New Survey Indicates ESOPs Made a Difference to Workers During the Pandemic
A new study conducted by John Zogby Strategies on behalf of Employee-Owned S Corporations of America (ESCA), Employee Financial Health and Sentiments Amid the Pandemic, summarized in this press release, provides evidence that employees in S corporation ESOPs suffered fewer financial setbacks compared to a sample of employees at companies without ESOPs.
Highlights of the study include:
- Just under a third (32.7%) of non-ESOP employees expressed that the pandemic had a negative impact on household finances/savings compared to 12% of ESOP employee respondents who expressed the same.
- Nearly one in three (30%) non-ESOP employees reported having lost a job or had their job downsized, while 4.5% of ESOP employees reported this.
- Just under two-thirds (65%) of non-ESOP respondents worry about having enough for retirement, compared to 42% of ESOP respondents.
The study reports on data from 600 full-time mid- and lower-level employees at privately held companies, made up of 200 working at ESCA member companies and 400 from non-ESOP companies. The margin of error for the sample of 200 ESCA employees is +/- 6.9 percentage points. The margin of error for the sample of 400 nationwide full-time non-ESOP employed adults is +/- 4.9 percentage points.