You can’t think about your workforce without thinking about millennials. They are, quite literally, the future of your workforce. But connecting with millennials can be imposing to older generations. How do you reach them? Why do they seem so elusive? Why are the recruiting techniques that have been tried and true not working anymore?
Talent planning is essential to your organization’s success, but implementing a plan often ends up low on the priority list. Every company should have a management transition plan, since it’s critical to continued growth. In a company with an Employee Stock Ownership Plan (ESOP), the strategic planning responsibilities, referred to as succession planning, starts with the Board of Directors and ESOP Corporate Governance.
The initial thought for many ESOP companies is to cram as much information into a single employee meeting as possible. After all, an ESOP meeting is a substantial commitment of time and resources by the organization, so why not use the time wisely, right? But information overload can be a challenge for employee owners. Because even if the message is a simple one that is delivered perfectly so that all employee owners can understand it, the retention of all of the information you just provided can be lost immediately after the meeting as employee owners go back to their daily responsibilities; soon forgetting the message.
Because you have invested significant time and resources in establishing and maintaining your ESOP, it makes sense to ensure that you are getting the most out of it. One effective way to maximize the benefits of your ESOP is to build and sustain an ownership culture. Studies have found that companies with a strong ownership culture outperform their counterparts.
Last week was the start of ESOP Employee Ownership Month (EOM) 2014. In my August 2013 ESOP Report article "It’s Not (Just) What You Say, It’s How Often You Say It," I discussed how EOM can also be used to promote your ESOP internally. Daily or weekly celebrations and events are commonplace, and provide multiple opportunities to keep the ESOP fresh in the minds of your employee owners.
The ESOP Association issued a press release announcing October is ESOP Employee Ownership Month (EOM) and recapping some of the results of the 22nd Annual ESOP Economic Performance Survey (EPS):
I have compiled a list of the prominent ESOP awards that are available to ESOP companies and their employees. Reasons to apply for an award include reviewing and self-assessing the status of your ESOP and ownership culture, generating internal excitement with your team, and creating additional publicity and marketing opportunities for your company. The feedback I often hear from companies is that the preparation of the application itself provides as much value to a company as actually winning an award.