EOA welcomes Lush employee ownership announcement
The Employee Ownership Association (EOA) welcomes the news that the high-street retailer Lush will bring an element of employee ownership to its business, after setting up an Employee Benefit Trust for its staff members.
As a lobbying organisation that aims to grow the size and economic impact of the employee ownership sector, the EOA applauds Lush’s success at the same time as positioning its business as a force for good, which contributes to the government’s objectives for a more productive, fairer society and an economy that works for all.
Deb Oxley, CEO of the EOA, said:
“We welcome the news that Lush is to bring an element of employee ownership to its structure as part of its focus on employee engagement and investing in its workforce.
“Businesses that have a high level of engagement teamed with giving employees some kind of stake in the business tend to have higher levels of productivity and resilience. They are part of a sector that is growing by about 10% per annum and contributing more than £30bn UK GDP.
“The most famous example of employee ownership is the John Lewis Partnership. Lush is now the second, big name, high street retailer to incorporate elements of employee ownership into their business model. Lush’s dedications to values, ethics and employee voice makes it no surprise they have chosen this route.
“During these times of economic uncertainty, these values of honesty and transparency help deliver a balanced, more productive and resilient economy. It is great to see that in a year where trust in big business has been lacking, Lush is now part of a growing number of businesses who are focusing attention on their employees; recognising and demonstrating – especially with its recently shared financial results – how business can thrive as a result of listening to employee voice.”