Miamisburg Company Uses ESOP Structure to Motivate Employees and Serve Neighbors
O’Neil & Associates (ONEIL), an employee-owned company that develops technical publications, training and related materials, is creating a culture of caring through its employee stock ownership plan (ESOP) business structure. From its employee recognition programs to its Adopt-a-Family outreach, the company aligns itself with a “service over self” culture that motivates employees and serves its neighbors well.
The company provided Christmas gifts for 45 children and $75 grocery gift cards for more than a dozen families this month alone. As it has done for more than 20 years, ONEIL employee-owners voluntarily give of their own money to support disadvantaged Miamisburg families through its Adopt-a-Family program. ONEIL employees give thousands and partner with Miamisburg schools to provide pre-identified families with food and gifts purchased by the ONEIL Helping Hands Committee.
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“Serving our neighbors each holiday season is a great joy for us,” said Hernan Olivas, president and chief executive officer for ONEIL. “As a 100 percent employee-owned business, our employees, our business, and our local community thrive when we join together to positively impact communities where our own families live, work and play.”
The ONEIL culture of giving extends beyond the holiday season and benefits the local community year-round. The Helping Hands Committee raises money for causes that employees choose, such as its Back to School Shoes program, the Larry E. O’Neil Scholarship, Miamisburg Schools Latchkey program, and the #LoveLikeLogi Foundation that equips first responders with teddy bears to soothe frightened, sick children during tragedies. This year alone, ONEIL employees have given nearly $10,000 back to the community.
To honor its employees internally, ONEIL annually recognizes an employee of the year and team of the year. This year, the ONEIL executive team selected Cynthia Schneider, company controller, as employee of the year and Manitowoc Grove as team of the year for 2019. Each winner was nominated and selected by the executive team and was publicly recognized for their achievements.
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“ONEIL employees are committed, caring and conscientious, so narrowing our winners to only one person and one team each year is never easy,” says Olivas. “This year’s winners exemplify what it means to be an ONEIL employee – collaborative, inclusive, respectful and committed to our mission. In this season of thankfulness and reflection, the ONEIL family salutes their collective 2019 accomplishments.”
Studies show that employee ownership strengthens company culture by increasing employee engagement – and ONEIL is affirmation of that fact. As stakeholders, employees see how the quality of their work contributes to the company’s growth and success, motivating them to perform with higher productivity and greater excellence – because as the company prospers, employees directly benefit.
According to a 1997 Washington state study, ESOP employees earned 5 percent to 12 percent more than those in non-ESOP companies. ESOP employees also have greater retirement benefits, a 2000 Rutgers study discovered. More than 20 percent of ESOP companies have defined benefit pension plans and more than 35 percent have 401(k)s, while fewer than 5 percent of non-ESOPs have defined benefit plans and only 8 percent have 401(k)s. And, with studies showing that ESOP companies also boast higher employee retention and a greater ability to withstand economic downtown, ONEIL benefits the local economy, too.
About O’Neil & Associates, Inc.
O’Neil & Associates, Inc. (ONEIL) is an employee-owned company that develops technical publications, training and related materials for manufacturers to help them show their customers how to operate, maintain and repair their products. In addition to providing services for developing these materials, ONEIL offers related technology solutions for creating, managing and delivering their client’s technical information. ONEIL serves clients in the commercial, aerospace and government markets with offerings like Interactive Electronic Technical Manuals (IETMs), Web-Based Environments, Intrusive Diagnostic Systems, e-Learning, training, Content Management Systems and traditional paper manuals.
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