Many business owners offer ESOP for their employees to take part in. This is short for Employee Stock Ownership Plan. This is a great way to get employees to take more pride in their work. They will view it as more than just a job as they now know that if the company makes money they will too.
There may be a time frame that the person has to work for the company before they can take part in the ESOP. Generally it is one year after the date of hire. The specifics for the company will be explained to you upon your acceptance of employment. ESOPâ€™s are a great way to make your money grow so consider investing in them if you have the opportunity to do so.
There may be a cap as to how much stock an employee can buy with an ESOP plan. It is also common for there to be a specific period of time in which the employee canâ€™t sell the stock after buying them. Some employers allow their employees to borrow money against the stock they have in their ESOP plan as well. This can be a great way to get access to money you need at a certain point in time.