Unlocking Potential with Employee Ownership

On the evening of June 13, 2024, more than 1,000 of SRC's employee-owners gathered for their annual shareholder meeting to learn how far the collective culture of their ten divisions had propelled them. At SRC, stock price growth is one measure of their culture’s power.

One of SRC’s Board of Directors, Barry Schaffter, took the stage to hammer that message home.

“People on the outside are noticing SRC’s brand,” he said. “That results from the culture you have built inside this business. Your culture is extremely difficult to match—and your customers know it. They want to do business with you because of it—and your new stock price reflects that.”

The company’s employee-owners then cheered when they learned that, despite a challenging economy over the past year, SRC’s stock jumped 12% in 2023—a third consecutive year of double-digit growth.

As Jack Stack, SRC’s president and CEO, told the standing-room-only crowd augmented by hundreds of more shareholders tuning in via a live stream: “Culture matters—and it can be measured.”

Unlocking Everyone’s Potential

Over the past 40 years and counting, SRC’s investments in its people and culture have yielded profound returns.

It’s critical to recognize that the wealth SRC has created over the past 40 years has been shared among its employee-owners—not outside investors. SRC is 100% owned by an employee stock ownership plan, or ESOP. Thanks to their shares in the ESOP, more than a few left with very comfortable retirements.

SRC is investing in unlocking the potential of its associates in ways that extend beyond the ESOP. Rooted in the belief that the value of the company stems from the talent within, SRC’s total rewards package includes career coaching and advancement opportunities stemming from on-the-job training and tuition reimbursement programs.

As Krisi Schell, SRC’s Executive Vice President of HR and a member of the Board, said from the stage: “We need to continue to invest in ourselves and have the ‘gotta wanna’ if we want to build a dominant workforce for the future.”

Schell also said that SRC plans to add more than 400 jobs over the next five years—which might mean the best is yet to come for SRC and its employee-owners.

Charting A Path for The Future

During the shareholder meeting, SRC’s associates approved adding three new members to its Board of Directors: Tim Stack (vice chairman), Chad Myers (alternate), and Laura Ruzicka (alternate). These additions solidify the board's longevity by improving readiness for potential member rotation, and the new roles are to be ratified in October.

SRC’s current board members, as approved by SRC employee-owners on June 13, are:

Jack Stack (Chairman)

Tim Stack (Vice Chairman)

Dennis Sheppard

Krisi Schell

Beverly Willis

Kitty Bingham

Stephen Gray

Barry Schaffter

Chad Myers (Alternate)

Laura Ruzicka (Alternate)

Frank Steck (Emeritus)

This board will be responsible for helping chart SRC’s future as it doubles down on its commitment to unlocking the potential of everyone inside the business.

At the soul of every business is its culture. Companies with great cultures gain a competitive advantage in the marketplace. They also become talent magnets. The best and brightest people want to work there, attracting customers and strategic partners who enjoy working with those top performers. When a company’s culture unlocks the potential of every associate inside the business, anything is possible.

“We are figuring out how far you can take this business,” Stack told the audience. “We are on the move and going places. We’re ready to take off. There is nothing but opportunity ahead of you.”