WORKER OWNED BUSINESSES HAPPIER PLACES IN WHICH TO WORK – A Forum on Alternative Economic Development Models at UCD today will hear that Ireland is 50 years behind its competitors in exploiting the potential of worker owned business models. The forum will hear about successful and sustainable shared ownership business models in banking in Canada, while also being a significant part of the banking economy in the Basque region of Spain, and in finance France and Germany.
Dr David Erdal, author and employee ownership consultant, says the model sees the transfer of ownership of a company move into the hands of its employees. He says that such firms now have turnover of about £30 billion in the UK and a company can be ‘retrofitted” into such a structure and does not have to start from a firm’s start-up. He says the main lessons learned from such a change is ownership in the US and Canada is that firms become more productive, last longer and grow employment. Staff share the wealth they create and so the wealth of the company stays in the community and workers are happier as a result. However worker owned business models do not solve a business problem and as for all businesses, good management is key. He says the model is suited to all companies, and is especially good for small and medium sized businesses in all sectors.
MORNING BRIEFS – According to new research on Employment Law by the Small Firms Association, the volume of rules and regulations regarding employment law remains a significant problem for small businesses. Its survey says 92% of small firms see no reduction in the administrative burden of employment law; and that 60% view employment law as a significant regulatory burden.