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Employee ownership structure
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| Employee ownership structure The goal of Gore’s highly flexible and competitive programme is to maximise freedom and fairness for each associate. The benefit plans consist of core benefits and flexible benefits. Core benefits are basic plans and services provided by Gore to all eligible associates. They include an Associate Stock Ownership Plan, holidays, profit sharing, sick pay, basic life insurance, travel accident insurance and adoption aid. The Associate Stock Ownership Plan (ASOP) is the most valuable financial benefit. Its purpose is to provide equity ownership and, through this ownership, to provide financial security for retirement. All associates have an opportunity to participate in the growth of the company by acquiring ownership in it. Every year, W.L. Gore contributes up to 15 percent of pay to an account that purchases W.L. Gore stock for each participating associate. W.L. Gore contributes the same percentage of pay for each associate active in the plan. An associate is eligible for this benefit after one full year of employment and qualifies for full ownership of their accounts after five years of service, when they are fully vested. Valued quarterly, W.L. Gore stock is privately held and is not traded on public markets. The ASOP, although it does not own all of the W.L. Gore shares, does own a majority of them, with the remainder owned by the Gore family. Associates also qualify for cash profit-sharing distributions when corporate profit goals have been reached. Profit-sharing distributions typically occur an average of twice a year. In addition, each pay period M Innovation Management and New Product Development 51523.indd 136 20/11/2020 20:30 Management tools for innovation 137 ➔ associates are provided with pretax benefits, called flex dollars, to use for the purchase of flexible benefits. These include medical plans, dental plans, long- term disability insurance, personal days, supplemental individual life insurance, family life insurance and healthcare or dependent care spending accounts. Download 0.52 Mb. Share with your friends:
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