Employee-owned companies can be as effective as traditional companies when they foster an ownership culture by providing employees the tools and attitudes to think and act like owners. For example, Springfield ReManufacturing Corporation (SRC) taught employees financial literacy and an innovative mindset. By 2001, SRC grew from 13 employees and $16 million in sales to over 900 employees and $160 million in sales. Each SRC share also grew from 10 cents to $81.60. This 816,000 percent increase over 18 years shows that employee ownership paired with an ownership culture enables outstanding performance. As SRC's CEO says, building an empowered culture is challenging yet rewarding work that pays dividends over the long term.
Building an ownership culture requires employees to understand their direct role in shaping the company. This involves expanding their perspective beyond daily tasks to consider the overall health of the organization. Leaders can facilitate this shift by promoting continuous learning, encouraging the development of skills beyond technical competencies, and making professional development a routine aspect of company culture. Delegating leadership roles across the organization can help employees grasp the importance of management abilities. Introducing new success metrics, such as employee retention and company growth, can shift focus from just quarterly profits. Building a sense of community by treating staff as trusted adults and sharing confidential company performance information can provide employees with the context and knowledge to contribute meaningfully to improving operations. With the right encouragement, employees can prioritize organizational health alongside personal job performance, unlocking their potential to drive positive change as engaged, conscientious employee-owners. This mindset shift positions the company for sustainable growth and prosperity.
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