The company has always aimed to offer benefits comparable to larger corporations, such as paid vacations, holidays, health insurance, dental, and matching 401(k) plans. Now that it is an ESOP, it offers all of that on top of continually growing an ESOP that employees don’t have to contribute money into. “So, selling to an ESOP just made a whole lot of sense,” Hundley says, highlighting that the ESOP transition empowered the entire team, making each member a beneficial owner of the company. This shift aligned perfectly with the already forwardthinking and inclusive culture and fostered a sense of ownership and responsibility among all employees. “Becoming an ESOP made our leadership team much more impactful because they feel it more, they own it more. They’re more engaged. They’re just like the rest of the company, but now there are not just two people sitting in the ownership chairs. There’s technically 68 team members sitting in that chair,” Hundley says. COMMUNICATING ESOP VALUE TO PROMOTE ESOP CULTURE The ESOP transition undoubtedly enhanced BACK Constructions’ leadership structure. While Whalen became CFO and Board Chair, Hundley stepped into the role of President and CEO. With the remaining employees now acting as stakeholders, company members are more engaged and taking greater ownership of their roles and responsibilities. Moreover, leadership development has become more crucial than ever. By nurturing future leaders within the organization, BACK Construction ensures that their core values and commitment to quality are perpetuated. This involves providing robust training programs, and mentorship opportunities, and creating an environment where employees feel valued and empowered. Fortunately, this heightened sense of responsibility has improved the company’s overall performance, from job site safety to customer service. However, having everyone simultaneously play the role of owner and employee means that clear, consistent, and proper communication must be paramount. Internally, BACK Construction promotes its ESOP’s value through regular meetings and transparent communication. It hosts annual ESOP meetings, where items like 4 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08
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