SAN ANTONIO, TX - H-E-B, one of the largest private employers in the state of Texas, has announced that it is introducing a new employee ownership program where 55,000 employees will be eligible to receive a portion of its stock.
The move, the company stated, is in celebration of its 110th aniversary.
"The Partner Stock Plan is a milestone and a recognition of our most important resource – our people," Charles Butt, H‑E‑B Chairman and CEO, said in a press release. "Our Partners are the competitive edge that brings innovation, growth, and success to H‑E‑B. This plan has been my dream for decades. It is a gift that recognizes our Partners' ongoing commitment to H‑E‑B. Our Partners shaped our past, define our present, and will lead us into the future."
Effective this coming January, H-E-B said those employees will receive:
- A grant of stock valued at 3 percent of their salary.
- An additional $100 in stock value for each year of continuous service completed by end of 2015.
- Yearly contributions to the stock plan made based on company performance going forward.
Reuters noted that the state is at a seven year unemployment rate and retailers are competing for workers. Currently, H-E-B pays its employees a minimum of $10.25 an hour, and with this latest move the chain said that employees, or “Partners,” who are at least 21 years old, have completed a minimum of one year’s service, and worked at least 1,000 hours in a calendar year, will be eligible for partial ownership.
"This historic offering reflects our commitment to our Partners and the communities we serve,” Craig Boyan, H‑E‑B President and Chief Operating Officer, stated in the release. “We are anchored in our mission to hire the best people, offer the best service, provide the best products at budget sensitive prices, and operate our business in a way that reflects our deeply ingrained value system."
The release notes that those eligible for the program will automatically be enrolled without having to make a contribution.
H‑E‑B’s brands include H‑E‑B, Central Market, H‑E‑B Plus!, Joe V's Smart Shop, and Mi Tienda, adding up to more than 370 stores in Texas and Mexico.
