Oct 03, 2023
How Talley Thrives By Being Employee-Owned
As an association management company, we recognize that a business comprises not only its product or service, but also the dedicated and hardworking employees who enable us to do what we do. At Talley, we take pride in our Employee Stock Ownership Program, which empowers our invaluable workers by directly linking the success of our company and our future to their efforts.
In an ESOP (Employee Stock Ownership Program), a company contributes shares of its own stock or cash into a trust, which then distributes to the employees over time as a part of their retirement plan and other benefits. Through this, the staff see the direct results of their hard work in a more tangible way, encouraging employee ownership and engendering a sense of partnership between all levels of the company.
By broadly distributing the responsibilities of business ownership, the employee-owners regard their work more carefully and with a greater sense of importance. Maintaining the success of their business directly impacts them, which leads to both a prideful sense of ownership as well as a mentality that prioritizes nurturing the business and driving improvement in the company’s overall performance.
What Sets Talley’s ESOP Apart
Since starting our ESOP in 2018, Talley has witnessed tremendous growth as an AMC, and we owe this achievement to our employee-owners and their passionate dedication. At every stage, we have kept our team in the loop with details about the ESOP’s benefits, as well as financial literacy resources to make sure they are informed about exactly how their work fuels not only the company’s success, but their own financial wellbeing. Making sure our employee-owners are informed ensures they are actively working towards engaging favorably with the plan and their own benefits.
Keeping transparent and open communication about the status of our financial health, the ESOP’s performance, and the impact of our employee-owners allows Talley to maintain trust within our team, which is marked by our consistent profitability and growth.
Our ESOP was designed to constantly align with our own core values and message, which resonates proudly with our team of employee-owners who share those values, creating a stronger sense of community and purpose within our organization. Implementations of programs and initiatives that encourage participation, like our ‘Employee Owner of The Year Award,’ also have a noticeable effect in strengthening the bond between workers at every stage of our company - making it stronger and more effective every day.
Unlike other companies, our code of ethics purveys through our entire company culture, making sure every team member is valued, respected, and heard in order to contribute to our continued success. The supportive atmosphere we’ve established through continuous learning and development opportunities comes from a genuine desire to see our dedicated staff grow both personally and professionally - which is why we don’t rely on “corporate buzzwords” to get the job done for us. Ultimately, that is the goal of both our ESOP and what sets it apart from others - the dedication to achieving the best and most productive work environment possible in order for our employees and company to thrive together.
What It Means To Be Employee-Owned at Talley
There is no cost or fee to be enrolled in our ESOP. Employees are automatically enrolled after 1 year of employment with 1,000 hours logged during that time, and Talley makes yearly contributions in stock or cash on their behalf. Unlike a typical retirement plan like a 401k, Talley employee-owners pay nothing for their shares, have their shares held in a trust, and are financially linked to the share value of Talley itself, rather than external securities.
It’s vital to ensure that the benefits of the ESOP are easily accessible to the employee-owners. Once a year, they will receive an account statement that shows the benefits they have earned, as well as the overall value of those benefits. That value is determined by an independent appraiser, and is used to determine the value of their shares.
How Being Employee-Owned Has Impacted Talley’s Culture
Being employee-owned has had a measurable positive effect on both the internal and external workings of Talley. Pride, motivation, and engagement within our team has resulted in enduring employee loyalty, because our employee-owners have a more concrete incentive and a stronger feeling of ownership thanks to their stake in our company's performance and profits.
This sense of ownership manifests itself within our company culture by providing an incentive for our team to take more initiative and responsibility, while working collaboratively and with open communication to achieve our company’s goals. This also ensures thoughtful decision making among our shareholders, as our employee-owners have more say and vested interest in the forward momentum of our company. Longer-term perspectives like these help us retain talent and lead to a stable, experienced workforce.
ESOPs also have tangible benefits outside the company culture, with many suppliers and customers appreciating that structure for its stability and commitment to their future goals. This external image of an employee-owned company can also function as a unique selling proposition when attracting clients or customers who aim to support businesses that value their teams, and can shape a company’s public image or brand identity.
“Talley's ESOP program goes beyond the traditional notions of compensation and benefits, promoting a sense of belonging, commitment, and dedication among its employees. The program has made me feel like a true partner in the company's success. It's not just a job; it's a vested interest in the future of Talley. Knowing that our efforts directly contribute to the company's financial growth and, in turn, our own financial well-being is incredibly motivating. Talley’s adoption of this program shows its unwavering commitment to its employees, and I’m excited to see the company’s continued growth in the years to come.” - Tanya Kiniry, Talley Programs & Communications Manager
Talley's service model thrives on the strong relationships our staff builds with client partners, and our success hinges on their dedication. Transitioning to an employee-owned structure ensures business continuity without a family successor and allows us to reward our committed staff who've helped us become a leading association management company.
Since starting our Employee Stock Ownership Program in 2018, we’ve witnessed rapid growth and a significant rise in trust among our employee-owners. Our team is dedicated, forward-thinking, and fully aligned with Talley's overarching goals and values. If you aspire to foster a similar culture within your organization, we encourage you to explore the benefits of implementing an ESOP and witness the transformation in your company culture.