While most employers have been experiencing an increase in health care benefit costs over the years, Berkeley, Ill.-based KI Industries Inc. will see another decrease in costs for 2020 — in some cases up to 20 percent. The supplier of decorative plastic and die-cast components is also introducing several additional benefit plans such as pet insurance and prepaid legal coverage.
KI Industries works as an employee stock ownership plan, or ESOP. Since its initiation in 2012, the company has grown more than 500 percent, which "has translated directly to our employees' individual account values," the company said in its Plastics News Best Places to Work questionnaire.
"We focus heavily on the ownership aspect to all our U.S.-based employees, and it has made a significant difference in the value of the organization," the survey continued.
For ESOP Month, celebrated in October, events are planned for employees to get to know one another, including a potluck, beer man, paper airplane contest, and Halloween decorating and costume contest. Chair massages are brought in twice per year.
KI highlights a different worker each month with a spotlight interview — another chance for employees to get to know one another.
The year winds down with a semiformal holiday party, and each employee leaves with a gift and the chance to win a television and sound system from the trivia contest.
There are 60 employees in Berkeley, Ill., and 656 worldwide.
KI made the Best Places to Work lists in 2019 and 2018.
"KI Industries is an organization focused on true employee engagement," the company said. "As an employee-owned company … the culture is one of collaboration and having a growth mindset with a focus on our customers."