US organisation Wimberly Allison Tong and Goo (WATG) has launched an employee ownership trust.
The design consultancy, which employs 360 staff across the US and international locations, including London, Istanbul, Dubai, Singapore, and Shanghai, has adopted the employee ownership model with the aim of supporting its future growth.
WATG was advised by Graeme Nuttall, partner at European law firm Fieldfisher.
Mike Seyle, president and chief executive officer at WATG, said: “Employee-owned [organisations] have an excellent record of long-term sustainability, innovation and financial success because the employees are more engaged in doing great work, generating new ideas and delivering superior service.
“We’re already seeing positive changes. Our colleagues are more involved, more committed and recognise they have a valuable voice in the future of the [organisation].
“As a professional services firm, retaining the world’s best talent is our top priority and the employee ownership trust model will help us achieve that goal while ensuring we remain a successful business for the long term.”
Nuttall (pictured) added: “More and more UK businesses and their staff now benefit from employee ownership and we’re delighted that many are attracted, in particular, to the employee ownership trust model. WATG’s acceptance of this model shows that it works internationally.
“The WATG employee ownership trust holds shares in WATG in perpetuity, on behalf of all employees from time to time. This works well as a business model because this form of ownership avoids the complexities of direct ownership models. There’s no need for regular share valuations and having to get employees to buy and sell shares as they join and leave.”