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Two years ago, leading marketing, advertising and public relations agency, Mower became 100% employee-owned. For October’s Employee Ownership Month, CEO Stephanie Crockett shares the following thoughts and insights after such a significant transition:

Stephanie Crockett

Stephanie Crockett

“When you decide to embark on an ownership path, you must dive in 100%

That means leaning on resources, attending conferences and connecting with associations and other ESOPs to make sure you’re heading in the right direction.”

“A business’s greatest asset is not the bottom line, it’s the people

Becoming an ESOP is a really good demonstration of exactly what our commitment to our employees is. Part of the reason we became an ESOP was to thank those who have been loyal to Mower for so many years and to set future employees up for success. Our focus is on employees’ happiness and making sure they feel valued every day.”

“Two years in as an ESOP, our employees are starting to see the impact of what this means for their future

Our first statement day was great, but it was still so new and abstract. Having had our second statement day in August, we were all able to see how this benefits us so significantly year-over-year.”

“Our clients also benefit tremendously because they get to work with someone with a vested stake in the relationship and the work

An employee once said to me, ‘The work is more meaningful to me now because I know I’m not just working hard every day to line somebody else’s pocket.’”

Key Facts about ESOPs
  • Employees at ESOP companies receive 5% to 12% more in wages and have 2.6x greater retirement accounts (NCEO).
  • Companies with ESOPs account for well over half of Fortune Magazine’s “100 Best Companies to Work for in America” list year after year (NCEO).
  • ESOPs achieve on average 10% higher profit margins (The ESOP Association);
  • ESOPs report voluntary quit rates of their employees at approximately one-third of the national average (NCEO).