Take a minute to relax, close your eyes, and imagine working for a company that treats you like family instead of a number or drone in a sea of employees. Where the company’s success is your success. A workplace with a collaborative, transparent, and friendly culture that you’re excited to drive to every morning. Is this your current reality? If not, open your eyes to the possibilities of working for a 100% employee-owned company like Malco.
Beginning in 1999, Gerry Keymer, son of founder Mark Keymer, began the process of transferring ownership of Malco to an Employee Stock Ownership Plan (ESOP). By 2015, the Malco ESOP purchased majority ownership with siblings Paul and David Keymer selling their shares. Today, our American tool manufacturing company is wholly owned by employees. Keep reading to learn more about the top three benefits of an employee-owned company that our team has experienced since we made the switch.
A Culture of Ownership: The Benefits of an Employee-Owned Company
1. Greater Transparency
Transparency is key. Malco operates with open-book financials so that everyone knows where the company stands, where the company wants to be, and what everyone needs to do to meet their goals. Not only is there greater transparency, but there is more ownership since everyone has a stake in the success of the company.
2. Elevated Employee Engagement
Our team is even more invested in the company, which has resulted in higher productivity and overall success. Participating in the ESOP is complemented by other great benefits such as a profit-sharing 401k account, comprehensive insurance coverage, quarterly bonuses, tuition reimbursement, paid vacation/sick days, serving the community, and more, which positively contribute to employee engagement. Our successes continue as our employees are motivated and committed to the health of the company.
3. Less Turnover, More Job Satisfaction
Our talented employees act as the heartbeat of our organization, and we couldn’t be more thankful for their steadfast support and contributions. We’re proud to say that over 50% of Malco associates have been with the company for 15+ years, and 70% are already fully vested in the ESOP. In 2019, we had two long-time employees, Tom Sommers and Joan Peatrowsky, celebrate 45 years of employment with Malco. On top of that, we were named a Top Workplace by the Star Tribune in 2018 and 2019, which is an award that’s based on the results of positive survey responses from current employees.
Now that you’ve heard about some of the benefits of an employee-owned company, it’s time to reevaluate what matters the most to you when it comes to work. As a Specific Benefit Corporation (SBC), the primary driver of Malco’s business decisions is employee ownership, keeping jobs local, and strengthening communities. When you work for Malco, you’re working for an organization that cares. We wouldn’t have it any other way.
Interested in working with us? Explore Malco employment opportunities on our careers page.