Tata & Howard marks one-year anniversary of ESOP formation
With October being Employee Ownership Month as well as the one-year anniversary, Tata & Howard employee-owners participate in a month-long celebration
October 28, 2015 – Tata & Howard is celebrating their one-year anniversary since forming an Employee Stock Ownership Plan (ESOP) this month. In addition, the niche water engineering firm celebrated their 23rd company anniversary this October, which is also Employee Ownership Month.
“We have a strong belief that being an ESOP creates a sense of pride in ownership,” said Don Tata, P.E., President of Tata & Howard. “The benefits associated with employee-ownership impel all of us to deliver the absolute best client service combined with the highest quality technical expertise to every single project. Every eligible employee has a tangible stake in the company and can now share in the satisfaction and reward of ownership.”
Employee-owners have been celebrating the anniversaries as well as Employee Ownership Month with a full month of festivities including both educational and fun activities, and all beneficial owners received their first stock certificates. The month-long celebration will culminate this week with the awarding of prizes, the unveiling of the company’s official ESOP slogan, and an evening bowling event that will include Harpoon Brewery’s EHOP beer. Based in Boston, Massachusetts, Harpoon Brewery also became an ESOP in 2014, and they celebrated Employee Ownership Month along with fellow ESOP brewer Deschutes Brewery of Oregon by brewing the limited edition amber ale using employee-grown hops, or EHOPs.
An ESOP is a program that provides a company’s workforce with an ownership interest at no up-front cost to employees. ESOPs are implemented for different purposes, often as a way to provide for the future transfer of ownership of a successful, private company from owners to employees. Because all eligible employees are owners, they have increased rights and responsibilities, such as the opportunity to provide strategic input, the right to be informed about the financial health of the company, and the responsibility to provide the highest quality work.
Although now an ESOP, Tata & Howard upholds the same core values of teamwork, efficient solutions, client satisfaction, integrity, and positive attitude that form its cornerstone, and employee-owners still enjoy the freedom to focus on other values such as philanthropy, wellness, and environmentalism. As an example, the company issued a challenge to collect 350 pounds of food for the Greater Boston Food Bank in the month of October, and employee-owners have already surpassed that number.
“We firmly believe that our positive, team-oriented culture has been strengthened by the implementation of the ESOP,” added Karen Gracey, P.E., Vice President. “A company made up entirely of owners who care deeply about their work is a powerful force in the marketplace, and one of which I am proud to be a part.”
About Tata & Howard’s ESOP
According to the National ESOP Association, there are approximately 10,000 ESOPs in place in the U.S., of which only 4,000 are 100% owned by the ESOP. Tata & Howard employees own 100% of the company through their ESOP, making the company part of an elite minority of 100% employee-owned companies. All Tata & Howard employees, regardless of level, are eligible to participate in the ESOP as long as they are 21 years of age, have completed one year of service, and work at least 1,000 hours annually. For more information on the ESOP Association or Employee Ownership Month, visit www.esopassociation.org.