“We created the ESOP to attract and, more importantly, retain talent so that we can meet the ongoing needs of our clients. By running part of our annual communication by webinar, we were able to connect with our professionals who work at client sites in 18 different states and 11 countries,” explains Dolores Connolly, CEO of Sterling Engineering. Click here to read the full text of the article.
A collective gasp filled the room when employees heard Bernie and Pam Veldman announce last January that — after careful consideration — Dienen Inc. was being sold to new owners. The room was bursting with mixed emotions: fear of the future, sadness, confusion, and shock. Employees of this South Bend, Indiana, company fell silent for a few moments, then mustered a smattering of uncomfortable applause. Click here to read the full article
Employees see things differently when they understand the line of sight between job level actions and company results. Actions at a job level that save a few dollars, improve efficiency, collect invoices a bit faster, or attract future customers are powerful building blocks in growing ESOP rewards. Shared ownership through an ESOP can only be engaging if employees can see and understand their own connection. This article outlines steps ESOP-owned companies can take to make those connections. Click here to read the full article.
This month the creators of the Pokémon Go smartphone game inspired millions of people all over the world to hunt for imaginary creatures and treasure. Given their success, Employee Stock Ownership Plan (ESOP) leaders and communication committees with multiple locations may want to consider how the game creators were able to generate engagement and excitement even though none of the users share a geographic location. Click here to read the full article.
NFL Hall of Fame football coach Vince Lombardi, countless parents and untold rubber-chicken-circuit motivational speakers have lectured us that “quitters never win and winners never quit.” Quite the contrary. As Dave Fitz-Gerald, Janet Edmunson and I shared during the “Putting Yourself Out There” panel at the ESOP Association’s 39th Annual Washington, DC, conference: Winners quit all the time. Click here to read the full article.
The ESOP Communication Committee at Robin Industries started their first year with a bang! Sometimes ESOP committees struggle for years to get activities going. What’s the secret to getting a committee launched with energy and purpose? It is not one secret but instead a combination of factors. Click here to read the full article.
Some people believe in making projections about future ESOP account balances. Others see them as the proverbial “subway third rail” of ESOP communications; something to never be touched (i.e., stay away unless you want the equivalent of fiduciary electrocution). A recent encounter with a successful ESOP company illustrated a dilemma of sharing ESOP account projections. Click here to read the full article.
“Eat your vegetables and you can have dessert.” The purpose of this well-known incentive is pretty clear. The incentive, or bribe, inspires short-term compliance but it does not engender any internal motivation or understanding about the big picture. Is this how short-term financial incentives, bonus programs, and recognition are supposed to work in an ESOP-owned company? Is it about compliance or should it be something different? Click Here to read the entire article.
"The reactions we were seeing made no sense at all,” declared the V.P of Operations at an ESOP-owned service firm. “Employees were receiving contributions of more than 30% of their pay, stock value was going up, and yet we heard employees complaining bitterly about ESOP ownership.” [...]
Somewhere deep in the jungle of ESOP knowledge, beyond the lines of IRS code sections and outside the confines of the mysterious “private letter rulings”, lie the secrets of building a successful ESOP Committee. If you have already started an ESOP Committee you can rescue it. If you are thinking about starting one, these points will help you to harness your enthusiasm and plan the committee’s development to avoid the pitfalls that bedevil many ESOP Committees. Click Here to read the entire article.
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