No Result
View All Result
Benefits Expert
  • About
  • Advertise
  • Alerts
  • Events
  • Contact
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
No Result
View All Result
Benefits Expert
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION

Employee ownership beneficial for employees, study finds

by Kavitha Sivasubramaniam
23/10/2023
Ownership
Share on LinkedInShare on Twitter

Employee-owned businesses (EOBs) offer staff more pay and benefits than other companies, new research has revealed.

The Exploring the potential of the employee ownership business model report highlighted that EOBs usually pay a higher minimum wage than non-EOBs by an average of £2,900 annually.

EOBs were also discovered to be more likely to provide cost-of-living support to the workforce, reporting a difference of 50% or more in levels of financial wellbeing help, as well as one-off lump-sum bonuses and salary sacrifice schemes.

The survey, which involved around 9% of the 1,650-plus EOBs in the UK and a controlled group of their non-EOB counterparts, further found that nearly half (48%) of EOBs invest in private healthcare for staff, compared to around one in three (34%) non-EOBs. In addition, three in four (74%) provide access to mental health resources compared to one in three (34%) other employers.

In terms of working hours, the report discovered that EOBs were also more likely to offer flexibility, at 61% compared to 36% of non-EOBs. Remote working was available to employees at 84% of EOBs compared to less than half (47%) of non-EOBs. Additionally, three times as many EOBs supported career breaks or sabbaticals – 47% versus 16% of non-EOBs.

RELATED POSTS

Richardsons becomes living wage employer

UK wage growth reached peak, analysis finds

One in five neurodiverse employees wants work from home option

Workplaces failing to support neurodiverse employees, study shows

The data showed that EOBs also reported increased engagement and motivation since implementing employee ownership, cited by 83%, while nearly three in four (73%) found job satisfaction had increased. 

European law firm Fieldfisher contributed to the study, which discovered that employee-owned companies are 8-12% more productive than non-EOBs.

Commenting on the report’s findings, Fieldfisher partner Graeme Nuttall OBE said: “These findings confirm what practitioners in this area have long seen as the key benefits of employee ownership.

“EO is a business model that is rapidly being recognised as a force for social and environmental good, and this study reveals its wider economic benefits to the UK economy at a time when fresh thinking and positive practical options are very much needed.”

Continue Reading
Next Post
BAME carer

Caring commitments drive BME women out of work, data shows

Oxford PharmaGenesis

Oxford PharmaGenesis gains menopause friendly employer status

Guide to DC Pensions 2023



CLICK TO REQUEST A FREE COPY

OPINION

employment, Emma OConnor, holiday requests

The rise of AI use – considerations for employers and HR?

Paul Beare

Paul Beare: Embracing flexible working post-Covid

Rob Woodward BDO

Rob Woodward: Agency workers and legislation targeting umbrella companies

Clare Worgan Sands

Clare Worgan: Supporting employees affected by baby loss

SUBSCRIBE

Benefits Expert

© 2023 Definite Article Limited. Design by Bedazzled Media Limited.

  • About
  • Advertise
  • Privacy Policy
  • Terms & Conditions
  • Contact

Follow Benefits Expert

No Result
View All Result
  • News
  • In depth
  • Profile
  • Pensions
  • Global rewards
  • Financial benefits
  • Health & wellbeing
  • Diversity & Inclusion