Optimism, Resilience, and Grit is the antidote to Fear, Uncertainty, and Doubt for ESOPS during COVID-19
What is an ESOP?
For those who are not familiar with Employee Stock Ownership Plan (ESOPS), these are companies that give employees ownership interest in the organization. ESOPs are much more than a retirement plan. When organizations are set up as Employee-Owned, a trust is formed that purchases some or all of the shares of the company. This structure generates tax benefits for the company and establishes a culture of shared ownership. ESOPs provide employee-owners with educational opportunities, shared data on performance, increased business literacy, and enhanced employee involvement. By involving, educating, and informing employees in day to day business operations, this "ownership culture" builds innovation that leads to bottom line improvement and strengthened performance.
A few of my clients, including King Arthur Baking Company and Resource Systems Group are ESOPS. I have also been an employee of an ESOP, Hypertherm, that is 100% employee owned. Because employees are owners of the company, they have a say in how the company is run. I find that when I work with my ESOP clients, they have a strong commitment to both the performance and culture of their organizations!
ESOP Wellbeing
Between both the pandemic and political unrest, employee-owners are seeking ways to endure and succeed in the world. For a number of years, I have been teaching and speaking about positive psychology - specifically Optimism, Resilience, and Grit. As we look at the our current social and political climate, ESOPS face new challenges that can be unsettling.
These unique circumstances, along with navigating both economic and health disparities caused by COVID-19, make building employee’s optimism, resilience, and grit to fight fear, uncertainty, and doubt all the more essential! ESOPS are more financially dependent on their employee-owner health, motivation, and wellbeing as it directly impacts the bottom line and culture.
Optimism is the belief that one will generally experience good outcomes - that things will work out for the best. Those who are optimists have many benefits including living to age 100, taking fewer sick days, and feeling happier.
Optimism can be strengthened by being a positive forward thinker, having gratitude, and smiling more.
Resilience is our ability to bounce back during times of challenge. Benefits to resilience include a lower rate of depression and greater satisfaction in life.
You can build resilience by taking decisive action, taking care of yourself, and mainlining a hopeful outlook.
Grit is a focus on long-term goals through passion and perseverance. Grit has been found to be a key differentiator with high performers.
Grit can be strengthened by investing in adopting a growth mindset and asking for support.
Developing Optimism, Resilience, and Grit benefits you personally as an ESOP employee-owner, in addition to the business bottom line of companies that you work for by increasing engagement, retention, and success with organizational change. These skills can be learned and strengthened at any time, no matter your age!
Sarah Scala hosts workshops to develop resilience, grit, and optimism for teams and organizations of various sizes. Learn more about business facilitated workshops here.
Self-learning on this topic? Check out our new Digital Course Optimism, Resilience and Grit: Sustaining Success at Work and Home.
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About the Author:
Sarah Scala is a senior talent management leader and executive coach with 20+ years of experience providing organization development, change management, and leadership development solutions for diverse global and local industries. She She is a collaborative consultant, coach, and educator supporting performance transformation of executives, leaders, and teams. Sarah is a methodical, results-driven leader recognized for helping clients reach their highest potential, increase revenue, reduce turnover, elevate business profitability, build competencies, and improve performance.
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