Why employee-owned companies are good for women in trucking
Posted: July 23, 2019
Employee-owned companies aren’t necessarily new, but they are fairly rare in the trucking industry. At Big G Express, we’re proud of our status as a 100% employee-owned company. Our inclusive culture allows our employee-owners to benefit from our successes and also empowers them to help shape our company’s future.
Companies like ours that have employee stock ownership plans (ESOPs) tend to thrive in some exceptional ways. A study by the National Center for Employee Ownership found that in ESOPs, employee-owners have a 33% higher median income across all wage levels, their median household net wealth is 92 percent higher than non-employee-owners, they have greater access to workplace benefits, and enjoy more job stability.
Many women opt to work for employee-owner companies because they like the financial transparency. Not only do employee-owners have the ability to get paid more, but there’s also more job security. Research shows that participants in ESOPs are one-third to one-fifth as likely to be laid off because the companies are generally to be more successful overall. Women also particularly like that ESOPs allow for easier retirement planning and offer a less risky option for borrowing money in an emergency.
Research by Fairygodboss, a career community for women, also showed that job satisfaction for women tends to correlate with gender equality experiences at work. If a woman knows her seat at the table is equal to those of her male counterparts, then she is more likely to success at her career and recommend her company to other women. ESOPs do a better job at narrowing the gender and racial wealth gap by equalizing the earning potential and creating an environment where employee ownership can address issues of inequality.
If you’re a woman in trucking, what benefits do you see about working for an employee-owned company?