Many people are demanding more purpose and value at work. Employee ownership can help to deliver this, by giving colleagues a direct stake – and say – in the business.
Although the trend towards people seeking to find work that aligns with their personal purpose was already happening, according to research by McKinsey, COVID-19 has had a big impact.
In its survey, McKinsey reported that nearly two-thirds of employees said that the pandemic had caused them to reflect on their purpose in life and at work. Half said they were reconsidering the kind of work they do – and in younger people the numbers saying they were re-evaluating their career was three times higher.
The so-called ‘Great Resignation’ is more than just a headline. There has been a seismic shift, and people are voting with their feet by leaving jobs that don’t fulfil them.
Employee ownership in the legal sector
Employee ownership is still unusual among law firms. Of the law firms that have gone down this route, only a handful are 100% employee owned like Bennett Oakley.
The legal sector can be very hierarchical, with the traditional partnership structure of law firms sharing profits and restricting decision making to the partners. More junior members of staff and support staff often have little influence.
By opting to become 100% employee owned, Bennett Oakley is different. Now everyone has a direct say in our business through our Employee Ownership Trust. We will also enjoy an equal share in our profits.
It is this equality of opportunity and reward that sets employee owned businesses apart. There is a big difference between being an employee and an employee-owner. As everyone benefits from the firm’s success and can influence it, there is a much greater sense of shared purpose. We all have a desire to make this the best firm it can be.
We have a culture where we actively seek ideas and input from everyone. All of our people are valued and important. If you’d like to be part of our exciting new future as an employee owned business, take a look at our current vacancies.
