If you read our recent article about Employee Stock Ownership Programs, you know that there are a number of benefits that come from the difference in working culture. Border States Electric Supply, Fargo, ND, an ESOP, has seen that culture work in its favor in the recent economic turmoil many sectors are facing.
 
Our employees see the media reports, talk with our vendors and customers, watch the stock market and are tuned into the housing market/mortgage meltdown and volatile commodity markets,”CEO Tammy J. Miller told MDM recently. “As owners, they take action to minimize the impact of an economic downturn on Border States.”
 
With more than 1,000 employees, Border States has a lot of people working to make sure their company succeeds. Border States introduced its ESOP in 1984, becoming a 100% ESOP on April 1, 2000. Any employee who works at least 1,000 hours in a fiscal year becomes a part-owner.
 
Border States, like Hisco in the June 25 article, prides itself on empowering its employee-owners to help make decisions and share in financial outcomes. “The ESOP ownership structure fuels our innovation, productivity, growth and success,”Miller says.
 
Border States’ long-term plan includes remaining a 100% ESOP.
 
View the original ESOP article, The Ups and Downs of an ESOP, by clicking here. (Subscription to MDM’s premium content required.)
 
What are your thoughts on ESOPs? What is your company’s strategy in keeping employees motivated in tough economic times? Share your comments here! You may need to sign in to comment.