Prospects celebrates Employee Ownership Day
Today colleagues across the Prospects Group celebrated employee ownership day. Prospects has been employee owned since 2011 and is one of the largest mutuals in the country.
To understand how ownership affects staff around the group Prospects broadcast a number of short videos made by colleagues.
Chief Executive, Nick Bell also wrote an article about leading an employee owned company. In the article Nick highlights to the benefits being employee owned brings to business:
- the sector contributes £30 billion to GDP
- productivity for EO companies is currently 4.5% YOY
- increased operating profits
- better employee engagement.
However, for Nick the main reason employee ownership works is: “The freedom it gave me to take the company forward.”
This is because when shareholders are also employees their motivation to see the company succeed and grow is greater as it benefits them as individuals. Nick points out: “Prospects is owned by current and past employees, people who really understand the company because they know it from the inside. They understand our priorities, help shape our values and influence how well we perform every day through their commitment and engagement to our common goal. Even if we could offer them huge dividends, that wouldn’t change their motivations for wanting the company to do well. Prospects work in a challenging but rewarding industry supporting children, young people and adults to improve their lives, whether that is through better employment opportunities, support within a family, to break the cycle of reoffending or to gain better outcomes for young people and students. I don’t believe any of my colleagues comes to work at Prospects just for the money, they come because they want to make a difference.”
This shared vision enables Prospects to be responsive and agile when working for central and local government, employers, schools and helping individuals to develop their potential.
To find out more about employee ownership contact the Employee Ownership Association or contact Prospects to hear more about the support we can offer organisations looking to move to an employee ownership model..