beyond listening

The town halls were a pivotal moment in our journey, opening the doors for more open and honest communication, which we continually strive to improve. We also made strides in our compensation strategy. As an employee-owned company, our success is tied directly to the success of our employee-owners. Over 50% of what RESPEC makes goes back to employeeowners annually through near- or long-term benefits.

In 2022, we took concrete action in response to the survey and town halls:

Salary Review

RESPEC is committed to a competitive compensation program that will attract, retain, and reward high-performing employee-owners. Our first ever company-wide compensation study reviewed employee-owner salaries and compared them to peers, market trends, and similar levels of experience and expertise. From there, we aligned compensations where needed.

Retirement

RESPEC wanted to ensure that employee-owners had an easy path to entering the Employee Stock Ownership Plan (ESOP). Now, new employees become owners on their first day of employment. Tenured employees joining RESPEC through acquisition are fully vested as soon as they join the company.

Parental Leave

Life is full of different chapters. Our employeeowners should have the support they need to navigate changes easily. That’s why RESPEC now offers 100% paid parental leave for our employee-owners, whether they are new parents or assisting older parents. This policy helps new parents and children to older parents have financial peace of mind.

Health Insurance

RESPEC introduced a copay option for employee-owners as an alternative to the higherdeductible plan. We also absorbed some higher medical costs to help relieve the financial burden to our employee-owners. Then, we incorporated better plan structures to help families.