Even receptionists & janitors 'own millions in stock' at this US billionaire’s hedge fund

What if your workplace gave you a multimillion-dollar stake in the company, even if your job was at the front desk or keeping the office clean? That is the unusual employee-ownership philosophy billionaire investor Bill Ackman says he has built at Pershing Square Capital Management.

Ackman, the founder and CEO of Pershing Square, recently spoke to Fortune about the firm's workplace culture, employee benefits and approach to hiring. He said the company believes employees should have a meaningful financial stake in its success, arguing that this helps explain why staff members have little reason to look elsewhere.

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Bill Ackman says Pershing Square employees own millions in stock

According to Ackman, employees across Pershing Square, including those working at the front desk and in cleaning roles, own multiple millions of dollars' worth of company stock.

The billionaire investor described employee ownership as a central part of how the firm looks after its workforce. He believes that when employees feel like genuine contributors to the company's success, they are more likely to remain invested in its future.

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Pershing Square has also undergone a major transformation. According to Fortune data, the company went public on the Amsterdam Stock Exchange in 2014.

Why employees are staying at pershing square

Ackman says the company's approach goes beyond salaries and traditional workplace perks. His philosophy is that employees should feel they are sharing in the value they help create.

That could also explain why he says Pershing Square has not experienced an unwanted employee departure among its relatively small workforce.

The firm's culture is deliberately designed around rewarding people and making them feel connected to its success, rather than treating employees simply as workers.

Pershing Square offers a unique summer work arrangement

The workplace perks do not end with company ownership. According to Ackman, Pershing Square has an unusual summer arrangement for a Wall Street investment firm.

Employees generally work from the office five days a week for most of the year. During July and August, however, members of the investment team can work from the Hamptons, with some employees renting or owning homes there and working together.

For a traditionally office-centric investment industry, that is a fairly unconventional perk.

Healthy meals, gym and healthcare benefits

Ackman also highlighted the firm's focus on employee wellbeing.

Pershing Square provides employees with healthy meals, gym access and comprehensive healthcare benefits, adding to the overall workplace package.

The billionaire argues that these benefits, combined with financial ownership, help create an environment in which employees feel valued and closely connected to the organisation.

Bill Ackman says hiring for character matters

For Ackman, retaining employees begins before they even join the firm. He says Pershing Square places considerable emphasis on character and personality when hiring.

The firm looks for people who are highly capable but also have strong human qualities and are enjoyable to work with. Ackman believes that combining exceptional talent with good character provides the foundation for a strong company culture.

His philosophy is straightforward: technical ability matters, but how someone treats other people matters too.

Who is Bill Ackman?

Bill Ackman, now 60, is one of America's best-known activist investors. He founded Pershing Square Capital Management in 2004, after earlier co-founding Gotham Partners in 1992.

Over the years, Pershing Square has made major investments in companies including Chipotle Mexican Grill and Universal Music Group.

Ackman has also become known for high-profile investment battles involving companies such as Herbalife and Valeant Pharmaceuticals.

Inputs from agencies