October is national Employee Ownership Month. Just over a year ago, Colorado Pool + Spa Scapes converted from conventional ownership to a 100% employee-owned company, and things are going even better than expected.
“Our customers tell us how happy they are to support employee ownership, and our employees are loving the new ownership structure,” says Paula Cross, company CFO and Human Resources Director. Job seekers at CPSS have been intrigued by the idea of working for an employee-owned company, as the potential for greater income and company success can be directly affected by their individual performance.
Customers and the community benefit from employee-ownership structure in many ways. An employee-owned company is more likely to stay in business during tough times, therefore employees are more likely to be retained and contribute to the local economy without drawing unemployment benefits. Engaged employees with actual ownership in their place of work tend to be more motivated and provide higher levels of service. The customer/employee interaction circle is also enhanced.
“Although there can be challenge in helping some employees understand the true benefits of an employee-owned structure, once they get it, a positive shift seems to occur,” Cross adds.
Here is more information from Colorado Office of Economic Development & International Trade’s Employee Ownership Office:
Employee Ownership Month celebrates the growing number of employee-owned businesses across our nation, and the incredible value they provide for employees, businesses, and communities. In honor of the celebration, Governor Jared Polis signed the 2022 October Employee Ownership Month Proclamation.
From simple grants to highly structured plans, employee ownership rewards employees for the business’ success. Employee owners experience a better quality of life, higher wages, job stability, and numerous other benefits. Business owners see a more engaged workforce, a guaranteed succession plan, and a way to attract and retain top talent. Businesses and communities see increased economic resilience, even in downturns.
As a previous business owner himself, Governor Polis made employee ownership a priority and established the Employee Ownership Office and Commission. And now, Colorado celebrates the incredible growth and momentum of over 180 employee-owned businesses and counting. We are proud to be recognized as a national leader in a space that rewards Coloradans for their hard work, and keeps jobs local and businesses’ doors open.