Advantages of Doing Business with an Employee-Owned Company
November 6, 2023
During the month of October, we’ve enjoyed sharing about what an Employee Stock Ownership Plan (ESOP) is and the advantages of working for an ESOP, but why would you want to do business with an ESOP organization?
The simple matter of fact is ESOP employees take ownership of their work. ESOP business practices provide their employees with a more promising financial retirement plan based on the success of the company. This means employees have a personal stake in the business because they gain shares in their business.
Higher Quality Work
This unique opportunity allows ESOP employees to have ownership in their work which results in a highly engaged staff plugged into improving their personal efficiencies and responsiveness within every role of that company.
When working with an ESOP organization, the ownership mentality transfers to its services, where employees produce their best work. Employee-owners have a sense of empowerment and a shared vision of success, and they know their work can increase their company’s financial value.
Stronger Business Partnerships
Companies with successful ESOP cultures have an increased incentive to make their workplace run as effectively as possible while keeping employees engaged. They spend time and resources investing in their people, products, and services which causes higher retention within those companies.
When considering doing business with an ESOP company, you’ll have the opportunity to build stronger relationships and partnerships with that organization due to less turnover and more consistent deliverables the company will provide to your business.
At Palmer Group, we are guided by our core principles and values of building a culture of trust and respect. Doing the right thing in handling the needs, demands, and expectations of clients and candidates is a natural response when we are already putting those same practices into effect internally. We do this with internal decisions and situations through open communication and each employee taking ownership of their actions and their responsibilities. This culture extends outward to impact those we conduct business with forming long-lasting, strong partnerships.
By: Megan Culver