LGC is thrilled to announce the launch of our Employee Stock Ownership Plan (ESOP) ahead of our 20th anniversary in business this May.
What is an ESOP?
For those unfamiliar, an ESOP is a benefit plan where employees own shares in the company, effectively becoming part owners. This qualified plan creates retirement income for eligible LGC employees, allowing them to better plan for their future.
The Employee Stock Ownership Plan went into effect in 2022, with LGC employees effectively owning 30% of the business. The agreement between owners ensured the business received fair value by an independent appraiser. Employees must meet requirements to be eligible for the ESOP which include one year of tenure and a specific number of hours worked in 2022.
“We continue to hear stories from business owners who are struggling with culture and a desire to empower their employees to feel like owners,” says George Lessmeister, LGC CEO. “As my co-founder Glen and I continued to talk about this challenge, we decided to motivate our employees by giving them a percentage of ownership. It has strengthened the team across the country as we all work toward the same goals to serve the client and create long-term company and personal financial stability.”
ESOP’s come with a variety of benefits. They also serve as a (literal and figurative) reminder that employees’ work directly impacts the growth of LGC’s stock. Employee Stock Ownership Plans can also better motivate and retain employees so they can further their investment.
During the pandemic, we were fortunate to expand into business verticals including retail, warehousing and healthcare. LGC has nearly 200 employees in over 40 cities. In May 2023, LGC celebrates our 20th anniversary. What better way to honor our team and two decades in the staffing industry than making them employee owners.
Since 2003 LGC has been building connections between businesses with staffing needs and job seekers looking for new opportunities. Our range of solutions include temporary and permanent placements (and everything in between) in a variety of industries. With offices located nationwide, we can tap into a dynamic pool of talented professionals. We have a passion for creating partnerships that last and work hard every day to ensure both clients and candidates reach their employment goals.