(St. Louis, MO) McCarthy Holdings, Inc., parent company to McCarthy Building Companies, Inc. and MC Industrial, Inc., created more than 145 new jobs across the country in 2011, the company announced today. The new hires, which include college-level to executive-level positions, reinforce findings that employee-owned private companies, or “S corporation employee stock ownership plans” (S ESOPs), like McCarthy are resilient, high-performing businesses.
Further growth in 2012 is expected as McCarthy is currently recruiting for more than 60 additional new positions.
“When employees own the company, as we do at McCarthy, they operate with increased motivation, and that in turn enables continued growth and expansion,” commented McCarthy President and Chief Operating Officer Derek Glanvill. “It is thanks to our culture of ownership and the dedication of our employee owners that we have been able to increase our operations this past year.”
According to a report from Georgetown University, S ESOPs like McCarthy have been job creators even in tough economic times. While overall employment in the U.S. fell by nearly three percent in 2008, employment at surveyed private, employee-owned firms rose by nearly two percent.
Further, according to a University of Pennsylvania study, S ESOP companies like McCarthy create not only employee motivation and success, but also $14 billion in new savings for workers each year that they otherwise would not have. This is because profits of the company flow into the ESOP (retirement) accounts of the workers. Moreover, a survey from the National Center for Employee Ownership reported that S ESOP employees can have retirement account balances three to five times higher than the average 401 (k) or other defined contribution plans. This helps to explain why S ESOP company employees can be so successful, as compared with most working Americans who—according to a recent AP poll—think they will lack enough money to live comfortably in retirement.
“Employee-owners work smarter and harder because of their commitment and investment in the business,” said Greg Klein, chairman of the board of directors of the Employee-Owned S Corporations of America. “McCarthy is a prime example of what S corporation ESOP companies can do for workers and for our economy.”
McCarthy (www.mccarthy.com) is one of the nation’s oldest and largest American-owned commercial contractors. Headquartered in St. Louis, the firm has offices in Atlanta, Dallas, Houston, Phoenix, Las Vegas, San Diego, Newport Beach, San Francisco and Sacramento. Repeatedly honored as a Best Place to Work, McCarthy is 100 percent employee owned.
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The Employee-Owned S Corporations of America (“ESCA”) is the Washington, DC voice for employee-owned S corporations. ESCA’s exclusive mission is to preserve and protect S corporation ESOPs and the benefits they provide to the employees who own them. These companies have an important story to tell policymakers about the tremendous success of the S ESOP structure in generating long-term retirement savings for working Americans and their families. ESCA provides the vehicle and the voice for these efforts. ESCA represents employee-owners in every state in the nation.