At Urban, we believe in the power of ownership. October is ESOP Month, a time to celebrate our dedicated team members who are also proud owners of this amazing company.
What is ESOP, you ask? It's an Employee Stock Ownership Plan, a unique retirement benefit that allows our employees to become shareholders in our success story. Urban is owned by its employees and governed by a board of directors elected by the staff. Instead of profits going to a group of shareholders – who might not even work for the company – ESOP shares are distributed to all firm employees. Everyone is invested in the company and motivated to foster the company’s growth.
ESOPs are more than just retirement benefits; they are a strategy for creating a culture of ownership and accountability within an organization. ESOPs drive long-term success and strengthen a team's commitment to achieving common goals by giving employees a stake in the company's future.
When previous Urban owners began transition planning, they chose to place their company in the hands of its workforce because the groundwork was already there. Urban had a staff that could retain control of the company rather than be purchased by a larger conglomerate. By becoming an ESOP, the previous owners could “keep Urban, Urban.”
Through ESOP, we are more than just colleagues; we are a community of owners committed to excellence and teamwork. Together, we make Urban stronger day by day.
We celebrate ESOP Month by thanking our employees for their dedication, passion, and ownership spirit. Here's to many more successful years together!