Top 15 accounting firm Crowe is extending shared ownership beyond senior leaders or select groups to all employees across the entire firm.
It announced Monday the launch of a new shared ownership program called CroweONE, which is short for “Crowe: Our Next Era.”
The program requires no upfront investment and “provides [employees] an opportunity to share in the growth of Crowe in addition to existing compensation and benefits,” the firm said in a media release. Future hires will also be eligible to participate.
The broad-based employee ownership program was developed in collaboration with global investment firm KKR following the August close of its equity investment in Chicago-based Crowe.
Crowe has joined a group of INSIDE Public Accounting top 15 firms that have also received private equity backing, including Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper.
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The shared ownership program is designed to foster an ownership culture by helping employees better understand the business and empowering them to play a more meaningful role in Crowe’s future, officials say.
“KKR’s approach to broad-based ownership, employee engagement, and alignment is unparalleled and immediately resonated with us because it builds on the principles that have guided Crowe for more than 80 years,” Crowe CEO Steven Strammello said in a statement on Oct. 19. “CroweONE empowers our people to participate more directly in the firm’s success while giving new meaning to our value of Stewardship. The sense of shared ownership enables us to deepen trusted client relationships, deliver the highest-quality outcomes, and create lasting value for our clients and our firm.”
Crowe says CroweONE is part of a broad suite of people-centered initiatives, which includes the Forward Together Awards—cash awards provided in August to recognize employee contributions to the firm.
In addition, the accounting firm says it’s in the process of establishing an employee assistance fund for team members facing unexpected financial hardship and launching a new employee recognition program.
“Broad-based ownership is about giving employees the opportunity to share directly in the value they help create while also giving them a greater voice in shaping the company’s future,” KKR partner Chris Harrington said in a statement. “Crowe already has a deeply collaborative culture, and we believe CroweONE can help build on that foundation by working to strengthen the connection between its people, clients, and long-term growth.”
Photo credit: Crowe
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