WithersRavenel receives ESOP Company of the Year Award from Carolinas Chapter of The ESOP Association

WithersRavenel receives ESOP Company of the Year Award from Carolinas Chapter of The ESOP Association

WithersRavenel is the proud recipient of the ESOP Company of the Year award from the Carolinas Chapter of The ESOP Association. The award honors a company that actively participates in the employee ownership community and that demonstrates a dedication to The ESOP Association’s vision of employee participation, wealth creation, and individual dignity and worth.

“We were so honored to be selected for this award and pleased to see our employees receive recognition for the great ESOP culture we have worked hard to develop at WithersRavenel,” said Jess Vollmer, Chief People Officer at WithersRavenel.

Russell Carter, an Executive Committee member of the Carolinas Chapter and a Benefits Consultant at the ESOP firm Scott Insurance, presented the award. In his presentation, he highlighted several areas the award selection committee believed made WithersRavenel stand out from its ESOP peers.

The first area is WithersRavenel’s focus on ownership education. Last year the firm provided financial intelligence training to all employees. This training provided key information about how the company functions financially and how to make smart operational decisions to improve the company’s success and sustainability.

The second area is participating in ESOP initiatives. During October, WithersRavenel teamed up with two other ESOPs, Hallum-ICS Engineering and Loureiro Engineering, in a Virtual Food Drive Challenge. Each company encouraged their employees to donate, resulting in more than $12,000 in proceeds benefiting the Food Bank of Central & Eastern North Carolina.

The third area is encouraging employees to participate in many community events such as Kay Yow Walk for the Cure, Inter-Faith Food Shuttle farm workday, Hurricane Recovery Project, Toys for Tots, the Miracle League, and Wine to Water.

Carter also commended WithersRavenel for its efforts to promote team-building internally, its vested interest in the well-being of its employee-owners, and the creation of its ESOP.

As a chapter-level winner, WithersRavenel will be automatically entered for the The ESOP Association’s ESOP Company of the Year national award, which will be announced in Washington, DC, in May.

About the Award

The ESOP Company of the Year Award recognizes a corporate member of The ESOP Association that demonstrates a steadfast commitment to employee ownership through its participation in Association programs, its efforts to communicate with employees, and its dedication to realizing The Association’s vision of employee participation, wealth creation, and individual dignity and worth.

About The ESOP Association

Formed in 1979, The ESOP Association is the leading national trade association representing companies with Employee Stock Ownership Plans (ESOPs) and the professionals who provide services to them, such as attorneys, accountants, financial advisors, and professional fiduciaries/trustees.

About ESOPs

ESOPs are a retirement plan that provides employees with a chance to share in the profits they help create. Unlike 401(k)s, ESOPs typically have no out-of-pocket expense for employees. ESOP companies often excel at creating engaging workplace cultures, and are far less likely to lay off their employees, according to national research. These plans can provide tax benefits for the business and the owners who sell their shares to an ESOP.