ISPC is now a 100% employee-owned company. Since its inception, ISPC has been a privately held S corporation, but under the new structure, now operates under an Employee Stock Ownership Plan (ESOP). The company has always provided a rich retirement plan for its employees and under the new ESOP; employees will be provided shares in the corporation every year.
ESOP’s were developed to encourage capital expansion and economic equality by distributing the benefits of a company’s growth back into its workforce. ESOPs have been credited with providing retirement security, job stability and worker retention due to the cultures they create and productivity gains associated with employee ownership.
Robert W. Schabes, ISPC’s President had this to share: “Completing this change in the company’s structure is a tremendous achievement. ISPC deeply values its talented employees and strives to provide them not only with an excellent culture and place to work, but also rewards them for their contributions and productivity with clear financial benefits. This is a proud and exciting time in the company’s history.”