Durango-based StoneAge Inc. was named one of the best places to work in Outside Magazine last week.
Ranking at No. 37, the waterblasting tool company was credited for its paid volunteer time off, as well as quarterly local charity donations decided on by employees and leadership coaching, just to name a few.
According to the article, the average salary for StoneAge employees is $86,000 and the company allows for 10 to 20 days of paid time off.
“We are honored to be recognized as one of the best places to work in 2023. This achievement is a result of the collective efforts of our talented and dedicated team,” said CEO of StoneAge Tools Chief Executive Officer Kerry Siggins. “At StoneAge, we believe that our people are our greatest asset, and we will continue to invest in initiatives that enhance their professional and personal development.”
StoneAge became fully employee owned through an employee stock ownership plan in February, but it started this method in 2015.
An employee stock ownership plan is an ownership model similar to a 401(K) plan, but instead of investing in the stock market, the ESOP trust buys company stock and holds its assets in a trust fund for employees.
ESOP participants earn shares over time and are paid out by the company repurchasing the shares, typically after leaving the company. The ESOP benefit is maximized the longer an employee stays with the company, and the cash rolls into an IRA until retirement age.
Siggins told The Durango Herald in February that the main purpose of the move was wealth creation for its employees.
The company has 120 Durango employees and 185 total employees worldwide.