Business View Magazine Apr-2023

69 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 4 GI ROUX GLASS owners are on the same page. “There’s a power our employees gain from knowing what is happening with their company,” Lomedico says. “Giroux Glass management shares all financial data with employees except individual salaries.” “A third benefit is that an ESOP helps to support a company’s positive reputation -- since all employees have a literal vested interest in the financial success of our company.” Lomedico believes, however,that employees have a responsibility to learn more about an ESOP on their own. “That’s where joining the ESOP Association, the national trade association representing companies with Employee Stock Ownership Plans (ESOPs) and ESOP professionals can really help,” Lomedico says. “There are so many resources available through these organizations. We encourage everyone to get involved with training courses- it really helps employee-owned companies to come together when employees support each other,” Lomedico says. “Becoming familiar with the ESOP model can take a lot of work, and the job is a lot easier and takes less time when employees are eager to educate themselves.” Giroux reimburses employees who complete ESOP training and who take advantage of the many educational opportunities available. They feel it is critical to identify ESOP advocates among their employees and to provide all tools possible to help them grow into their role – and to help spread the word. Training employees remains an important function at the company.By investing in all types of training, Giroux Glass is able to maximize its existing talent while supporting a more educated workforce with cross-training skills and roles. Those investments in training can also support recruiting efforts for new talent as well, which is particularly important in today’s challenging labor market. That includes both in-person and remote training courses. Giroux Glass has largely been able to keep its staff filled with necessary positions, but it will continue to hire more positions in the coming years. “Our employee retention has remained high, which is another outcome of a well-run ESOP,” Lomedico says. “We assign new employees an internal “buddy” to familiarize them with the company’s culture, procedures, and policies.’Tea and coffee’ meetings are held to allow employees to get together, and to ask anything that is on their minds, with answers shared for all. As a tenet of Giroux Glass’ ESOP culture, Kotos says, “ Our core values are dedicated by our employees owning a stake in the company.