Blue Ridge ESOP Associates Industry News

Conquer the Turbulent Waters of ESOP Ownership

Posted by Blue Ridge ESOP Associates

Oct 22, 2015 10:01:00 AM

TurbuletNavigating the challenges of your business doesn’t leave a lot of time to plan for 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 successful communication that involves employees.
 
Jumping into the turbulent water to build an ownership culture raises plenty of important questions like:
  •         What do we expect of employees who are also owners of our company?
  •       How can we best handle required ESOP communications?
  •       Can we build enthusiasm without raising unrealistic expectations?
  •       How do we successfully engage employees in ownership?
  •       Do we really have to do “rah-rah” cheerleading?
  •       What’s the role of our ESOP Committee?
  •       How do we communicate about ownership and performance?
A successful ownership culture grows out of your company’s environment. In fact, the approach that works for one company often is not appropriate for another because of each firm’s unique culture. Best practice is developing a plan that focuses on clear goals and maps out your company’s journey. An experienced guide will make that happen; enabling you to garner employee ownership’s proven performance benefits.
 
Because employee ownership is a key to your firm’s success, Blue Ridge ESOP Associates has developed a practical short-cut to launching a successful ESOP communication effort. Our Ownership Communications Plan accelerates the development of an effective ownership culture. The process builds a roadmap to develop knowledge and enthusiasm about your ESOP. Your customized plan integrates IRS and DOL required communications, your current communication approaches and new ideas, drawn from our twenty-five years working with ESOPs, into your employee-engagement effort.
 
All too often, the responsibility for building your ownership culture is stuck in a 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, you can delegate tasks, reduce misunderstandings, improve employee retention, and create more enthusiasm for ESOP ownership.
 
Contact a member of our Business Development Team at Blue Ridge ESOP Associates to discuss how we can help your company avoid the dangers of unmet expectations, maneuver around the rocks of failure, and ride the waves that are inevitably part of the journey to a successful ownership culture.

Topics: ESOP & 401(k) Plans