INDIANAPOLIS, Jan. 3, 2018 /PRNewswire/ -- Performance Validation (PV), a nationwide leader in providing commissioning, qualification, validation, and quality services to the pharmaceutical, biotechnology, and medical device industries, is pleased to announce the company has established an Employee Stock Ownership Plan (ESOP), becoming a 100% employee owned company.
Research has shown that ESOPs, coupled with a strong employee ownership culture (characterized as a strong organizational identity, and involvement oriented management philosophy), outperform comparable companies that are non-employee owned. The President of Performance Validation, and Kelso Fellow from Rutgers University, Richard Van Doel, Ph.D., stated "The ESOP is a great way for all of Performance Validation's employees to share in the wealth that they have helped to create. Our culture is characterized by similar traits of empowerment, team building, and employee involvement. While our culture has facilitated past success, the addition of broad based employee ownership will provide a direct connection between employee actions and company outcomes."
Employee education is a key element to the success of the ESOP, and Performance Validation has been preparing to establish the ESOP for quite some time. These steps have included joining The ESOP Association and the National Center for Employee Ownership, as well as participation at state and national level conferences. Additionally, PV has conducted training on employee ownership with all employees prior to the transition to an employee owned company.
Performance Validation was founded in 1988 by W. Thomas Stevens, a longtime advocate of employee ownership. Our teams have experience providing turnkey solutions to your project needs, or can provide resources to supplement your existing team. We have supported projects ranging from 1-2 week system qualifications to multi-million dollar greenfield manufacturing facilities – and everything in between.