Spring has sprung and for many that means outdoor sports are about to begin! April is National Youth Sports Safety Month and a great opportunity to bring awareness to keeping our kids safe when playing sports.
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How do we make sure we retain our employees over the long haul? What a great question. After all, we spend a great deal of time making sure we hire the best and brightest talent available – we sure don’t want to lose them down the road. It gets you thinking…what can we do to improve our chances of keeping that talent on our team?
The first thing we believe we do well at Gibson is simply treat people right. It’s somewhat of a cliché, but we really do the right thing with our team members. It starts with paying them a competitive, market wage. We back it up with workplace amenities like flexible work schedules, unlimited Gibson Time Off (GTO), and casual dress. We also provide a great wellness program and really walk the talk with healthy food options and provide a quality benefits package.
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At Gibson, we hold our culture near and dear to our heart. It’s one of the most important aspects of our work environment. We care about it and work on it constantly. It’s also something we look for in prospective teammates – will they be a good cultural fit? We are focused on having the right people onto the Gibson bus and in the right seat.
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Anyone trying to run a company today knows it can be complex, difficult, and full of change. The one thing that seems to be a constant in a world of change, is the need for top talent. Whoever has the best talent typically wins. Securing that talent is challenging on a good day, and depending on your specific situation, can be darn near impossible on others.
Of course, to acquire and keep the best talent, you have to offer a competitive total compensation package, including salary and benefits. There are standard employee benefits such as medical, dental, retirement accounts, etc. And then there are differentiators – benefits some offer but most do not - that set you apart from your competitors.
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It is no surprise that Gibson is an avid supporter of and believer in ESOPs and all the benefits they can bring to a company. While there is no such thing as a silver bullet, we believe in the power of ESOPs and the many opportunities they offer to improve a company on so many levels.
An ESOP can offer significant opportunities in:
- Succession planning/perpetuation of ownership
- Employee engagement
- Corporate culture
- Building retirement wealth
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In August of 2009, I was named President of Gibson. The fourth one in our entire history. Most of you remember what it was like in our country back in 2009-10. "The Great Recession" was crippling our economy. Companies were laying off large chunks of their workforce or closing their doors entirely.
Topics: ESOP Executive WhatsTheRisk
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Today we're sharing insight from guest blogger Mary Josephs, Founder & CEO of Verit Advisors and Forbes Contributor with a focus on ESOPs. We hope you enjoy Mary's wisdom and perspective.
With stock prices perched at precarious levels, and an Internet-technology stock selloff already partially in motion, there’s a great anxiety among many business owners and investors hoping for a smart exit strategy.My friends at private equity funds are loaded down with some 7,500 portfolio companies and would like to greatly reduce that number, book some big gains and focus on tomorrow’s acquisitions. Venture capital funds are eyeing the mythical IPO window, wondering whether the startup they’ve backed can squeeze through or will have to wait – a delay that could necessitate another round of investment by funders.
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What’s your favorite holiday? If you ask anyone at Gibson you likely won’t hear the standard responses of Christmas, Halloween, or their birthday. Instead they’ll say Statement Day.
So what is Statement Day?
As an ESOP, our employees are all owners in the organization. They all have the opportunity to earn additional funds for their retirement based on the financial performance of our company. Statement Day is the annual event where we announce the company’s most recent stock valuation, and explain to employees what this means for their retirement. They receive a statement showing their new retirement account balance.
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Every year we set aside a day to spend time with all our employee-owners talking about our GESOP, our company, how we’re doing, and to have some fun. It’s always a good day. But last week’s meeting was exceptional. It was extraordinary because of our stock valuation results, our recent Best Places To Work award, and best of all – continued camaraderie with all the people who make Gibson great, our employee-owners.
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As an employee owned company, our clients have the unique opportunity to speak with owners each day. We asked a few of our employee-owners to share what Gibson’s Employee Stock Ownership Program (GESOP), means to them. As you would expect, it means different things to different people. But several themes consistently appeared in their responses.