Eastridge Employee Ownership Month
Eastridge Workforce Solutions, established in 1972, is an employee-owned company that provides full-service talent acquisition and management solutions for companies across the globe. With strategic contingent workforce management programs and comprehensive staffing solutions powered by our proprietary technology platform, the Eastridge Cloud, we make it easy for our clients to attract and manage a skilled workforce.
Our company's Employee Stock Ownership Plan (ESOP) was established in 2019. At that time, 43% of the company's stock was sold to the ESOP. The day we announced that Eastridge employees were now owners and partners was one of the most memorable and fulfilling days of my professional career.
In the first full year of the ESOP, our stock went up 15.3%. We are expecting an even bigger increase in 2021. As I have shared with my partners on numerous occasions, employee ownership is so important to me because I am fanatical about helping to create a meaningful financial outcomes for our employee owners. In a very short period of time, I believe the vast majority of our partners are experiencing that outcome. And, we are truly just getting started!
Last year, 839 internal employees and temporary associates/contractors of Eastridge received an allocation of shares of company stock worth over $7.25M! To help our employee owners better understand the business we have invited financial experts to our annual conference, leadership hosts an annual ESOP roadshow for the the employees, and every other week, we host an all employee owner Town Hall where we transparently discuss company KPIs including financial results to engage the team and facilitate the ownership mindset. This "open book management" style has built trust and employee engagement. In fact, employee engagement scores are up 62% since we became employee owned.
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Of course, this has helped Eastridge recruit amazing partners. When we became employee-owned, hiring took on an even more significant meaning than ever before. Why? Because we are now hiring partners, those we are sharing equity with. So, we created Eastridge DNA to hire for the characteristics we value as partners. Individuals that possess Ownership, Urgency, Resilience, Work Ethic and Self Awareness will have an impact on our clients, candidates and co-workers and make Eastridge the special company it is today.
The ESOP program has had an immeasurable impact on our company. I am so honored to serve and to have the great fortune of leading this amazing company and its employee owners. To all of my Eastridge partners, and to employee owners everywhere, Happy Employee Ownership Month!
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2 年Seth, thanks for sharing!
Thank you Seth for all you have done for our company. As an employee owner of Eastridge, I couldn’t think of a better person to lead our company. For those that have read this article, I’m here to testify that Eastridge is hands down the most incredible place to work and being an ESOP is just the icing on the cake. Eastridge DNA is not just marketing , but values we all aspire to and live everyday. I’m proud to be an Eastridge employee and proud of what we stand for. Come join us and see what a cool place to work this is.