GROWTH. TRANSFER. LEGACY.
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“ESOPs, providing widespread employee ownership, provide a great benefit to employees. If the culture is nurtured in an ESOP company, over time, employees will start to act more like owners and less like workers coming in every day looking only for their paycheck” says Patrice Radogna, says Patrice Radogna,
Director/ESOP National Practice Leader at Marcum LLP.
The power of feeling and acting like an owner of the company can be obvious. Here, we will examine key conditions that have to exist to maximize this power in creating business value.
1. Employees’ engagement with management’s initiatives or the level of resistance to anything new, change of status quo. This resistance is substantially increased in the current times of disruptive transformations across various industries and company sizes. If a company is undergoing multiple changes and creating an ESOP is one of them, employees’ acceptance of the new mindset and feeling and acting like an owner will be diminished.
Creating a culture of change agility by transforming response to change is a prerequisite for the success of the ESOP.
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