Employee Ownership is the Answer!

Ownership Associates UK carried out a survey to find out how Scotland’s employee owned businesses were coping with the challenges of the Covid crisis.  You can read the full survey here: OAUK Covid19 Survey Jun 20.

On this EO Day I thought it might be appropriate to share some of the responses given as to why these companies believe that their employee ownership model will help them emerge stronger:

“We have been open with staff from beginning and they are aware of severity of situation and impact on business. As a whole, they have supported leadership in tough decisions. Humbling.”   

“Everyone understands what’s going on and that their help and ideas make a difference. There’s an urgency to use our time wisely to come out this stronger in terms of our technology.”OAUK employee owners

“Employees should be more understanding regarding actions necessary to keep the business viable moving forward.”

“I believe that the owners (staff) will support our actions to keep their company afloat”

“Staff all being kept well informed on sales outlook and regular accounts being presented via Zoom whole company meetings”

“I hope there is a bit more buy-in from employees and a willingness to possibly go the extra mile”EOT testimonials

“As we are all in this together and people are not feeling isolated. We are keeping communicating with everyone”

“Team spirit evident in willingness to modify work practices, adopt shifts and work together pragmatically”

“Employees are fully aware of all company finances so totally understand the impact of Covid on 2020 profits. They are fully involved in restart risk assessment planning and without fail are desperate to return to work. Vendor payments were due to be complete within 2 years and employees are very keen to still make that happen. All furloughed staff have received full salaries with the company paying the 20% shortfall and many employees have said that they need to repay this support through extra hard work and further productivity increases”

“Good governance. Staff taking ownership. Self policing. Transparency. I.e. Everything that is great about an Employee owned Company.”

“Employee Ownership is a huge factor in our approach to transforming our business”

“The team had been part of our 3 month “bridge” actions and continuous updates are exchanged all round “    

“It appears staff are more understanding and adaptable than what they possibly would otherwise be (possibly).”

“As with previous down-turns affecting our industry the fact that we do not have a parent company or external share-holders to consider means that we able to take the appropriate decisions for the long-term benefit of the company without undue external considerations”