The Best Practices Guide: Employee Stock Ownership Plans (ESOPs) Communication Checklist
If you have an ESOP or are planning to add one, here are some steps you can take to make sure employees fully understand the benefits of participating.
Download and print the Employee Stock Ownership Plans (ESOPs) Communication Checklist (PDF: 79 KB)
- Do you have a communication plan? This can help ensure consistent, timely communication.
- Are you offering training classes? Periodic informational sessions may help employees fully understand how employee ownership works.
- Do you readily share information about company financials and operations? An open-book management approach can help create a highly educated and business savvy workforce.
- Do you incorporate information about the ESOP even before employees are hired? You cannot start educating employees too early about how the ESOP works. Consider providing information about the ESOP in orientation and even to prospective employees as part of the interview process.
- Are you encouraging questions? In group meetings, everyone learns when one employee asks a question.
- Is your communication frequent, detailed and year round? Effective communication means quality, quantity and frequency of information. ESOP education is a process, not an event. Continue to educate employees on a regular basis year-round.
