Tata & Howard is a 100% Employee Stock Ownership Plan (ESOP) company, and we firmly believe that teams who play together work better together. Teamwork is also one of our core values. Therefore, we participate in frequent team building events, sponsored by our ESOP Committee.
The night started with some Wii games
On Thursday, December 15, team members participate in a game night that also featured fellow ESOP Harpoon Brewery’s beer. The Marlborough, Massachusetts corporate office enjoyed several rounds of Wii bowling and tennis, the iPhone game Heads Up!, and some assorted board games. The surprise of the night was Vice President Steve Landry soundly winning at Wii bowling! Everyone agreed that he must have played this before…
Steve Landry’s first attempt landed him a strike
The Waterbury, Connecticut office played the western card game, Bang! Engineer Max Gilliam started as Sherriff but had to leave early and transferred duties to Engineer Will Grant. Will took a barrage of bullets early and limped through the rest of the game on life support. The conclusion came when Deputy and CAD Technician Steve Catuccio mistakenly took Will out, handing the game to Outlaws Tom Hoctor, Engineer, and Steve Rupar, Vice President. Resident Observer Jack Keefe participated as a Deputy, and Project Manager Dave Lombardo rounded the game out as a Renegade.
The Waterbury, CT office played the western card game, Bang!
The temps were down in the single digits, but the Portland, ME office stayed nice and warm as they settled in for a few rounds of Wii racing.
The Portland, Maine office enjoyed some Wii racing
Everyone thoroughly enjoyed themselves and are looking forward to future ESOP game nights!
Company matches employee-owners’ gifts to support cancer research
Tata & Howard employee-owners helped support Dana-Farber Cancer Institute
Tata & Howard recently donated $5,300 Dana-Farber Cancer Institute (DFCI) in Boston, MA. Employee-owners donated $2,650 and the company provided a 100% match.
“As an employee-owned company, we have a targeted focus on philanthropy,” stated Jenna W. Rzasa, P.E., Vice President of Tata & Howard. “All employee-owners are encouraged to support, both monetarily and through volunteerism, the organizations that resonate most with us. Not surprisingly, employee-owners overwhelmingly choose to support DFCI, as cancer has had an impact on the lives of nearly every single person at the firm.”
Enhancing the company’s support of DFCI, Tata & Howard Engineer Molly Coughlin is running the 2017 Boston Marathon in an effort to raise funds for Dana-Farber. Her personal goal is $15,850.
“Dana-Farber is recognized as a world-class leader in cancer research and treatment, and we are lucky enough to have this incredible organization right in our backyard,” stated Coughlin. “On a personal level, Dana-Farber has saved the lives of two very important people in my life. I feel as though running the marathon to raise funds to support the Institute is the very least I can do.”
To support DFCI and the life-saving research and treatment options they provide, please visit www.danafarbergiving.org.
About the Dana-Farber Cancer Institute
Dana-Farber Cancer Institute, a principal teaching affiliate of Harvard Medical School, is world-renowned for its leadership in adult and pediatric cancer treatment and research. Designated as a comprehensive cancer center by the National Cancer Institute (NCI), it is one of the largest recipients among independent hospitals of NCI and National Institutes of Health grant funding. For more information, go to www.dana-farber.org.
Friday, March 4, is Employee Appreciation Day 2016, a special day of employee recognition originally created in 1995 by Bob Nelson, owner of publishing company Workman Publishing, and one of the founding Board members of Recognition Professionals International. His goal in the creation of Employee Appreciation Day was for all employers from all industries to have one day in which to truly focus on employee recognition, and to have the positivity of the day serve as a catalyst for year-round employee recognition.
Employee-owners enjoy a surprise outdoor coffee break on an unseasonably warm spring day
Because modern working life can be so stressful and hectic, it is very easy for employers, CEOs, and managers to get caught up in the everyday work schedule and forget to show employee appreciation. Unfortunately, failing to recognize the value and contribution of employees is typically to the detriment of a company, both in terms of morale as well as productivity. Showing employees how much they are appreciated is not only decent and right, but is also one of the simplest, most cost-effective ways to foster loyalty and to keep employees motivated, productive, attentive, and most of all — happy. And this has never been truer than it is in today’s workplace culture, where millennials, who are most motivated by frequent, positive reinforcement, make up about 40% of the workforce.
T&H provides employee-owners with adjustable or standing workstations upon request
As a company, Tata & Howard holds its staff in the highest esteem. Our incredible talent base is appreciated and it is understood that our people have been the driving force behind our record growth and continued success. Because Tata & Howard employees are so valued, the company converted to a 100% Employee Stock Ownership Plan (ESOP) in October of 2014, giving all eligible employees ownership in the company. The company celebrated one year as an ESOP this past October, and employee-owners have been exceptionally supportive of the plan.
Assistant Project Engineer Marie Rivers and her Service-Dog-In-Training June in the Marlborough, MA office
But it doesn’t stop there. Throughout the year, Tata & Howard plans fun events, outings, and activities in an effort to show employee-owners their value. In addition to the fully catered summer outing each summer at Kimball Farm in Westford, Massachusetts, we have enjoyed surprise mid-day work parties, catered luncheons, bowling and beer, and participation in fun days such as Flip Flop Day and National Cookie Day. Also, Flexible Fridays in the summer were so overwhelmingly popular that the company decided to implement the perk year-round. Employee-owners who participate in charitable activities are always supported, both by fellow staff members as well as the T&H Philanthropy Committee, and accomplishments, both professional and personal, are announced in a weekly newsletter. On a daily basis, staff enjoy gourmet coffee and espresso drinks, a positive team atmosphere that fosters creativity and innovation, a supportive and healthy work-life balance, and an open-door philosophy where respect is paramount.
Employee-owners frequently participate in social media activities, fun days, and team building events
So while Tata & Howard’s employee-owners are all looking forward to Employee Appreciation Day and the fun it entails, the culture at Tata & Howard fosters employee appreciation each and every day. What are some ways in which your company participates in Employee Appreciation Day? We’d love to hear about it in the comments below – and perhaps even incorporate some of the best ideas into future Employee Appreciation Days here at Tata & Howard!
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
T&H employee-owners received their first share certificates on October 19, 2015
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.
The ESOP Association and its member companies have been celebrating Employee Ownership Month every October for over 20 years. The month-long observance aims to celebrate the myriad benefits of employee stock ownership plans (ESOPs) through employee education and team-building events. Tata & Howard celebrated for the first time this year, as October 2015 marks the one-year anniversary of the company becoming a 100% employee-owned company. Throughout the month, T&H employee-owners have been participating in contests, calls to action, and special events in order to celebrate not only ESOP Month, but also the first anniversary.
What is an ESOP?
An ESOP is a program that provides a company’s workforce with an ownership interest, most frequently 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, closely-held private company from owners to employees.
In the United States, ESOPs are a defined contribution plan, which is a form of retirement plan. ESOPs are regulated by Employee Retirement Income Security Act (ERISA), a federal law that establishes minimum standards for retirement plans in private industry and extensive rules on federal income tax effects of employee benefit plans. ERISA was enacted in 1972 to protect the interests of employee investment plan participants.
Infographic by National Center for Employee Ownership (NCEO) from What Is an ESOP?
ESOP Statistics
According to the ESOP Association, ESOPs provide many benefits to employees, some of which are highlighted below:
There are approximately 10,000 ESOPs in place in the U.S., covering 10.3 million employees (10% of the private sector workforce).
About 330 ESOPs (3%) are in publicly traded companies.
An estimated 7,000 of the 10,000 companies have ESOPs that are large enough to be a major factor in the corporation’s strategy and culture.
Approximately 5,000 ESOP companies are majority-owned by the ESOP.
Approximately 4,000 are 100% owned by the ESOP.
At least 75.4% of ESOP companies are or were leveraged, meaning they used borrowed funds to acquire the employer securities held by the ESOP trustee.
Of the 10,000 employee-owned companies nationwide, fewer than 2% were financially distressed when they established their ESOP.
Approximately 99% of ESOP Association members are private, closely-held companies.
ESOPs exist primarily in small businesses – 68% of Association members have less than 250 employees.
While ESOPs are prevalent in a broad range of industries, approximately 23.4% of Association members are in manufacturing, followed closely by construction (15.3%) and engineering (10.9%).
Approximately 65% of ESOP Association members report that their ESOPs have been in place for 10 years or more.
4% of Association members have companies that are more than 50% owned by the ESOP.
6% of Association members offer a supplemental benefit plan in addition to the ESOP including, 401(k) plans, pension plans, and profit sharing plans.
Research indicates that ESOP implementation results in more information sharing, increased communications, and involvement in decision making for employee owners.
3% of ESOP Association members report that motivation and productivity increased as a result of the ESOP.
Savings from the low layoff rate of ESOP participants was $1.9 billion in 2014, showing that ESOP companies are an investment worth noting.
GSS figures released in June 2015 found that 1.3% of employees with employee stock ownership, which includes the ESOP model and other forms of employee ownership, said that they were laid off in the last year compared to a 9.5% rate for employees without employee stock ownership.
T&H employee-owners participated in a bubblegum chewing contest
Contrary to some rumors, ESOPs are not typically formed in an attempt to save a struggling company. In fact, the vast majority of ESOPs are formed by highly successful companies. The ESOP only helps to increase company success as it provides incentive for employees to ensure that the company remains prosperous. Employee-owners of ESOPs typically know more operative and financial information about their company than do employees of traditionally held private corporations, and are often more motivated and productive. After all, the more successful the company, the more financial reward to employee-owners.
Tata & Howard’s ESOP Celebration
This month, employee-owners at Tata & Howard have been immersed in ESOP fun and education. To date, employee-owners have participated in a “Guess the Share Price” contest, a “Guess the Labor Revenues per Employee” contest, a bubblegum chewing contest, a hike, and an ESOP Slogan contest. In addition, employee-owners have been treated to chocolate coin bags, Starbucks coffee breaks, and ice cream socials, and have participated in charitable activities such as a month-long food drive and a special donation to Water For People.
T&H employee-owners received their first share certificates on October 19, 2015
Celebrating the 23rd anniversary of Tata & Howard on October 19, 2015, Tata & Howard employee-owners received their first ESOP share certificates, and proved that they are ready for 23 more. Results from an anonymous survey show that Tata & Howard employee-owners overwhelmingly support the formation of the ESOP, and they have also embraced and conquered fun and educational challenges. The shift to an ESOP has been a positive change for Tata & Howard, and we look forward to many more celebratory Octobers. Happy ESOP Month!
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