While organizations are constantly seeking creative ways to foster employee engagement, loyalty, and productivity, Koops leans into the ESOP to provide an unparalleled model of boosting morale in each of these areas. This method not only aligns the interests of employees with the company’s successes, but also offers many benefits that contribute to the overall well-being of the workforce, the company, and our customers.
What is an ESOP?
An Employee Stock Ownership Plan is a unique employee benefit program that grants employees a stake in the ownership of the company they work for. Under this setup, employees become partial owners of the company by receiving shares of its stock. Over time, the company grows and prospers, the value of these shares can increase, providing employees a direct financial stake in Koops’ success.
"Employee ownership is so powerful because it is consistent with how we all naturally want to be: accountable, committed, proud of having created something that is ours, connected to something bigger than ourselves, and immersed in an empowered and vibrant environment of our own collective voice and stewardship." - Jeff VanUffelen, CFO
- Alignment of Interests: When employees have a vested interest in the outcome of a project, they are more likely to think and act like owners. This motivation results in increased dedication, commitment, and a strong sense of ownership, leading to improved performance and higher quality.
- Employee Engagement: As owners, employees feel a stronger connection to their work and Koops’ mission. Heightened engagement translates to less turnover and a more positive workplace culture. Creators of custom automation solutions like Koops must retain accumulated knowledge in the company, and our ESOP helps us do that.
- Playing the Long Game: Just like any other market, stock ownership requires a long-term mindset for ultimate growth. Employees are less focused on short-term gains, and more bought in to sustainable growth and stability, fostering long-term relationships with satisfied customers.
- Competitive Advantage: Offering an ESOP can be an effective tool in attracting and retaining top talent. In a competitive job market, being able to offer prospective employees a sign of a progressive and employee-centric culture can prove to be a deciding factor in landing great people.
What does this mean for our customers?
As a service-oriented organization, customers can expect to interact heavily with Koops employees throughout the course of any given project. Employees that are bought in to the success of a company through the ESOP are more likely to be bought in to customer success for each project. The benefits of being an employee-owned company translate directly into value for the customer.