The end of 2020 and the start of 2021 has already seen several companies transition their businesses to employee ownership through an ESOP. Just this week, one of the country’s largest and most prominent guitar manufacturers, Taylor Guitars, announced to employees and the world that they had transitioned 100% of the company’s ownership to its employees through an ESOP. I am always thrilled to see such transitions come to fruition, and especially so given what the business world and workers across the country have faced in the past year. And while the notion of employee ownership is certainly exciting for many new and future employee-owners, it’s inevitable that employees will still ask, “But… What the heck is an ESOP?” Taylor Guitars’ president, Bob Taylor, shared the reaction of his employees when the company announced its transition to ESOP ownership, noting that employees said, “This is wonderful! We don’t understand what it means yet, but it’s wonderful.”
The NCEO has put together an online training and networking program for companies, new and old, that want to create employee involvement and help their employees understand what their ESOP really does mean to their company, to employees, and to their families in the long run. In February, we will host the second series in our Communications Committee Crash Course, which consists of six separate training sessions that will cover topics such as developing an effective communications strategy, common challenges and mistakes, how to create alignment with company leadership, and how to improve employee engagement strategies for the long term.
You may have just started an ESOP, or you may be a mature and growing ESOP company with new employees that have similar questions to those at companies with new ESOPs. Whether you are just getting started or trying to get back on track, this training program will offer communications committees from companies of all shapes and sizes a way to learn, engage, and network with others in the employee ownership community. Join me and other employee-owners this February as we host attendees and invite employee-owner friends and professionals to provide their insights and discuss challenges and lessons learned at their own companies. We hope to see you there!