On Labor Day, let’s make more Iowa workers owners

It was the middle of the pandemic. I was in Chicago working remotely for a large medical company when I ran out of toilet paper.

I called my mom and she said, “we have plenty of toilet paper. Come home to Cedar Rapids.”

I took her up on the invitation, intending to stay a few months. But it felt good to be home after the isolation of the pandemic, so I moved back permanently. When my job returned to the office, I looked for opportunities in Cedar Rapids.

I landed at Crystal Group, Inc., which designs and manufactures high-tech solutions for communications, military and industrial environments. I was drawn in because they’re owned by their employees, via an employee stock ownership plan, or ESOP, a retirement plan that lets companies share ownership with workers. I knew about ESOPs because my partner worked for one and had shared his annual statements showing how much he had accumulated in his ESOP account. They were eye-popping.

But I did not understand what it would really mean to become an owner. I first noticed the sense of ownership on the production floor. In my previous job, we did most production overseas, so I was often on calls late at night trying to troubleshoot. They weren’t invested in our products. It was more, “you sent me the drawings, I did exactly what you wanted, good luck!”

In my new role, our biggest critiques come from the people on the floor building the product. They hold all of us to a higher standard and I love being a part of that. You can't push off accountability because we are all owners and responsible for what we put out.

There is also a stunning sense of rigor in our decision making. In an industry like ours, people get shiny object syndrome, jumping at the latest technology. But because we're an ESOP, we need to see the business case first.

The other thing that was quickly apparent was my colleagues had a lot more experience than me and were eager to share their knowledge. Many studies have shown employee ownership boosts retention and I got to see that firsthand. I remember my first holiday party, where we honored people with 5,10,15, 20, even 25 years of experience.

Then there’s the financial benefit. I had a sense of it from my partner's balance, but nothing compares to seeing your name on that ESOP statement. I’m new, so the numbers are modest, but my account is growing, and it’s money I’m getting just for doing my job well. I’ve seen colleagues retire early with a sense of security and it creates a road map for what my life could be like.

There are only 147 ESOPs in Iowa, despite the many benefits to workers and companies alike. I was excited to hear about the Expanding ESOPs coalition, which is working to dramatically increase employee ownership in Iowa and beyond.

On Labor Day, as we celebrate workers’ contributions to our country, we should also commit to share more of the wealth with workers that they help create. That’s why I’m telling my ownership story, which began with an empty toilet paper roll. Ownership shouldn’t be a fluke. Let’s make it the norm.

Morgan Uridil is manager of advanced program pursuits at Crystal Group, Inc., an employee-owned company in Hiawatha. The Gazette is an ESOP company.