Business View Magazine - May 2024

“Some of our more tenured employees have substantial ESOP accounts, allowing them to retire with a significantly larger nest egg than just a 401(k) has provided. Incidentally, we also offer a 401(k) and matching program.” Crivello says, explaining how this has also stoked intense loyalty to the company’s founder and his altruistic philosophies. As a result, the average WESTPAK employee is willing to go above and beyond if it means providing a customer with top-quality service. A CONTINUOUS PROCESS OF COMMUNICATION As a company,WESTPAK did not achieve this level of collective employee engagement overnight, rather it did so via the consistent and gradual communication of the ESOP’s value to the employees themselves. When educating its employees about the advantages structure has been employee-based for years, they can avoid these disruptions, focusing instead on the customer receiving undivided attention and service. WESTPAK’s approach to integrating the ESOP structure into its culture involves consistent communication and a variety of educational tools. Leaders like Crivello understand that employee ownership benefits resonate differently with various groups. For newer employees, it might be challenging to appreciate the long-term benefits of an ESOP, especially in expensive cities like San Jose and San Diego, where the company is based. However, the longer the tenure of the employee, the more apparent and tangible those benefits become, as the company’s investments into the ESOP have had more time to compound in value. 112 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 05