What Workers Actually Think About Being an Owner in an ESOP

Reflections from the NCEO panel on April 6, 2026: "Worker Perspectives on Employee Ownership Culture"

At the recent annual gathering put on by the National Center for Employee Ownership, I had the privilege of moderating a conversation that doesn't happen nearly enough in the employee ownership world: one where workers, not advisors, not executives, not consultants, held the floor.

The panelists were Haley Ruybal, a purchaser at StoneAge in Durango, Colorado; Brian Conley, HR Director at Worth and Company in the Philadelphia/Baltimore area; and Gabi Jones, ESOP coordinator at Brinkmann Constructors. Together, they represented a range of company sizes, industries, tenure with employee ownership, and roles within the ESOP ecosystem.

Below is a summary of that conversation and recommendations for leaders who are trying to build ownership cultures.

A note of transparency before we dive in:

The summary below is an edited AI synthesis of a recording of the panel conversation done by Claude.ai. Why? This is not my original content or ideas, and all of the quotes from the speakers are in the recording for Claude to organize. You will notice many em dashes and likely some AI-speak, but I want you to know that while summaries like these might be AI-supported, no original content or research that you find on this site will be AI-generated.

What Workers on the Panel Said that Makes Ownership Feel Real

1. That first ESOP statement matters a lot.

For Haley, receiving her first ESOP statement was a turning point. But what made the difference wasn't the statement itself — it was her manager sitting down with her and explaining what it meant. "Seeing just how much went into my account right at the get-go was astonishing," she said. "I really felt that I was valued."

Brian's company had a different experience. Their statements went out before leadership had a chance to contextualize them, and confusion followed. But they adapted: foremen and supervisors were equipped with toolbox talks so they could walk employees through what a statement looks like, in daily huddles. Brian reflected on the communication miss and how the company will adjust its outreach next year.

Gabi highlighted a gap many companies overlook: employees who are still in their vesting period and haven't yet received a statement. Her team is now creating targeted communication sessions specifically for that group — because waiting until the statement arrives isn't good enough.

The lesson: The statement is a moment. What surrounds it, the preparation, the explanation, the celebration, is what makes it meaningful.

2. Financial benefits beyond the ESOP signal that ownership is real.

StoneAge layers profit sharing (paid every six months, directly to bank accounts), a lifestyle savings account, a continuous improvement program with cash rewards, and a generous approach to work-life balance into their benefits for employee-owners. For Haley, profit sharing translates to "an extra two paychecks a year" that enable real-life experiences — not just retirement someday. "It makes me feel valued as an employee," she said.

Brinkmann pairs its share price announcement with a company-wide awards process called "Best at Brinkmann," recognizing both people and projects. Worth and Company connects safety-first culture with "Worth Bucks" — a recognition currency employees can use in the company store, now prominently branded with the employee owner logo.

The lesson: The ESOP is the foundation, but the benefits surrounding it communicate the values of the company. Workers notice when benefits feel like a genuine investment versus a line item. 

3. Transparency and access build trust.

Haley described being able to walk into her CEO's office and just ask questions. StoneAge shares bimonthly financial updates — with specific numbers, market performance, and forward-looking goals — accessible company-wide through their intranet. "Nothing's hidden," she said. She contrasted this sharply with a prior employer — also an ESOP — where she experienced little transparency and a lot of lip service. "The trust was not there."

Brian's company found that sharing information through cascading daily huddles, combined with a dedicated ESOP email address anyone can write to, helped employees feel heard and informed. Gabi noted that an accessible C-suite — leaders who are visible, approachable, and present at all-hands events — signals to employees that they're not untouchable.

The lesson: Transparency isn't just about sharing financials. It's about consistently demonstrating that information flows to everyone — not just to those at the top.

4. Agency and voice are the most meaningful parts of ownership.

This was perhaps the most resonant theme of the entire session. As Haley put it: "Having that paradigm shift where it's, if I do this, it's going to make my life easier, make my coworkers' lives easier, and it could create real change — is huge."

StoneAge's Continuous Improvement Program lets any employee submit a project — from a quick "five-second lean" (moving a trash can that keeps getting kicked) to a full cross-departmental process overhaul — with recognition and $150 tax-free for the most impactful submissions each month. The program isn't just about improvement; it's about agency. Employees help hire their teammates. Their voices inform strategic planning, broken into small department-level sessions so questions can actually be asked and answered. Pulse surveys — just two questions every two months — create regular data on how people feel.

Brian added something important: surveys aren't just feel-good exercises. His team used survey data to successfully make the case to change the PTO structure. "Data drives results," he said. When frontline workers say they want things like more PTO, but leadership doesn't hear it, surveys put that proof in writing.

The lesson: Voice without action is frustrating. Systems that invite input and demonstrate a response to that input are what build an ownership mindset.

What Leaders Should Avoid

The panelists were gracious but honest. The biggest pitfalls they named:

• Treating employee ownership as a title, not a practice. Gabi said it plainly: "Employee ownership doesn't just magically happen." Having "employee-owned" on your logo means nothing if employees don't feel it.

• Communicating in one direction. Brian reflected on his own growth: "I learned I’ve got to listen more, ask a question, write down the notes, and always follow up with feedback." Leaders who talk but don't listen miss the point.

• Leaving people out of the community. StoneAge includes every employee — even those hired two weeks before a statement party — in celebrations. Ownership culture is inclusive or it isn't.

• Keeping information at the top. Workers on the ground often have some of the best ideas and the clearest view of what's broken. Not giving them access to information — or not listening when they share it — wastes that knowledge.

A Tool to Take Home

This conversation was supported by the Ownership Culture Handbook — a guide and reflection tool designed to help leaders build stronger ownership cultures. It pairs frameworks for thinking about culture with prompts for self-assessment, making it a useful companion both for teams just starting their ESOP journey and for those who have been employee-owned for years.

If you're not quite sure whether your employees feel like owners, the Handbook is a good place to start. But before you open it, consider doing one thing first:

Listen.

That's the throughline from every worker on that panel. Not a program, not a policy, not a perks package — though all of those matter. It's the willingness to genuinely listen, to treat workers as the experts on their own experience, and to let that listening shape what you do next.

That's what builds a company where people feel valued, trust runs deep, and employees are truly enrolled in shared success.