GENERATOR NEWS
Employee Ownership Helps Drive Engagement at The Gund Company
Did you know that The Gund Company is employee-owned? Through our Employee Stock Ownership Plan (ESOP), The Gund Company family shared 30% of the company’s ownership with our team members.
Why?
The Gund Company shared ownership because we wanted our team members to feel and act as owners. We are in the service business. It takes high levels of work ethic, responsiveness, and passion to meet the needs of our customers.
At The Gund Company, we’ve cultivated a culture that prioritizes people and underscores the importance of care! This care extends to each team member and each customer. Our team members are adept at customer care because they experience compassion, empathy, and recognition every day at work. In the book “First Break All The Rules,” the Gallup organization developed its twelve questions (“the Q12”) to measure employee engagement. For over twenty years, the Gund Company has been measuring our team’s engagement, and we’re proud to maintain world-class levels of team member engagement. The Gund Company has seen a significant boost in its net promoter score, reflecting an enthusiastic endorsement from our team. In the past five years, there’s been an impressive rise of more than 8.7% in the number of our team members who would suggest our company as an excellent workplace to others.
We are a family business, and that is why many employees have brought other family members to work here at TGC. It isn’t uncommon to see husband and wife, father and daughter, or brothers and sisters working together in this business. These families have joined together to take care of our customers for more than 75 years.
From Roots to Revolution:
The Gund Company Marks the Era of the 4th Generation
Krai Gund has joined the company as an application engineer serving the generator market. Many in the generator market may remember that Krai’s father, Rich, also started with the company by serving our generator market customers. Krai graduated from Case Western Reserve with a degree in electrical engineering before working for Deloitte Consulting. As is common with many family businesses, Krai spent a few summers working there. He also worked as a CNC Machinist in our St. Louis facility and as a process engineer in our Queretaro, Mexico facility.
At The Gund Company, we wear our family business values on our sleeves. We take care of each other. We take care of our customers. And we take care of the business – for the long term. We will continue to invest in our people to take great care of our customers. Whether it is Paul, Rich, Steve, or now Krai Gund, there will always be a Gund around to ensure we take care of our customers for the long term.
Rich, Paul and Steve Gund
Krai Gund
A Fusion of Talent and Technology:
Power & Composites Technology (PCT) Three-Year Triumph in the Gund Legacy
Our Amsterdam and Xiamen locations joined the Gund Family three years ago. Many in the industry remember the original PCT Larry Jordan and Jerry Meehan started as being innovative and customer-focused. After ten years of private equity ownership, The Gund Company proudly returns PCT to its roots in engineering technical solutions for the power generation industry. Admittedly, it has taken more time and resources to overcome the lack of investment in people and equipment during private equity ownership. Still, today, PCT is stronger than ever before. Saved from the clutches of private equity ownership that drained the cash as well as the spirit from the business started by Larry Jordan and Jerry Meehan, The Gund Company has breathed new life into the business by increasing compensation and benefits, hiring great talent, and investing millions into new equipment and facility upgrades. Like many family businesses, we invest in our people by providing training and development opportunities. And, of course, each new team member becomes a member of our Employee Stock Ownership Program.
Since the acquisition, PCT’s performance has improved dramatically:
– On-time delivery has increased from about 65% to >90%.
– Shipment lead times have been reduced from an average of >10 to <4 weeks.
– Quality performance has increased from 85% to 95%.
– Employee Engagement Score: Initial survey of 75 to last study of 83.
Yet, with our culture of continuous improvement, we are just getting started. Turning around the damage done by the typical private equity firm takes time. As a family business, we have a generational perspective to drive improving performance now for the company’s long-term performance. We are happy to see the progress and look forward to exciting days for our New Amsterdam, New York Team!
