“We’re pretty transparent with our associates about the plan structure and everything we do… There’s not really any secret other than just to communicate as much as you can so associates can grasp and understand the value of an ESOP and the longevity it can provide. We talk about it as much as humanly possible,” Orman III explains. According to Orman III, on average, it takes about seven to ten years for an associate to fully understand the profound, long-term financial value that an ESOP provides. Therefore, the company’s ethos of transparency and extensive education about the plan’s structure and benefits is a critical vehicle to help them achieve this understanding. To bridge this understanding gap, Locke Supply utilizes powerful tools, such as 10-year statements, and management actively encourages employees to speak with seasoned associates, recognizing that real numbers and peer-to-peer advocacy become the most credible and powerful testaments to the ESOP’s benefits. “Once people have been employed for five to nine years, that’s when they go ‘oh okay’ and it becomes very real for them.Then those people usually become the biggest advocates and start communicating the value to others in the company,” Orman III explains. This commitment to continuous, open communication, often reinforced by internal videos featuring employee testimonials, has led to a deep understanding and appreciation for Locke Supply Co.’s unique ownership model, resulting in a more dedicated and invested workforce. APPROACHING THE MARKET WITH CONVENIENCE AND CUSTOMER SERVICE Locke Supply Company distinguishes itself in the industry through an operational model that diverges from traditional supply houses. 11 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 07 LOCKE SUPPLY COMPANY
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