Learn more about the Employee Stock Ownership Plan (ESOP), making Renova Energy a stronger, more successful company!
Renova Energy’s Employee Stock Ownership Plan (ESOP)
It’s no secret that making every employee an owner makes the company stronger and more successful. Why? Because an ESOP, or an Employee Stock Ownership Plan, encourages growth, hard work, and resilience through tough economic times. Renova Energy Corporation has experienced this since it established its ESOP in 2016.
What is an ESOP?
At its core, an ESOP is a type of employee benefit plan, where a company establishes a trust fund with the intention to contribute shares of its own stock to its employee-owners, as the ESOP allows for a company to be employee-owned. With ownership comes a sense of personal responsibility, which increases an employee-owner’s interest in the company. ESOPs encourage each employee to act and make decisions every day in the best interest of the company, as an owner. Essentially, an ESOP is a long-term contribution to every employee-owner, and the potential for financial reward increases as the company grows.
Under the terms of the Renova Energy ESOP, each team member over 21 years of age initially earns shares in the company after one full year of employment. Each employee-owner’s shares vest according to the established vesting schedule and this directly affects each employee’s daily activities and future, with, and after, employment with Renova Energy. Overall, an ESOP leads to overall company growth and success, and at the same time encourages longevity and career advancement for each employee-owner. When an employee owns shares in a company, they take particular pride in each day’s work.
Recently, Solar Power World released its 2020 Top Solar Contractors list. Renova Energy Corporation is an industry leader in several categories, and Solar Power World has recognized Renova Energy’s successful employee-ownership program as part of that leadership in the renewable energy industry.
Click here to read more about Renova Energy’s Employee Stock Ownership Plan!