For us, transitioning into an employee-owned company has started an avalanche of success. In our short 2 year tenure as an employee-owned business, we have increased our revenue year on year and seen a 25% growth in staff.
Our 2 years of growth has had its pros and cons with being an employee-owned business. However, the pros heavily outweigh the cons.
One aspect of employee ownership is educating the new employee-owners by showing all the benefits to the staff. We encourage every employee-owner to attend monthly meetings with other employee-owned (EO) companies. This helps educate all of us on the great advantages.
In 2017 we wrote “TensCare Ltd is now an Employee Owned Business with the majority of shares being held for the benefit of all TensCare Ltd employees in a Trust.
It has been found that companies that have an Employee Own Trust structure experience higher levels of customer satisfaction, increased productivity, increased profitability and employee retention. All of these benefits are equally important to our New Managing Director: Neil Wright.
Neil, our managing director, who orchestrated the change of ownership with the help of private equity and legal advice from Postlethwaite solicitors (Specialists in Employee Ownership affairs) said; ‘This is a significant milestone in TensCare’s journey as a business. The new ownership structure is a positive alternative to more traditional ownership models and offers real advantages to both the employees and the prosperity of the business.’”
2 years into our journey we have seen a major improvement in every area mentioned! Many companies transition into employee ownership has not been as smooth. A few companies we speak to at the regional events have a harder time translating their level of enthusiasm of EO onto the new employee-owners. We combatted this by educating everyone whilst actively embracing EO in everything that we do together.
This year we are celebrating our Employee Ownership Day by having a day out of the office for some lunch and crazy golf!