Adena Corporation has recently announced an aspiring plan to set itself apart from other construction companies in the area. The company is taking a unique approach by implementing an Employee Stock Ownership Plan (ESOP), a move that distinguishes themselves in an industry where family-owned structures are common but ESOPs are a rarity.
President Randy Payne emphasized the importance of aligning the goals of all employees with the success of the company.
“We believe it is very important to have a path in place where everybody is working towards the same goal and has a vested interest in the company’s long-term viability and financial success,” he said.
The decision to introduce the ESOP was closely tied to the succession plan within the Payne family. With the second generation coming into fruition, the family sought a way to ensure employees have a stake in the company’s prosperity. In essence, a percentage of the company’s stock was sold back to the employees at no cost to them, giving them a tangible interest in Adena’s future.
“Here at Adena, we are trying to do our part to support the trade and the career schools in our community. We want to give people the opportunity to stay in the area with a company where you are a vital part of the business,” Payne said.
The ESOP was officially announced to employees on Dec. 1, 2023. On top of benefits such as healthcare, dental and vision, Adena Corporation has leveraged themselves even more in a competitive job market.
Senior Vice President of Adena’s Florida office Dave Gower explained the news went over very well with the company’s employees down south and he believes this new plan will become a selling point for Adena when recruiting new talent.
“It’s one of the neatest things in the world to work where you are not just a number but rather everyone knows you by name and you also have an ownership stake in the company,” Gower said. “It’s very hard to imagine you are going to find that anywhere else.”
With the succession plan in place, Payne expressed his intention to focus on projects within Richland County, particularly the development of land by the warehouse building at the airport and the area around Akron Children’s facilities on Trimble.
For those interested in gaining diverse experiences through travel, Adena Corporation offers employees the opportunity to work at their different locations, a unique feature for younger generations who have yet to establish any roots, but want to maintain a connection at the home base office here in Mansfield.
“There are opportunities within this company to work on local projects. However if people want the experience of traveling before they settle down, we do provide them that option too,” Payne said.
Adena offers stability and success to their dedicated workforce. With 40 years under their belt, the company is ready to make even more waves in the construction industry in the future.
To learn more about Adena Corporation or if you would like to apply to be a part of their team, visit their website.
