Training and apprenticeships provider HIT Training has become employee owned through the creation of an employee ownership trust (EOT).
The EOT, which will benefit the employer’s employees across its HIT Training, Connect2Care and Executive Development Network divisions, now owns 61% of the organisation on behalf of staff.
All employees are eligible to participate in the trust as beneficiaries from day one of their employment. As part of the EOT, current employees can receive up to £3,600 as a tax-free bonus each tax year. This will be given to all employees equally, with part-time staff receiving the benefit on a pro-rata basis.
The move to an EOT follows the announcement that the organisation’s co-founder John Hyde will step down and retire from his role as executive chairman of HIT Training after 40 years.
Hyde said: “As I wind down my involvement with HIT Training, I’m incredibly proud to see the business it has grown to become. It is so gratifying to think of the many people we have supported with education, helping to further careers and upskill businesses with talented employees, in the hospitality industry and beyond. It is fantastic that the EOT will see all our hard-working employees benefit from this business’ success for years to come; a lasting legacy I am honoured to leave.”
Jill Whittaker, chief executive officer of HIT Training, added: “This is a decision which allows us to empower all our employees. Not only do we feel this is the right thing to do, by selling a significant shareholding to our staff, it means they will be even more incentivised to deliver amazing work, which, in turn, benefits our clients and partners. We believe this is a decision which is pioneering within our industry, and we hope demonstrates our ongoing commitment to create an inclusive and supportive organisation.”