The research findings make an extremely powerful case that the UK economy would significantly benefit from ‘growing the number of employee and worker owned businesses (EOBs) faster.
To support that to happen, Ownership at Work and the eoa propose the following recommendations and look forward to partnering with critical groups:
Investors and providers of finance
- Actively direct greater levels of investment capital towards supporting the establishment and growth of EOBs.
- Lower the cost of capital when providing investment to EOBs.
- Establish EOBs as a viable ESG asset class.
- Review how the British Business Bank can help unlock and leverage capital for EOBs
Policymakers and political decision-makers
- Promote growth in employee and worker ownership as a core ambition of UK industrial strategy
- Commit to specific targets for growing EOBs at national, regional and local levels
- Create a Minister with responsibility for EOB growth
- Consider expanding existing Employee Ownership Trust tax reliefs to enhance positive impacts on employee owners
- Enhance levels of targeted business support to grow awareness and understanding of employee and worker ownership
- Expand the proven Ownership Hub approach across all Mayoral combined authorities
- Encourage commissioning authorities to recognise the economic, social and environmental impacts of EOBs when directing public sector spending
Educators, business schools and trade bodies
- Make EO a fundamental building block of business education
- Create dedicated materials and courses to support growth of the democratic economy
- Trade bodies across all sectors do more to promote understanding of the benefits of EO.
Business owners and founders
- Consider sharing meaningful ownership and participation with all of your employees Consider building this into your motivational model at any stage of business development Consider selling to employees particularly as you approach exiting the business