TiER1 Performance Solutions, a leading provider of human performance consulting solutions, announced that it has completed a transaction that will transition the company to a 100% employee owned organization. With the implementation of an Employee Stock Ownership Plan (ESOP), TiER1 founders will sell and transfer stock to a qualified retirement trust that will annually distribute the stock to each eligible employee.
As shareholders in the company, TiER1 employees will now directly benefit from future financial growth. TiER1’s current management and operating structure will remain intact. Greg Harmeyer, co-founder and CEO shares, “We have always been a people-centric company focused on long-term success. This transition allows everyone across TiER1 to participate in the benefits of ownership in a way that aligns with the culture we have created since the beginning. What’s more, it creates long-term stability and a foundation that will continue to attract and retain the high-performing, collaborative, committed individuals who make TiER1 great.”
Celebrating 14 years this month, TiER1 continues to grow in new markets including Atlanta, GA, which was launched earlier this year, and Washington D.C., which is scheduled to launch at the end of 2016.o This growth is a result of deep client relationships coupled with TiER1’s broad capabilities for solving client challenges. The ESOP will further cultivate long-term growth and commitment from TiER1’s team of technology, design, learning and communication experts.
“The purpose of TiER1 is to help people do their best work,” says Harmeyer. “We believe the ESOP is one strategy that helps our consultants realize their potential while also providing them with a long-term reward for helping our clients and communities perform at their best.”
TiER1’s original founders – Harmeyer, Kevin Moore, and Norm Desmarais – will continue to have a long-term vested interest in the company and will remain on the Board of Directors.