We’re proud that 100% of our company belongs to our employees, meaning we not only share company success, but we also share in one another's. October is Employee Ownership Month, and we're excited to celebrate another year of employee ownership.
This year, we're focusing on what defines employee ownership, and as we reflect on all the things that have come from our ESOP, we're proud that we as an organization had the opportunity to implement something that is positively influencing our culture, our company's success, and our personal futures.
What is an ESOP?
An ESOP (Employee Stock Ownership Plan) is a vehicle by which employees can share in the ownership of the company. In addition to the 401k plan, the ESOP is a significant retirement benefit. Employee ownership creates such a strong identification between employee and company that it translates into enhanced productivity, greater employee retention, and, ultimately, success in the marketplace. Our employee owners receive shares of company stock in their ESOP accounts on an annual basis.
Effects of Employee Ownership at MMC Corp
Day in and day out, our teams demonstrate quality craftsmanship in their work, but their dedication to MMC Corp goes beyond the duties of their jobs. Each teammate is committed to the success of their colleagues and celebrates those successes as their own, and the unity that has derived from our employee ownership has produced a family-like culture that we're lucky to experience.
We asked members of our team what employee ownership at MMC Corp looks like to them, and the results only reinforce our confidence in our ESOP program and how it has affected our team:
- The “train your replacement” mentality comes naturally as co-workers feel more like teammates and not competitors, and everyone roots for one another
- Each employee owner has an impact on the company’s success, so teammates hold each other accountable to do the right thing
- The open-door policy of our leaders gives power to your voice, and new ideas are encouraged and listened to
- The clear and consistent communication promoted companywide creates a stronger investment
- The connection to culture has created a sense that we're all a part of one family and has also created strong employee relationships
Although retirement may be farther in the future for some of our teammates, we can all still feel the impact of our ESOP every day as we walk onto jobsites, collaborate in meetings, and rally around each other.