Employee Stock Ownership at B&I Contractors Drives Success
The ESOP formed in the mid-80s as an exit strategy for the founder is a key retention tool
“You can’t be successful, long term, if your employees don’t want to stay with you,” said B&I Contractors CEO Gary Griffin.
The Florida and Fort Myers-based contractor leads B&I, a company owned 100% by an employee stock ownership plan. To guide continuous improvement between management and labor, the mechanical and plumbing contractor also recently achieved a Great Place to Work Certification.
“The employees are owners, not literally, but the employee trust does own the stock. It’s been that way since the mid-‘80s,” Griffin said. “It’s an important retention tool, but it’s not all we do. It’s important to do more, and that’s where Great Place to Work is a good fit.”
Griffin said part of the certification requires employers to do surveys, and then follow through on the feedback of those surveys. B&I Contractors earned its place as SNIPS NEWS contractor of the year in 2022, in part because of its efforts with labor.
“We really believe we are making progress in honoring our employees and rewarding them in a way where they want to stay part of our team and be successful with us long term,” Griffin said.
With more than 36 years at B&I Contractors, Griffin has seen employees start competing firms in the past. But with measure like the Employee Stock Ownership Plan (ESOP) and the Great Place to Work certification, the firm is making strong strides in employee retention.
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