Oldham-based security and cleaning firm Britsafe has transferred ownership of the business to its workforce, in a move to provide greater future job security for staff.
According to Britsafe, which employs 500 people nationwide, staff will all have a stake in the business and receive tax-free bonuses if it continues to do well.
The business added that the employee ownership trust (EOT) model means every employee is incentivised to do their best, as how they perform will affect future success.
The EOT has also been implemented in order to give employees greater stability and job security in the current cost-of-living crisis, while empowering and better rewarding them to reduce turnover.
Paul Cody, founder of Britsafe, said: “It’s an exciting prospect for our employees, giving them a direct investment in their future income. But, more importantly, in these desperate times of rising costs, it gives the employees stability and job security. It gives them collective control of their future and keeps considerably more money in employees’ hands which, in turn, encourages them to keep delivering outstanding service to our clients.”
Gareth Thomas, managing director of Britsafe, added: “It also gives the employees a voice in how the business is run, giving them a sense of fulfilment and achievement. It means we are a team of partners, not employees, and we all benefit from our success. It’s a win-win all round.”
James de le Vingne, chief executive of the Employee Ownership Association, said: “We congratulate our member Britsafe on its transition to employee ownership, securing the ethos, values and culture of the businesses for future generations. Businesses that give employees a stake and a say build trust and shared responsibility, uniting leaders and employees behind a common purpose and leaving businesses in a better position to flex and adapt.”
