Force 8 is offering to advise any other company looking to become an Employee-Owned Trust (EOT) as it celebrates the benefits of the move two years down the line.
The specialist fabricator is thought to have been the first in the industry to take the EOT route, though others have followed since, and it says the rewards, especially in retention of skilled staff, speak for themselves.
As the demand for windows and doors continues, finding qualified staff with the expertise and retaining them has become increasingly difficult, says the company, and addressing this shortage is crucial for sustaining growth, maintaining quality standards, and ensuring customer satisfaction within a the competitive a market.
“The EOT has totally altered the company dynamics and created the perfect team spirit within the workforce,” said operations director Lisa Mottershead, “Everyone has become a quality control expert making sure every product is perfect and delivered on time.
When Dennis Sumner, our MD first explained the EOT to the workforce, not everyone within the company was on board with the scheme, so Dennis took the decision to put the plan on hold until everyone was happy to proceed.
An EOT is one where 51% or over of the shares are in a trust for the benefit of all employees, she explained, though in the case of Force 8, it was decided that the full 100% of the shares should be within the trust. Every eligible staff member, having been employed over 12 months, can receive a tax-free amount of up to £3600 within the fiscal year. This was recently manifested in a £500 tax-free bonus for the Easter holidays, mirroring a similar pay-out preceding Christmas. The workforce expresses genuine satisfaction in reaping the rewards of the company’s success, acknowledging the tangible recognition for their dedicated time and effort.
Lisa continued: “Companies embracing employee ownership frequently witness heightened productivity, decreased absenteeism, augmented revenue streams, and enhanced profitability. These positive outcomes tend to persist over the long term, fuelled by the sustained motivation of the workforce.”
Dennis Sumner believes taking the EOT route was one of the best decisions the company ever made and says he is willing to talk to any company that may be interested in yaking the same step.
“While it involves a complex process with substantial paperwork, the outcome more than justifies the effort invested,” he said, “If you are contemplating the EOT route for the future and would like some insights, I’m open to a conversation. I’d be glad to share my experience and offer assistance where possible.”
