Turning ESOP Communication into an Opportunity
When you look at an ESOP statement, what do you see? A legal requirement for participant communication? Another task on your annual calendar? A document showing a financial benefit?
All of these may be true. But at Blue Ridge, we see an opportunity.
It’s an opportunity to engage your workforce around employee ownership. To remind employees how your ESOP works and what a unique benefit it provides. To reinforce the message that their everyday actions of employees directly impact the value of their ESOP accounts.
In other words, it’s an opportunity to tap into the competitive advantage that employee ownership offers. When employees understand and are excited about the ownership stake they share, it only follows that they go about their work with a greater level of motivation, commitment, and pride. We believe this is the main reason why employee-owned companies consistently outperform their counterparts, as shown by research organizations like the ESOP Association and National Center for Employee Ownership.
How Wallick Communities Celebrates Ownership
At Wallick Communities, ESOP statements are part of a larger celebration of employee ownership. After forming their ESOP in 2023, they decided to intentionally frame their first statement release as a milestone event.
“We were all really excited about the opportunity to kind of make it real for our associates,” said Tam Bharakhda, Senior VP of Marketing & Branding. “We created an event where we really focused on what it meant to be an owner and celebrate our first statement.”
The Wallick Owners Event had tangible results. A post-event survey showed this approach resulted in an increased level of employee understanding of the ESOP. Their annual engagement survey also showed an increase in employee engagement, a clear sign that ownership culture is taking root.
And when asked if they’ll continue this tradition? “It will always be a year one for someone else,” Tam said.
Form Services: Reinvigorating a Mature ESOP
Form Services, an ESOP company for decades, used to mail statements to participants. Now they make it a priority to bring employees together each year to ensure they fully understand the benefit they’re receiving.
“We try to get as much attendance as possible,” said President and CEO Charlie Polesovsky. “In years past we didn’t do that. It’s been a huge, huge benefit for us to have those meetings.”
That effort is paying off:
- Employees are more engaged and informed.
- HR gets fewer ESOP-related questions.
- Long-time team members are gaining a new appreciation for the ESOP’s value.
And on a personal level, Charlie’s seen the impact firsthand. After a statement meeting, he was approached by one of the company’s most tenured employees to share what an eye-opening and beneficial experience it had been. Even though he had worked at the company for years, he had never fully understood the ESOP.
A Statement with a Message
These two companies didn’t just deliver a statement; they delivered a message. You are owners, and your ownership matters.
So, now the question is, do you see an opportunity? Maybe you’ve never made your statement release a big deal and you’re now realizing you’re missing a chance to invigorate your workforce. Maybe you’ve always tried to do something special for your statement release, but it’s grown stale over the years.
As Charlie puts it, “If a company’s on the fence, I would say that they just need to jump in and give it a try.”
We’re Here to Help
At Blue Ridge, our ESOP communication team is here to help you maximize your statement release. Whether it’s coaching you from afar, coming on-site to deliver a presentation, we want to help you deliver your statements like never before.
Reach our team at esopcommunication@oneblueridge.com to learn how we can help make your next ESOP statement truly impactful.
