Employee Ownership Day (EO Day) is the national celebration of employee ownership and a major opportunity raise awareness of the economic benefits and positive impact the sector has on the UK economy.
EO Day takes place in the same week as the launch of the findings and recommendations of a major new independent inquiry into the potential for increased employee ownership in the UK: the Ownership Effect Inquiry
The employee ownership sector accounts for more than £30 billion of the UK economy. Whilst employee owned companies include a number of substantial businesses including John Lewis, Arup and Riverford Organics, a growing number of SME companies are moving to employee ownership, spanning a range of sectors including construction, architects, manufacturing and information technology,
The Ownership Effect Inquiry reveals new evidence that there is a significant and valuable Ownership Dividend to be gained from having more employee ownership in the UK economy, which the Inquiry believes would deliver a more productive and inclusive economy in a number of ways, including:
- Improving UK productivity
- Resilient regional economies
- More engaged employees
The Inquiry is both authoritative and rigorous. Chaired by Baroness Bowles, it has been sponsored by the John Lewis Partnership, the eaga Trust and the Employee Ownership Association, and has supporters including the Cass and Manchester Business Schools. Members of its panel have included representatives of the Institute of Directors, the Institute of Chartered Accountants in England and Wales, the Federation of Small Business and the Chartered Institute of Personnel and Development
It has made a range of recommendations, including:
- Investing in government agencies to build awareness of how to businesses can introduce employee ownership and practical help to make it happen
- Development of a new national strategy for business ownership
- Consider further incentives to encourage growth of employee ownership, including tax incentives
- Wider education about employee ownership
The Inquiry’s report and findings can be read in full here
If you would like to explore how employee ownership might be introduced in your company, please contact us for an initial discussion.
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