Findorff, one of Madison’s oldest construction companies, has officially transitioned to 100% employee ownership.
The Employee Stock Ownership Plan, which is a qualified retirement plan that gives Findorff employees an ownership stake in the company, marks a significant step in aligning its business practices with its core values of trust, integrity and innovation, according to the Findorff website.
Over 140 Findorff employees have ties to the Universities of Wisconsin System, President and CEO of Findorff Jim Yehle said.
Findorff has constructed work at the Chazen Museum of Art, Gordon Dining and Event Center, the Wisconsin Institute for Discovery and more.
“We’re proud to offer this retirement benefit to employees who can receive Findorff benefits,” Yehle said.
Yehle says the company is trailblazing by including union workers at the superintendent level and above.
According to Findorff’s website, this decision emphasizes the company’s belief in its workforce as the foundation of its success.
Findorff reinforces its commitment to creating a culture of collaboration and shared achievement by providing employees with a direct stake in the business, according to the company’s website.
“We believe the best version of Findorff includes everyone benefiting from the company’s success,” Yehle said. “Making sure our employees are recognized and rewarded for their hard work doesn’t just make us feel good; we’re hopeful it will further motivate us all to focus on the additional value we can bring to our client relationships and projects.”
Companies with ESOPs often outperform their peers, with higher productivity, greater profitability and lower turnover rates, according to the National Center for Employee Ownership.
By allowing employees to partake in the company’s financial success, these businesses encourage a sense of responsibility and motivation that extends beyond day-to-day tasks, according to the NCEO.
Employee ownership creates economic stability by giving employees a vested interest in the company’s success, encouraging thoughtful decision-making and long-term growth, according to the NCEO.
Findorff’s move to employee ownership reflects its longstanding commitment to valuing people over profits, according to the company’s website.
“We are committed to our people,” Yehle said. “The addition of the ESOP means we can allow employees to share in the success of the company, continue to foster a strong culture, and retain and recruit top talent.”
Findorff’s ESOP strategy attracts and retains top talent by promoting shared success, distinguishing the company as employee-centric and providing tax advantages for reinvestment in growth and innovation, according to the company’s website.
Findorff is currently completing construction of Morgridge Hall, UW’s new School of Computer, Data and Information Sciences, and will begin construction for the new College of Engineering building later this year.