Benefits of a business that you have a real stake in
FOR more than 200,000 people working in employee-owned (EO) businesses, a job comes with a stake in the organisation.
Business studies graduate Glenn Bills, who is head of product management at Gripple, a wire joiner and fastener manufacturer in Sheffield, says: ‘I was attracted by the fact that Gripple was an employee-owned business, and it’s one of the reasons I have stayed.
‘Here you are not just a number. You are treated as an individual, because you are an owner and the business will support you.’
Glenn, 29, had previously worked with big multinationals, but says: ‘Here there is a more questioning culture. I can participate in the running of the company, challenge, and ask for explanations. Anyone can suggest things and ask questions.’
All employees are expected to invest at least £1,000 in company shares after 12 months and Gripple offers loans to do so. Dividends based on company performance are paid quarterly and employees vote for representatives to the Gripple group board.
Glenn says: ‘ Many companies offer employee share schemes but an EO company offers a lot more than that. More people should know about them.’ there are more than 350 eO businesses in the UK. Business models vary, but all offer employees shares.
ed Stubbs, managing director of Gripple, says: ‘employees owning a share of the business creates a sense of drive, passion and enthusiasm, as everyone benefits from success. As an eO business we have more flexibility and freedom than most firms. Our culture is unique.’
Gripple has a graduate management scheme, apprenticeships, work placements and internships. Deb Oxley from the employee Ownership Association says: ‘Our research shows huge benefits for people working in employee-owned businesses. engaged employees tend to have better well-being, and are up to 11 per cent more productive.
‘U.S. studies show that people working in eO businesses have 33 per cent higher wages and 53 per cent longer job tenure.’