Paragus IT Celebrates Two Years of Employee Ownership
HADLEY — In 2016, Paragus IT CEO Delcie Bean implemented an employee stock ownership plan (ESOP), which distributed ownership of 40% of the company to its (at the time) 40-plus employees. On Friday, Oct. 19 at 2:30 p.m., Paragus and its now-50-plus employees will toast Employee Ownership Month and celebrate self-ownership at the firm’s headquarters, located at 112 Russell St. in Hadley.
The head brewer of Harpoon Brewery (another employee-owned company) will serve one of his favorite concoctions and field questions. Paragus staff will personally prepare and serve favorites from the Paragus cookbook, featuring unique home recipes from the firm’s employee-owners. Attendees will also receive a copy of the cookbook.
An ESOP is an employee-owner program that gives staff an owner interest in the company, making them shareholders in addition to being employees. In addition to Harpoon Brewery, high-profile ESOPs in the U.S. include Publix Markets, Chobani Yogurt, King Arthur Flour, and Lifetouch.
“After two years, it’s clear that the ESOP decision was a smart one,” Bean said. “It has fueled growth and inspired deeper commitment by giving everyone a direct stake and a personal investment in the future of the company. We look forward to having everybody celebrate Employee Ownership Month with us. And I’m curious to taste some of these staff cookbook recipes.”