Long Haul Trucking retirement plan gives employees ownership
Summary
If you know a carrier that has displayed innovation, contact CCJ Chief Editor Jason Cannon at jasoncannon@randallreilly.com or 800-633-5953. "We still have some employees that have been here for well over 30 years and he wanted to make sure that their jobs were secure and that the Long Haul lifestyle, the brand, the image, the reputation ... that it all stayed intact." Michels said being a wholly employee-owned company has helped drive a low turnover rate (less than 25%) and the employees who have stuck it out year-after-year have been handsomely rewarded. Since the overall financial health of the business determines the companys stock value and the value of employees ESOP account, Michels said the all-in or all-out nature of the ESOP incentivizes employees to help ensure all departments are running at an optimized level and fosters a high level of teamwork. That the ESOP has been a tool in keeping turnover low, its enabled Long Haul Trucking to be picky in selecting applicants.
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