A couple of months ago, I wrote a blog post on companies that are owned by their employees (K&H – the John Lewis of accountants?). John Lewis is probably the best-known example, and K&H joined the list of employee-owned businesses just over a year ago.
In apparently difficult trading conditions, John Lewis is going from strength to strength. Gross sales rose by 6.5% to £7.4 billion in the past year, with a 20% rise in full-year profits. As a result, the company’s 70,000 staff (or partners, as John Lewis calls them) will share a bonus pot of £151.3 million, which is equivalent to about 15% of their salary, or eight weeks’ pay.
We can’t all be John Lewis, of course, but there are huge advantages to employee ownership – not least because members of the team are more motivated, more committed and more entrepreneurial.
I am so convinced of the benefits of employee ownership that K&H is now a member of the Employee Ownership Association. If you are at all interested in looking into this for your own company, then visit the EOA website where you will find all the detail you could possibly want, and lots of helpful case studies, including John Lewis itself and Loch Fyne Oysters.
If you’d like to find out how K&H’s team share scheme works, please feel free to email me. Maybe I will see you at the EOA annual dinner at the House of Commons in July?