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Eileen Fisher:
Teamwork and a Focus on Employee Well-Being Fuel this Successful Company
By Emily Meyertholen, Beyster Institute Staff
The 2008 Employee Ownership Conference in Chicago this April was so chock-full of great ideas and inspirations that we’re still getting around to sharing some of them with you.
Perhaps the most remarkable company I encountered at this year’s conference was women’s clothing retailer Eileen Fisher. If you haven’t come across this company's graceful, comfortable clothing at a high-end department store or one of their mall boutiques, you may be familiar with their magazine advertisements which depict “real people” – sometimes their own staff members – wearing beautiful and stylish yet practical clothing.
In a conference session titled “Employee Ownership, Social Responsibility and Being a Great Place to Work,” Eileen Fisher’s Chief Culture Officer Susan Schor and the company’s employee ownership consultant Virginia Vanderslice of Praxis Consulting Group discussed how Eileen Fisher's new employee ownership plan fit into the company’s very non-traditional culture.
Virginia opened the session with a very telling anecdote: In her first meeting with Susan, she asked how employee ownership fit into the company's long-term strategic plan. Susan, a little taken aback, replied "We don't talk like that here."
Leaders at Eileen Fisher may not speak the same management language as most companies, but they have obviously found their own recipe for success. Eileen Fisher boasted $254 million in sales last year and hasn’t recorded a sales downturn in recent years. The company’s consistently high performance, even in the current tough times for the retail clothing industry, has received significant media attention, as has founder Eileen Fisher’s decision to transition ownership to the company’s employees.
How do they do it? Susan says employees do not focus on financial goals; instead they work to find success by constantly striving toward their mission: “To inspire simplicity, creativity and delight through connection and great design.” She shared how many aspects of an employee-ownership culture were already in place long before becoming an ESOP company, such as encouraging participation in all areas of the company and working in collaborative teams.
The company puts a high priority on employee well-being and development opportunities. Susan's description of company’s culture and generous benefits caused visible astonishment among some session attendees. Beyond traditional benefits and the ESOP, perks included in-house yoga and Pilates classes, an employee clothing allowance, annual $1,000 bonuses to each employee for wellness expenses (which could even include massages and manicures), and another $1,000 for leisure classes or activities – not including career-related continuing education expenses, which are also covered. Susan explained that full and healthy personal lives are incredibly important at the company. She says you rarely find anyone in the building before 9 a.m. or after 5 p.m. – and she wants to keep it that way.
Eileen Fisher also does its part to "give back." Its grant programs support women-owned businesses, fund social initiatives promoting positive self-image for women and girls, and sponsor community events related to environmental causes and women's well-being.
Obviously, this company has found its balance, and employee ownership is an important part of its future.
©2008 The Beyster Institute and its authors and their entities. All rights reserved.
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