One of the most valuable assets of employee-ownership is the increased employee commitment that workers have towards their company. Increased employee commitment not only benefits the company and its financial standing, but also the community at large.
As an ESOP, employees become personally and financially invested in the company they work for. The workers realize that their success translates to the company’s bottom line and ultimately to their ESOP trust. The retirement savings accrued in the ESOP adds an enormous incentive for workers to perform at the highest level. Further, employee-owners see the direct result of their hard work in both their company and their community.
Employee-owned companies practice what is known as conscious capitalism. It is a form of business with corporate and community responsibility at its core. Employee-owners recognize and act on the needs of their community and choose community service projects that directly serve those needs.
Herff-Jones is an ESCA member and employee-owned company manufacturing and selling educational recognition and achievement products such as yearbooks and class rings. With headquarters in Indianapolis, IN, the company has risen to meet the needs of the greater Indianapolis community. Herff-Jones employees are involved with a number of community outreach programs including United Way of Central Indiana and are encouraged to choose causes that are meaningful to them.
Through their shared sense of commitment and mission, employee-owners meet the economic goals of their company while still meeting the specific needs of their community.