Staffing firm Mitchell Martin Inc. is set to launch an Employee Stock Ownership Plan, which will allow its employees to receive beneficial ownership over time.
“We believe that every employee should share in our journey,” CEO Gene Holtzman said in a press release.
An ESOP is a qualified retirement plan established as a trust in which current and future employees gradually acquire ownership in the company. It’s an alternative to private equity or strategic buyer relationships and is seen as a way to maintain a company’s independence.
“This ESOP initiative isn’t solely about financial ownership; it’s a commitment to nurturing a culture of shared purpose, collective responsibility and a sense of ownership among our employees,” Joshua Holtzman, the company’s chief strategy officer, said in the release.
Mitchell Martin, a New York-based provider of IT staffing and recruiting services, will celebrate its 40th anniversary in 2024.
Other firms have also recently announced ESOPs, including The Ōnin Group.