Employee Stock Ownership Plan (ESOP) makes Tata & Howard a 100% employee-owned company
Our business philosophy has always relied heavily on teamwork, and we believe our employees should share in Tata & Howard’s success in an appreciable way. That’s why we created a 100% ESOP, which went into effect in October of 2014. An ESOP is a type of employee retirement benefit plan, where employees become shareholders in the company. Similar in some ways to a profit-sharing plan, an ESOP rewards employee-owners relative to the financial success of the company. In this way, employee-owners are accorded a real ownership stake in the company, and are therefore driven to work both harder and smarter for the company.
ESOP participants tend to do very well. In fact, a Washington State study found that ESOP participants made 5% to 12% more in wages and had nearly three times the retirement assets as did employees of comparable non-ESOP companies. And Tata & Howard is no exception — over the past three years, the firm has grown an average of 35% and continues to offer employees a very competitive benefit package.
Participation in the ESOP program makes all employees owners of the company and allows them to reap the financial rewards of their hard work. As a result, employee-owners take more pride in their work and are incentivized to be more fastidious and industrious with their daily tasks. In addition, an ESOP empowers employees with a greater sense of dignity and value. Tata & Howard holds monthly owners’ meetings which are run by different teams within the company. At these meetings, employee-owners are informed of the company’s financial performance and outlook and are also afforded a non-judgmental opportunity to share suggestions and ideas. All Tata & Howard employee-owners are also encouraged to participate in the development of our annual strategic plan.
Since its inception, Tata & Howard’s values have included both integrity and teamwork, and adopting a 100% ESOP has contributed greatly to those values. Our team members strive to improve efficiency and innovation while consistently maintaining a strong sense of responsibility for the wellbeing of both the company and each other.
For more information about becoming an employee-owner at Tata & Howard, please see our Careers Page.