In October, the National Center for Employee Ownership (NCEO) recognizes Employee Ownership Month. Here at Technomics, we usually celebrate BIG! In previous years, we have congregated for both educational and fun team-building activities and while this year’s activities have looked a little different due to social distancing measures, our Employee Owners are still excited to celebrate this unique aspect of working at Technomics.
What is Employee Ownership?
According to the National Center for Employee Ownership, Employee Ownership refers to the ownership of a company, directly or indirectly, in part or in whole by some or all of the company. At Technomics, Employee Ownership is implemented through our Employee Stock Ownership Plan (ESOP) and Equity Compensation.
ESOP Fun Facts
- There are approximately 6,600 ESOPs in the United States. This includes both privately held and publically traded companies.
- ESOPs have over 14 million total participants.
- Employees at ESOP companies have 2.5x greater retirement accounts.
- Employees at employee-owned companies receive 5-12% more in wages.
- Productivity improves by 4-5% on average in the first year an ESOP is adopted.
- Over a 10-year period, ESOPs have 25% higher job growth than comparable companies without an ESOP.
- ESOPs increased productivity and revenue generated by employee by 2.4% per year.
The ESOP motivates employees by allowing them to share in the financial success of the company, rewards employees who do great work, and provides employees with the benefit of another retirement account.
Employee Ownership at Technomics
Technomics is Employee Owned because we appreciate our employees thinking and acting like owners.
Thinking and acting like an owner means…
Feeling Enjoyment of Owning Something
Feeling a Sense of Responsibility
Leaving Your “Comfort Zone”
Taking Advantage of Opportunities
Going Above & Beyond
Contributing to the Good of the Company
“Working in this field, it is very easy to have your responsibilities, aspirations, and career progression become 'stove-piped.' Employee Ownership all but shatters those barriers. Because personal success is directly tied into the success of the company at large, I've always felt a stronger kinship with fellow Technomicians than I would otherwise. We all want to succeed, watch our peers succeed, and, most importantly, we want to help each other attain our goals.” David Santez, Lead Analyst
“The success of the company is not solely based on higher management but is a responsibility of each and every employee. This brings Technomicians together and encourages each one to help others succeed. Employee Ownership also encourages creative thinking and ideas to improve company, making overall success truly become a team effort.” Camille Holly, Associate.
In true 2020 fashion, we are holding our EO Month events, including two live webinars on employee wellness and a virtual team-building event, on Webex. Stay tuned for another EO Month post featuring our CEO, Al Leung!