It’s no secret that it’s been a rough couple of years for all businesses. From the very start of the COVID-19 pandemic, business owners in the food industry were forced to rethink their business models. Shipping became more difficult for suppliers, grocery stores dealt with panic buying, and restaurants, being deemed nonessential businesses, were forced to close.
While these hardships were felt across the industry, some businesses actually had an advantage: employee ownership.
According to new research by the National Center for Employee Ownership (NCEO), ESOP food companies laid off fewer workers than comparable non-ESOP companies in 2020. They were also more likely to see an increase in revenue and their employees had higher savings and better benefits.