Eastridge Workforce Solutions, a global leader in the workforce solutions industry, announced that it sold a significant block of shares to an Employee Stock Ownership Trust in order to extend to its employees stock ownership in the company. With this forward-thinking announcement, Eastridge Workforce Solutions joins a growing list of companies that offer employees shares of the organization through its competitive ESOP plan.
The announcement stems from an idea created by brothers, business partners, and leaders of Eastridge Workforce Solutions, Adam and Jason Svet. After more than 10 years with the company, Adam took over as chief executive officer in 2017, after the passing of their father and Eastridge founder, Robert Svet. The Svet brothers want to ensure their father’s vision for the company and its culture are honored, all while continuing to innovate and expand Eastridge Workforce Solutions. By sharing ownership of Eastridge with its employees, Adam and Jason are empowering the company to focus on extensive growth and development while continuing to invest in its culture and employees.
“When we met as a family to discuss the path forward, we had one important question in mind: What would Dad have wanted? We knew the ESOP would be a fundamental way to preserve the culture we have all worked to create at Eastridge Workforce Solutions. This is something he would have been proud of,” said Adam Svet, Chief Executive Officer of Eastridge Workforce Solutions. “We are incredibly proud of the sense of community we have built, and the announcement of the ESOP is our way of thanking our team for their hard work and dedication. My brother and I believe that offering ownership opportunities to the team shows how much we believe in them, in Eastridge Workforce Solutions, and in the bright future that’s ahead.”
Employee ownership promotes collaboration and leadership in every aspect of the business. Eastridge Workforce Solutions joins the 6,600 companies in the United States that are employee-owned. According to the National Center For Employee Ownership (NCEO), ESOP companies overwhelmingly receive increased employee engagement. On average, ESOP companies produce three times the retirement assets compared to employees in similar non-ESOP companies and yield a 25 percent higher job growth rate.
Eastridge Workforce Solutions is headquartered in San Diego’s Mission Valley with more than 300 internal employees across the globe. Founded in 1972, the almost 50-year-old company offers full-service recruitment and workforce management solutions to a variety of industries including MedTech, manufacturing, emerging technology, healthcare, scientific, and more. Since its founding, Eastridge Workforce Solutions has expanded to over 18 offices in five countries, including the United Kingdom, Germany, and Mexico.