The Employee Stock Ownership Plan (ESOP) Retreat was held February 8-10, 2006 and was attended by Gear Motions’ Employee ESOP Committee.
The team was up early to make 6 a.m. flights to Orlando, in order to make the first sessions at 1 p.m. Thursday, which went until about 9 p.m. that evening.
The three-day training seminar was attended by non-managerial employee stock owners to learn from and interact with their peers from other ESOP companies. Specifically, the team received training on the ABCs of ESOPs, on managing an Employee Stock Ownership Plan company while playing the ESOP Game, and on team building group problem-solving skills.
Through small groups and structured exercises, members developed and maintained a fictional company, in which they gained a better understanding of management’s role in creating a better P&L and Balance Sheet. The P&L and Balance Sheets are the two things that directly affect the share value at the end of the year.
The group also learned a problem solving technique that will help the Employee Stock Ownership Plan Committees prioritize common goals and solving problems. This technique will also keep the committee focused.
Through the interaction with other committees from other companies at the ESOP Retreat, Gear Motions’ ESOP Committee feels they have a better understanding of ESOPs and how ESOP committees function.