EO needs new role models for a new age. Could it be you?
EO’s never been short of role models: think of the pioneers. Spedan Lewis’s ‘experiment’ that became a £10bn business. Ove Arup with his belief in ‘socially useful work’. Max Fordham with his ‘fit to be an employee, fit to be a partner’ stance.
All innovative thinkers who challenged the business norm. All founders of businesses – John Lewis Partnership, Arup, Max Fordham – still championing EO today.
But how people live and work has changed, and EO is changing with it. So what makes an EO role model now?
What qualities ensure EO remains a relevant way to do business when so much else around us has changed?
An innovative and growing sector
This much is clear: employee ownership today is a diverse and dynamic sector with innovative people, at all levels, championing the cause.
And EO is growing.
As the Employee Ownership Association confirms, 250-plus companies have transitioned since the start of 2020. That figure includes Go Ape which attracted national coverage by becoming EO in October as part of its founders’ succession planning.
This diverse mix is reflected in J Gadd Associates’ experience too. Our clients span multiple sectors, sizes and ownership models – from Riverford Organic Farmers and Aardman Animations to Kilnbridge, NC Squared and Community Dental Services.
‘What the best EO organisations share is vision, passion, commitment and determination,’ says JGA’s Managing Director Jeremy Gadd, ‘and an understanding of what the ownership in ‘employee ownership’ is all about.
‘The founder’s values and beliefs remain firmly at the heart of the business, long after the individual has stepped down and gone.’
The power of shared responsibility
So ‘ownership’ – where do you start? ‘Max Fordham’s focus on EO being about shared responsibility, rather than shared profit, is the key,’ says Jeremy. ‘For me, it’s very powerful.’
JGA’s experience has also shown that successful employee ownership isn’t just about great employee engagement. ‘It’s about helping people understand the responsibility, opportunity and reward that employee ownership can bring – and how to unlock the benefits of their model,’ Jeremy explains.
Defining what ownership means is a conversation JGA’s Associates have with both pre- and post-transition clients, as they explore which practical steps to take.
‘What the best EO organisations share…. is an understanding of what the ownership in ‘employee ownership’ is all about’
Jeremy Gadd.
So what makes an EO role model?
This is a good time to be EO, despite the challenges of the pandemic. There are countless inspiring EO organisations, teams and individuals out there – some regularly garnering awards and media mentions. Guy Singh-Watson of Riverford Organic Farmers and Julian Richer of Richer Sounds are well-known names for a reason.
But what about EO’s smaller ‘movers and shakers’? What qualities make them different and better?
And what if the next EO role model could be you?
Jeremy is intrigued to see who will emerge and what will set them apart, as EO itself continues to evolve.
Drawing on JGA’s own experience, he predicts: ‘The leaders of EO tomorrow will succeed by understanding, and inspiring, an organisational performance that’s delivered by empowered and inspirational employee owners.
‘They will ensure the competing challenges of diversity and inclusion, ESG, client demand, new technology and existential threats are met and viewed as holistic, rewarding opportunities.
‘The challenge for those of us involved in growing this dynamic sector will be identifying and learning from you. It’s an exciting time to be supporting EO.’
Want to know how we can enable you to unlock the benefits of employee ownership with our Transition, People and Governance support?