This October, Wiley|Wilson and other employee-owned companies across the country will celebrate Employee Ownership Month, which is a month-long tribute to the incredible spirit of employee-ownership and an opportunity for all Employee Stock Ownership Plan (ESOP) companies to raise awareness about the proven benefits of employee-ownership.
“Our company became employee-owned in 2000 and since then, we have worked very hard to cultivate and embrace an ‘ownership’ culture, wherein everyone is encouraged to think and act like owners,” said Tim Groover, President and COO. “So instead of focusing solely on personal gain, employee-owners understand that when the company excels, everyone benefits. This leads to an atmosphere of mutual respect because everyone has a literal vested interest in the firm’s success.”
To celebrate employee-ownership, members of the company’s ESOP Communications Committee have planned multiple events, including chili cook-offs, video premieres, educational breakfasts, and roundtable ESOP discussions.
“The ESOP Communications Committee schedules activities throughout the month so employee-owners can learn more about our specific ESOP, how it works, and what it means to be an owner,” explained Ezra Bailey, Marketing Coordinator, who serves as Chair of the company’s ESOP Communications Committee. “Several activities are planned for the entire company, but the individual offices also schedule their own special ESOP events, which gives employee-owners multiple opportunities to participate and become more familiar with our ownership culture.”
- There are approximately 10,000 ESOPs in place in the U.S., covering 10 million employees.
- Total assets owned by U.S. ESOPs are estimated to be $869 billion.
- The Economic Performance Survey conducted by the Employee Ownership Foundation in 2013 found that:
- 71% indicated a better performance in 2013, relative to 2012
- 78% indicated revenue increased in 2013
- 70% indicated profitability increased in 2013
For more information about ESOPs and Employee Ownership Month, visit the ESOP Association’s website.