Celebrating Shared Ownership
In 2023, Hanbury established an Employee Stock Ownership Plan (ESOP), giving every employee a financial stake in the firm's future. As we recognize Employee Ownership Month, we're reflecting on what this model means for our practice and the people who contribute to its success.
"Owning a part of Hanbury is both a financial benefit and a profound motivator," said CEO David Keith. "It changes how we approach our work, knowing that every project's success is a personal success as well."
Through the ESOP, employees accrue shares annually, allocated according to salary levels and capped to limit disproportionate ownership at the top. The structure extends ownership across the practice, allowing employees to participate in the firm's long-term financial success.
For COO Pat O'Keefe, employee ownership also has practical implications for the business. "Our ESOP serves as a strategic tool for business health. It drives us to be responsible and collaborate more effectively, knowing the firm's growth is a direct reflection of our personal and collective efforts. This alignment not only boosts morale but enhances our resilience in a competitive industry."
Hanbury has long emphasized collaboration and the exchange of ideas across its offices. Employees contribute different perspectives to project work and decisions about the firm's direction, reflecting our commitment to continual learning and a constant state of becoming. The ESOP gives that shared responsibility a financial dimension.
Our decision to establish an ESOP was informed by the experiences of other employee-owned architecture firms. Employee ownership supports the firm's long-term stability while allowing more people to share in its success. It also has the potential to strengthen job satisfaction by giving employees a greater sense of ownership and connection to the practice.
Three years after its introduction, the ESOP remains an important part of Hanbury's future and the continued development of our practice.
Hear from some of our employee-owners about what ownership means to them.
