Worldly Ways
Empowering the 99% - One Employee Stock Ownership Plan At A Time: A Three-Phase Mixed Methods Study of Acquisitions by Employee Owned Organizations
Paper Presentation in a Themed Session Suzanne Cromlish
The goal is to successfully increase the number of employee ownership participants and create a positive impact upon our current economic situation of wealth inequality. First, I interviewed thirty Employee Stock Ownership Plan (ESOP) executives with acquisition experience completing 442 acquisitions with 12 unsuccessful. Phase Two Quantitative: Surveyed 3700 members from the three US ESOP associations with 86 respondents totaling 467 acquisitions - 465 fulfilled expectations and 442 were successful. Phase Three Qualitative: Interviewed 25 consultants with acquisition experience. The nine non-ESOP consultants completed 525 acquisitions with 74% meeting expectations & 23% exceeding expectations. The sixteen ESOP consultants completed 268 acquisitions with 91% meeting expectations and 43% exceeding expectations. Qualitative studies utilized NVivo coding software and quantitative study utilized Qualtrics & SMART PLS were included. Organizational behaviors of shared visions, ethical values, long term orientation, altruistic behavior, strategic planning, and organizational empowerment influenced these success rates. Prior to acquisitions, ESOP executives meticulously select target companies with matching cultures. Employment was offered to 90-95% of the new employees and 90-100% joined the employee ownership plan. Open book management, open door communication, and extraordinary cultural integration practices were implemented, which personally and financially empowers employees. The Dealogic Research Institute (2016) reported the value of withdrawn and rejected mergers and acquisitions offers were at the highest level since 2007 and the US was at the top of the list for withdrawn deals. In addition, failed deals set new records as 47% of mergers and acquisitions failed or appeared to not be worth the deal.
Changes in Work Values and Job Satisfaction over the Course of Time: The Effect of Social and Economic Transitions
Paper Presentation in a Themed Session Moshe Sharabi, Galit Yanay Ventura, Brian Polin
This cross-sectional study explores how the combination of economic and social changes are reflected by employees' job satisfaction and other work values. We examine the impact of these changes, particularly the transition from a collectivistic to an individualistic society, on the Meaning of Work (MOW) in Israel. A questionnaire probing the MOW domains (economic orientation, intrinsic orientation, interpersonal relations, entitlement and obligation norms, and job satisfaction) was conducted on a representative sample of the Israeli labor force in 1981 (n=973) and 2006 (n=898). A comparison between the results of the 1981 and 2006 surveys shows a significant increase in economic and intrinsic orientation, and a significant decrease in interpersonal relations orientation, job satisfaction and obligation and entitlement norms. Work centrality remained stable. The demographic factors, especially education, have some impact on the MOW domains. The transformation of work values reflect the changes in employees’ expectations and needs. Therefore, organizations are compelled to find new material and non-material reward systems and methods to maintain employee commitment, motivation and satisfaction. Varied implications for organizations and management are discussed.
