Cass Professors' research presented to Deputy PM Nick Clegg
Ajay Bhalla and Joseph Lampel release joint study with UK Department of Business, Innovation and Skills
Yesterday, at a high profile event in London, Professors Ajay Bhalla and Joseph Lampel released a joint study on UK Employee Owned Businesses (EOB) with the UK Department of Business, Innovation and Skills, (BIS).
Deputy Prime Minister Nick Clegg delivered the opening keynote speech where he urged more employees and managers to consider John Lewis style employee owned businesses as he backed recommendations in the Nuttall review to increase their use.
The Nuttall Review of employee ownership, written by Graeme Nuttall, a partner at Field Fisher Waterhouse and the leading expert in employee ownership structures and legal issues, was commissioned by the Deputy Prime Minister in January 2012 to examine how to promote employee ownership in the private sector and spread the benefits into the wider economy.
Nuttall's review was presented alongside the Cass study as an endorsement for the EOB model as it was found to be more sustainable in the long term, more productive and more sensitive to employee development and progression.
Both were presented at 'The Employee Ownership Summit', held at the Institute of Charted Accountants, London.
Authors of the report, Professors Lampel and Bhalla, commented:
"Our study shows that employee-owned businesses are more likely to adapt a long-term orientation than non-employee owned businesses. That orientation promotes a mind-set which recognises that planning ahead of market demand is conducive to the sustainability of a business enterprise over the long-term. The study also shows that EOBs pay greater attention to building a culture where employees' skills are continuously upgraded and customers given greater attention- both in good times and when times are tough."