From the Star Tribune:
B&M die-hards say the secret sauce is 5,300 employee-owners dedicated to its 30-year history as an employee stock ownership plan (ESOP) firm that builds wealth over careers as the company grows more profitable.
“Everyone here is an owner,” Sieve said. “The partners. And the receptionist.”
ESOP evangelists say employee ownership, in addition to fair wages and benefits, is one of the only ways for working folks to build six- and seven-figure wealth over the long-term. Moreover, studies have found that companies that are at least partly owned by employees tend to outperform other companies, share the wealth more proportionately across the workforce and tend to have higher employee retention rates.
B&M was ranked No. 16 last year on Fortune magazine’s list of the 100 top firms for which to work.
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