employee owners are well positioned to have a comfortable retirement after working for Powermatic because of the ESOP model, says Solis Jr. The financial “stake” in the company’s success helps to replace the former pension model which few employers operate today. Additionally, those funds outpace the retirement savings accrued in a 401K account, which Powermatic also offers to its employees. “My own experience proves that the ESOP funds grow much faster,” Solis Jr says. The ESOP model also stresses the importance of transparency, which Solis Jr and his fellow executives believe in. Company performance is regularly shared at employee meetings and there is a true feeling of celebration when Powermatic achieves a profitable year. Solis Jr saw the impact himself when presenting profit-sharing awards to colleagues following the last two highly successful years. “It’s just a wonderful feeling to be a part of an event where you can present (financial) rewards to people you work with every day,”