How To Be An Owner Without Being The CEO
- October 12, 2023
- News
WHY YOU TRULY OWN YOUR SUCCESS AT AN EMPLOYEE-OWNED COMPANY
As you gaze into the crystal ball to see what your future holds, imagine how your job would be different if you were the CEO. What changes would you make? Would you be more invested in your company’s success? Might you even be excited to come to work? For people with an Employee Stock Ownership Plan (ESOP), owning the company they work for isn’t just a fantasy or fortune. It is an everyday way of life. Check out some tips from Van Meter’s employee-owners on how to be an owner, without being the CEO.
TIP #1. WORK LIKE YOU OWN IT (YOU DO!)
An ESOP is a retirement plan where everyone owns shares of the company they work for. The more the company grows, the more the value of everyone’s shares grows. As a 100-percent employee-owned company, Van Meter employee-owners are motivated to work hard, since they all have a stake in their company’s success.
Anne Niebuhr, systems programmer, helps improve processes that make other employee-owners more efficient, and she knows when she does her best, it influences the company’s share price.
“Imagine the impact when we have over 850 other employee-owners that are also just doing the best job they can every day.”
– Anne Niebuhr, Systems Programmer, Waterloo
“I am just one person, but imagine the impact when we have over 850 other employee-owners that are also just doing the best job they can every day,” she said.
It’s more than simply doing the tasks on the job description though. Charol Steinford, marketing specialist, said she truly views the company as her own. For her, being an owner includes little things like taking care of the building and picking things up off the floor.
“The more you put into it, the more you get out of it,” she shared.
It’s kind of like how you would treat your own car versus a rental. With your own car, you’ll take it through the car wash, change the oil and give it a fresh coat of wax because you’re invested in making it look good and last longer. When you own part of the company you work for, you’re more invested in doing everything you can to make it successful.
TIP #2. SPEAK UP! YOUR VOICE MATTERS
Part of being an owner is making decisions for the good of the company. In employee-owned companies, the obligation to do what’s best for the company is shared by everyone. It is a serious responsibility, but for Bill Gilpin, progress specialist, it is also empowering.
“In my progress role, it gives me the confidence to ask questions on behalf of the company,” he said. “Even if it’s not my area of responsibility, I’m empowered to make suggestions for what I think is best for the company based on my experience.”
And when you voice your opinion, people listen. Niebuhr considers it a right to speak up and affect change if she sees something that could benefit the company.
She said, “You’re not just sitting at your desk doing your job. You can make an impact if you choose, and if something needs improved, people listen because it’s their company too.”
TIP #3. CREATE A POSITIVE CULTURE
In an employee-owned company, culture doesn’t just stem from a single owner. It’s everyone’s responsibility, and when everyone is invested in a common goal, it creates a positive culture throughout the organization.
When Gilpin became part of an ESOP for the first time, he was almost more excited for the cultural aspect of it than the retirement benefit. He said the ESOP has made his job more meaningful because he knows how his contributions benefit the people he works with.
“If I’m doing things for others, I’m more invested than if I’m doing them for myself.”
– Bill Gilpin, Progress Specialist, Cottage Grove
“It’s not just for my wellbeing or my family. It’s for everyone here, and if I’m doing things for others, I’m more invested than if I’m doing them for myself.”
As an owner, serving others isn’t confined to within the company. Giving back to the community is an important aspect of most ESOP companies. In a survey of ESOP and non-ESOP employees, the ESOP employees were far more likely to say their company is invested in the local community and that they are encouraged to volunteer.
TIP #4. KEEP YOUR EYE ON THE PRIZE
Based on company performance, an owner (at a non-ESOP company) most likely reaps much of the financial reward for the company’s growth over time. With an employee-owned company, ALL employees benefit when they grow the company together. How do they achieve that growth? For Gilpin, it’s about pushing each other to be better each day and holding everyone accountable to do what’s best for the company.
Gilpin (right) credits the ESOP for creating a positive workplace culture
“We’re not putting money into an owner or investor’s pocket. We truly own our success,” he said. “It’s our money, so we spend it and grow it like our own.”
The rewards for success aren’t always immediate though. An owner must make a long-term commitment to the company’s success to reap the rewards for their efforts.
Niebuhr said, “The thing that new employees need to understand is that being part of an ESOP isn't immediate gratification. You have to put in time and the work to enjoy the benefits you will receive when you leave the company.”
“I get to come to work every day and be with my work family.”
– Charol Steinford, Marketing Specialist, Cedar Rapids
What’s the secret to longevity? For Steinford, it’s having a “get to” mindset. “I get to come to work every day and be with my work family. They’re not just co-workers. They’re my best friends and like family.”
CONTROL YOUR DESTINY
There’s nothing cloudy about your future when you work for an employee-owned company, so don’t leave your future up to fate. Visit the Van Meter careers page to own your success at a 100-percent employee-owned company.