NewAge(R) Industries Featured in New Report on Innovative Employers that Generate Jobs and Profits; Focuses on Companies that Help Employees Grow
Plastic tubing manufacturer NewAge Industries is highlighted in a new report from The Hitachi Foundation focusing on successful companies. Titled Doing Well and Doing Good, the report features employers that place great emphasis on employee training, advancement, retention and satisfaction. The practices boost morale, productivity and prosperity and give the employers a competitive edge.
- Philadelphia, PA-NJ (1888PressRelease) October 09, 2013 - In the wake of years of under-employment and wage stagnation, a new report from The Hitachi Foundation identifies the policies and practices that empower businesses to boost competitiveness. The report, titled "Doing Well and Doing Good," challenges assumptions that tough times require cutting jobs and wages as a means to stay afloat. Companies profiled in the report improved wages, service, and employee loyalty.
NewAge Industries is highlighted in "Doing Well and Doing Good" where CEO Ken Baker said, "Just because you have a second-generation family business, a family atmosphere does not come easily. You have to work at it."
Baker noted that the company's "deep investment in employee development and our incentive pay structures are key to fostering great team behavior." He believes strongly that this approach is part of the reason for NewAge's wellbeing across employees at all levels. The company's approach to selecting, training, and using pay, incentives and an Employee Stock Ownership Plan (ESOP) has clearly paid off.
Having started six decades ago as a flexible plastic tubing distributor, today NewAge Industries is a manufacturer and provider of products that include innovative patented items sold to a diverse, worldwide customer base. The company has set and regularly broken its annual revenue records over the past eight years, and worker retention far exceeds industry standards.
The manufacturing and healthcare companies profiled in "Doing Well and Doing Good" help workers gain skills, retain jobs, advance and generate greater value. The improvements result in higher company profits, increased productivity, greater opportunities for workers, and, in the case of healthcare firms, better patient outcomes.
Three innovation areas were critical to these improvements: human capital, products or services, and production or service delivery methods. The 14 companies featured in the report, selected from a mix of 90 firms with similar approaches, achieved the largest gains for themselves, workers, and shareholders by excelling in all three categories. Other profiled companies with highly effective doing well, doing good policies include:
- NatureBake of Oregon, where sales increased 1000% over seven years
- GR Spring & Stamping, Michigan, with a sales increase of 300% over the past decade and 29% annual growth since 2009 despite the automotive sector crises; employee turnover is 40% below industry average
- Good Samaritan Hospital, New York, where training programs generated wage gains of 22 100% for new nurses trained from among existing staff; the hospital's nursing vacancies were cut in half, saving $3 million annually
"The future of the American economy will be shaped by business innovations that challenge conventional wisdom," said Barbara Dyer, The Hitachi Foundation's President and CEO. "These industry leaders do just that by investing in their workers."
About NewAge Industries
In business since 1954, NewAge Industries manufactures plastic and rubber tubing in both reinforced and unreinforced styles. The company offers an overall product quality rating of 99.8%, provides custom extrusion and fabrication capabilities, and services customers worldwide. NewAge Industries maintains a large inventory and prides itself on same-day shipment of 99% of orders for its core product lines. In 2006, NewAge initiated an ESOP (Employee Stock Ownership Plan) for the benefit of both its employees and customers.
The AdvantaPure(R) division of NewAge Industries is ISO 9001:2008 certified and specializes in high purity tubing, hose, single use batch filling and sampling tubing, manifold assemblies, and other molded components for the pharmaceutical, biomedical, food, beverage, and chemical industries. All products are manufactured, stored, and shipped using the cleanest methods possible to ensure unsurpassed product purity. Automated product identification systems, including gamma-stable RFID tags and labels, are offered by NewAge's Verigenics(R) division.
About The Hitachi Foundation
The Hitachi Foundation is an independent, philanthropic organization that seeks to discover and expand business practices that create tangible, enduring economic benefits and enhance long-term business value.
NewAge(R), NewAge Industries AdvantaPure(R) and Verigenics(R) are registered trademarks of NewAge(R) Industries, Inc.
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