The following is an excerpt from a report originally published by the Aspen Institute, featuring Ownership Works:
“The value and financial performance of the company is a common north star at the companies whose workers we spoke with. For ESOP employee-owners, this is reflected in a goal to increase their share price. At Threaded Fasteners, staff meet with management at each location to develop goals. Companies deploying the Ownership Works model have shared goals around the value they hope the company will reach upon sale. Workers at EOTs and cooperatives also spoke about company goals related to financial performance. We often heard employee-owners express a commitment to quality work and customer service. A machine operator at Carris noted a strong dedication to a quality product to ‘make sure that it’s going out the door right.’ Part of that commitment to customers is exercised through a focus on continuous improvement. Weekly safety meetings at Threaded Fasteners for example, always end with a discussion on what the team can do better, employee-owners at the ESOP said.
Employee-owned companies engaged in manufacturing and manual labor prioritize safety. An employer-owner who works in finishing at the manufacturer CNG remarked:
‘One thing that we do that I think really helps everybody feel like an owner is we have safety teams, and those are all operator-led. So our operators get to make those decisions to make the environment safer because they’re frontline, so they know a little bit better what will work and what won’t work because they’re around it every single day.’
A division manager at Lewis Tree Service drew a parallel between the value of his ESOP account and that of workplace safety. ‘That stock represents more than just a number. It represents years of our hard work, safety, and commitment to doing things the right way,’ he said.”
Read the full report from the Aspen Institute Economic Opportunities Program.
