Recruit and Retain Talent with an ESOP
The Chant Group, a project and construction management company, implements an broad-based ESOP to recruit, retain and engage employees. While the owner isn’t ready to retire yet, the ESOP offers one business succession strategy.
“I saw it as fundamental to our approach to attract and retain good people in a competitive marketplace. The objective was to have a differentiator by allowing key managers to be directly connected to their net impact on our corporate performance.” Ted Chant, Chant Group Owner
The owner, Ted Chant, wanted something that would help his company recruit, retain and engage staff members. Prior to forming The Chant Group, Ted had worked at a company with an ESOP and saw the benefits the model could bring.
How we Helped
Using our ESOP Transformation Model, we worked to create a plan that met the owner’s main goal, which was to ensure the plan was perceived as fair.
As part of our process, we created an ESOP team of employees who helped design the plan. We also hosted employee education information and education sessions to ensure everyone understood the risk and rewards available through the ESOP.
- Increased employee engagement
- Improved targeted employee recruitment and retention outcomes
- ESOP provides owner with a potential exit tool