by Brandon Arcari Vermont is home to unique businesses, ones that are as good to their employees and their customers, the environment and the world. Every year, Vermont Business Magazine and the Vermont Chamber honor a Vermont business that demonstrates an outstanding history of sustained growth while displaying an acute awareness of what makes Vermont unique.
The Deane C Davis Outstanding Vermont Business of the Year Award, named for the former Vermont governor and established in 1990, boasts three finalists again this year.
They are: Chroma Technology Corp of Bellows Falls, Green Mountain Power of Colchester and ReArch of South Burlington.
The winner of the DCD Award will be announced on May 22nd at the DCD Hall of Fame located at the UVM School of Business in Kalkin Hall. Until that time, one of the most important traditions of the award will remain intact; the winner’s identity is kept secret, even from the finalists, until the moment the award is presented.
Out of a list of 18 nominations, a panel of distinguished judges had the difficult task of determining the finalists and the ultimate winner.
This year’s finalists all demonstrate some of the best attributes that a business in Vermont can achieve.
Chroma Technology
A 100 percent employee owned company, Chroma Technology produces optical filters for the scientific, biomedical, photonics and imaging and detection industries. The filters and mirrors that Chroma manufactures are used in microscopes, DNA sequencers and clinical diagnostic devices, among other applications.
The employee-owned structure of the company means each employee holds a share and receives a share of the profits. Chroma says that they value the economic and social needs of the individual as well as the needs of the company as a whole.
This is not the first time that Chroma has been named a finalist, having earned the distinction of being a finalist in 2008 and again in 2012. Chroma was also named as one of the 2018 Vermont Business Magazine Best Places to Work.
“We’re very pleased to be a finalist again,” Chroma Technology President Paul Millman said. Millman is also one of the co-founders of Chroma.
Chroma also focuses on employee benefits and compensation, with a long-standing commitment to a living wage and that every employee should be able to afford purchasing a home.
At Chroma this philosophy means that a large percentage of Chroma’s hourly workforce is compensated at a relatively high rate compared to the marketplace. Employee health benefits are generous, where full-time employees are guaranteed no-deductible health, dental, and vision insurance. Chroma reimburses up to $32 a month in gym fees for wellness, and hosts wellness activities on site for employees as well.
As an employee-owned business, Chroma divides profits through profit sharing that takes the form of employer contributions to 401(k) accounts, cash profit sharing, and stock profit sharing.
Time off for employees consists of 80 hours of vacation time, 80 hours of sick/personal time, and 10 paid holidays in an employee’s first year. Every year after their first, employees are granted 200 shares in company stock, and all pay is based on time with the company, not position. In its first year, Chroma employed 7 and had sales of $300,000, now it employs over a hundred and has sales numbers in the tens of millions.
A subsidiary of Chroma, 89 North, operates in Williston and collaborates with the University of Vermont.
What sets Chroma apart from other companies is their sense of social responsibility. They are committed to taking a proactive role in both social responsibility and environmental sustainability in all facets of business.
Chroma gives back to local communities, with a list of partners on its website detailing how it gives back, to groups as varied as Brattleboro Memorial Hospital and the Windham & Windsor Housing Trust.
In terms of environmental concerns, Chroma is a certified B Corporation, certifying its commitment to social and environmental improvement.
In the past year, Chroma opened a new $22 million expansion in Bellows Falls that promised to add or retain 133 jobs in the town. Founded in Brattleboro in 1991, the company has a worldwide customer base with established offices in Europe and Asia.
Chroma Technology is a finalist not only due to its commitment to its employees and the environment, but because it does that in a way that represents Vermont well.
Green Mountain Power
Also a certified B Corporation, Green Mountain Power is the energy provider to over 75 percent of Vermont. Not only is it the first energy utility to have been designated as a B Corp, GMP takes its commitment to social and environmental performance seriously. Led by CEO Mary Powell, GMP recently committed to fully carbon-free power by 2025 and fully renewable power for by 2030, beating the Vermont state goal by 20 years.
GMP was a finalist for the award in 2011.
In 2016 GMP opened the Energy Innovation Center in Rutland, allowing collaboration between partners to increase energy efficiency and decrease costs. The EIC is open to the public and they welcome visitors, including educational groups. They partnered with SunCommon specifically to build community solar arrays that would bring solar power to low income Vermonters, helping those potentially troubled by the high costs of switching to cleaner power generation to decrease their environmental impact.
GMP is not only committed to the environment, they are also committed to their employees, with a detailed Code of Ethics and commitment to employees by redefining success in business. The office layout also contributes to this commitment, encouraging full transparency by having no private offices. Employees are encouraged to have healthy minds, bodies and families.
To achieve that, GMP offers lunch & learn socials with stress management, monthly preventive body maintenance and ergonomic assessments and on-site chiropractic care.
“We’re so excited to be a finalist along with such great Vermont companies,” Powell said. “To be in the running for the Deane C. Davis award, with its focus on the environment, is an honor.”
To further engage with its community, GMP offers each employee four hours of paid time for community or volunteer work. At least once per year the company coordinates events for employees to use those four hours. Customers are invited to give back as well, and are able to give excess net metering credits to local non-profits that would decrease their electric bill.
GMP operates a variety of community outreach programs, including osprey restoration, which aided in the removal of the osprey from the endangered species list in 2005.
They also host the Gift of Life Marathon, a project that evolved out of employee blood drives. While it started out small, the event quickly broke county, state, regional, and New England records, becoming a central focus of the greater Rutland community in recent years. It even prompted a New York filmmaker to cast his lens on Rutland, resulting in the documentary, “The Blood in This Town.” In 2012, the Red Cross collected 1,955 pints at the Gift-of-Life Marathon, just shy of the national record of 1969. On December 17, 2013, Rutland broke the national record for a single-day blood drive.
With a focus on innovation, customer service, commitment to employees, and pride in supporting the community, Green Mountain Power embodies the business excellence representative of the Deane C Davis Award, making them a strong contender in the race for this distinction.
ReArch
Named one of the 2019 Vermont Business Magazine’s Best Places to Work, ReArch is a 15-year-old construction management company based out of South Burlington. ReArch brags that they offer a competitive employment package, which includes paid time off, comprehensive health care coverage, and a 401(k) plan with employer contributions for employees.
ReArch believes their employees are their biggest assets. They pride themselves on attracting and keeping top notch talent by creating a family type atmosphere. They host several events throughout the year including sunset cruises and baseball games in the summer and an office trick or treat in the fall.
They’re also committed to giving back, with that focus built into their mission statement, “ReArch will be a recognized and well respected leader in the project development and construction industry, through supporting our communities by being involved, engaged and philanthropic.”
Major programs they support include the Green Mountain Club, Community Health Centers of Vermont, and the Vermont Foodbank. This year they provided $20,000 for employees to choose where it would be donated, in addition to charitable giving dictated by the company’s owners and those directed by business development.
Last year, ReArch pledged over $200,000 to Champlain College, as part of their goal to donate 10 percent of their annual profits to local charities
“ReArch Company is honored to be considered as a finalist for the prestigious Deane C Davis Award, given the respected business criteria it represents, along with the outstanding Vermont companies that have received this award in the past,” COO Stephen Sevall said. “We attribute this nomination to our dedicated and progressive team of employees that exemplify the values of sustainable growth, dedication to community and environmental stewardship that are so important to our State.”
As a platinum level sponsor of the Vermont Green Building Network, ReArch has a commitment to sustainability that goes beyond corporate culture and internal business practices, putting its commitment to the environment at the forefront of its business.
It was the first construction firm in the region to build a LEED certified single-family home, as well as building its own offices to the LEED Gold standard.
“We will utilize this nomination to assist us in continuing to collaboratively maximize value on construction and development projects for our clients, as we help to build a better Vermont,” Sevall said.
ReArch is now a well-established and quickly growing business, having placed at #18 out of the top 25 fastest growing Vermont businesses in the 2018 Vermont Business Magazine Growth Awards. Their focus on integrity in business culture, ethical environmental practices, and strong Vermont ties make them a strong competitor for the award.
Deane C Davis: The Man Behind the Award
All three businesses have shown great merit as finalists for the Deane C Davis Award. Like Davis himself—former governor, president of National Life of Vermont, and environmentalist—each finalist reflects Vermont’s diverse nature and, at the same time, radiates a savvy business sense.
The criteria for this Award include:
Growth in sales or employment.
Commitment of company resources for participation in community projects.
Encouragement of employees to be involved in community events.
Recognition of the importance of the environment to the state as a natural and economic resource.
Addressing employee concerns/needs to create a positive work environment for all employees.
Nominated businesses must have been based in Vermont for at least 10 years.
The 2019 Deane C Davis Award Selection Committee
The Vermont Chamber and Vermont Business Magazine sincerely thank the members of this year’s Selection Committee. The committee meets behind closed doors to review the award nominations. These dedicated volunteers are held in high regard for their enthusiasm and strong commitment to the spirit of the Deane C Davis Award.
Dan Bridge, President & CEO, Vermont Mutual Insurance Group
Cassie Polhemus, CEO, Vermont Economic Development Authority (VEDA)
Thomas Leavitt, President & CEO, Northfield Savings Bank
Patricia Moulton, President, Vermont Technical College
Betsy Bishop, President, Vermont Chamber
John Boutin, Publisher, Vermont Business Magazine