Fishers-based Verizon retailer launches employee profit sharing program
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Round Room Holdings Inc., a Fishers-based company that operates national Verizon retailers TCC and Wireless Zone, has launched its Employee Profit Sharing Program. Through the program, Round Room employees will receive a percentage of the company’s annual profits based on their length of employment or year-over-year performance. Round Room, which operates more than 1,200 retail stores throughout the country, officially made the announcement during a celebratory event and panel discussion on Thursday.
Round Room CEO Scott Moorehead says the program was implemented to help take care of the people who made the business a success.
“We explored three or four different options, and finally, the accounting firm said you could just come up with your own system and call it a profit sharing,” said Moorehead. “It took me about two hours to put together the system, all the points, and I was like, we’re going to take care of all the people who are crazy loyal.”
Round Room CEO Scott Moorehead explained how the decision to implement the program was made.
Moorehead, who has served as Round Room’s CEO since 2008, first devised the program last year. Round Room will pay each of its 2,000 employees at least $2,000 through the program.
“Our goal at Round Room has been to operate our company in a way that inspires people to want to be at work,” said Moorehead. “We have done this in many ways over the years, and our employees have shown an incredible buy-in for our core philosophies and that has equaled tremendous success for the entire company. With the Employee Profit Sharing Program, we believed it was time to share the success of our company with the team that was doing this great work! We have seen the meaningful impact of our overall success because we have happy and engaged teams.”
Round Room says its employees can use the additional payout at their own discretion. Employees plan to use the funds for medical treatments, to purchase a new home, and pay off debt.
Round Room says the additional funds are also helping retain its employees, which is especially important amid the Great Resignation. The company has a 56% employee retention rate, which it says is nearly double the industry average.