Navigating the challenges of your business doesn’t leave a lot of time to plan how to engage employees in thinking and acting like owners. But as numerous studies have shown, gaining the performance advantages of shared ownership depends on good communication and engaged employees.
Jumping into the turbulent water to build an ownership culture raises plenty of important questions like:
- How much financial information do we share?
- Do we really have to be “rah-rah” cheerleaders?
- How can we help employees understand how they make a difference?
- What do we expect of employees who are also owners in our company?
- How can we best handle required communication?
- Can we build enthusiasm without unrealistically raising expectations?
An ownership culture grows out of the unique environment of your company. The approach that works for one company often is not appropriate for another. The key to success is developing a plan that focuses on clear goals and maps out your unique journey. An experienced guide will make that happen, enabling you to garner employee ownership’s company performance benefits.
“When all the oars are pulling in the same direction, you can have a lot more impact! Workplace Development helped us get started with planning our ESOP communication around specific goals. This gave us direction for how to make even more out of our ESOP,” notes Kathy Kalal of the Albums Inc. ESOP Committee.
Workplace Development Inc. has developed a practical short-cut to launching a successful ESOP communication effort. Our 18-Month Communication Plan accelerates the development of an effective ownership culture. The process builds a month-by-month roadmap for developing knowledge and enthusiasm about your ESOP. Your customized plan integrates IRS and DOL required communications, your current communication approaches and new ideas for making ownership real into your successful effort.
All too often, the responsibility for building a shared culture of ownership is stuck twisting in a “no action” whirlpool between human resources, corporate finance, a committee, and executive leaders. A clear plan spurs people into action making each function more effective. With a concrete plan in place, it is possible to delegate tasks, reduce employee misunderstandings and create more enthusiasm for ESOP ownership.
For the same investment as sending two or three people to a national ESOP conference, you will get a professional plan focused on the unique needs of your company.
Workplace Development associates Cathy Ivancic and Jim Bado have worked with hundreds of ESOP companies to strengthen the impact of their ESOP through communication, education, and organizational development services. They serve as experienced guides – helping your company avoid the dangerous rapids of unmet exceptations, maneuver around the rocks of failure and ride the waves that are inevitably part of the journey. Contact us at firstname.lastname@example.org to build your ESOP Communication Plan.