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#lookback2015 - Prospects celebrates being Employee Owned

15 January 2016

As 2016 begins, Prospects is looking back over 2015 and sharing some key successes. Each day, over the next week or so, as part of #lookback2015 you can read about Prospects achievements last year and gain insight into plans for 2016.

2015 marked the third Employee Ownership (EO) Day. EO Day is a significant event in the national business calendar, delivered by the Employee Ownership Association (EOA). Prospects was one of the first companies working in the public sector to become employee owned and is now the 13 largest in the country. Prospects offer consultancy services to other organisations interested in becoming a mutual. In addition Prospects Events organises the EOA conference.

Prospects offices across the country celebrated EO Day. Colleagues who participated included those based in Black Country House, Bournemouth, Bradford, Brent, Poole, Prospects House in Bromley, Taunton and Weymouth, and those providing Early Years in Medway and Nottingham, and the Work Programme in London.

Colleagues enjoyed coffee, juice and pastries, while taking time away from their desks to catch up with each other. A video with Nick Bell, Prospects Chief Executive, talking about the importance of being employee owned was made especially for EO Day and played at the events.

To coincide with the day, the EOA teamed up with partners Prospects, Fieldfisher and the Chartered Institute of Public Finance and Accountancy (CIPFA) to develop and launch a new guide on employee ownership, which has been designed specifically for public sector organisations. Download the guide here.

Employee ownership is a business model in which employees have a significant stake in the company they work for. Employees have a say in how the business is run and directly benefit from its success. Research has shown that employee-owned businesses continue to outperform their non-EO counterparts in terms of productivity and profitability, and through their high levels of engagement across the workforce.

Businesses that have already made the transition to employee ownership, or ‘spin outs’, currently operate in a range of sectors including youth services, fire and rescue, health and social work.

Iain Hasdell, Chief Executive of the EOA said:
“This new guide is essential reading for all those interested in employee owned public service spin outs, and we are delighted to launch it on EO Day 2015. These organisations are performing brilliantly, and play an important part in the ongoing growth of the employee owned sector. We are grateful to our partners at Prospects, Fieldfisher and CIPFA for their help and support in the production of this important guide.”

Nick Bell, Chief Executive at Prospects commented:
“Prospects is pleased to be have been asked to author the new guide for organisations in the public services exploring employee ownership. As the 13th largest mutual organisation in the country, and one of the first public service mutuals we are uniquely placed to share our experiences and the benefits employee ownership has brought to our business and our colleagues. More than £1.5bn of contract value is currently delivered by public service mutuals, and this is set to increase with the new government’s plan to introduce a ‘right to mutualise’ in the public sector.”

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