Essential Recruitment became an Employee Ownership Trust (EOT) in 2021.
Our Employees automatically become Employee Owners after 12 months service – but what does this mean?
Our staff inherited a share of an established, profit-making business for free – with no risks, responsibilities or ties involved.
We sold 100% of director shares back to the business, which are now safely protected by a ‘Trust’ – comprising of 6 Essential Employees – on behalf of everyone else.
If it sounds too good to be true, we thought the same. This is what sets us apart from other agencies!
4 Benefits of being an Employee Owner
Tax Free Bonus
Annually, Employee Owned companies can pay staff up to £3,600 in bonus, completely tax free.
There are no secrets
As owners of the business, you’ll need to know how it’s operating. We share financial information, board meeting minutes, important information etc. with you, and welcome any questions to help you understand the business fully. We want to empower ourselves to be in a position to drive positive change… and knowledge is power!
Transparent business decisions
Have you worked for an Employer who seems to be making cut-backs across the business, but still finds the funds to pay their selves a big bonus at the end of the year?
Here, you’ll see exactly what comes in, what goes out, and how remaining profits are spent.
Have you secretly wished for different working hours, a different uniform, more days off etc. but the suggestions are laughed off?
Here, your suggestions can be fed to an employee council, who will approach the Board. The suggestion will be debated – with the council present – and then you will receive an explanation regarding how and why the decision has been made. Our Employee Council said they were pleasantly surprised the first time they had this experience – decisions are made with everyone’s best interest in mind – there are often many complex angles to consider!
Our Employee council consists of 3 Essential Staff Members who were voted in by their colleagues; Interested individuals presented on why they’d like to be on the council, and what they felt they could achieve. The council elections are held annually, so everyone has a chance to get involved. The council speak discreetly with our staff to ensure any issues are raised and dealt with in an appropriate manner, allowing them to speak freely without any fear of making ‘silly’ suggestions!
Even smaller things are put to the vote to ensure all employees are happy with decisions made – such as when Christmas pay day lands, what you want to do for social events and what kind of benefits you’d like to receive.
Progression is Essential
Even before our transition to Employee Ownership the majority of our new starters were trainees, so progression has always been an intrinsic part of our business, but now we’re looking at succession plans, meaning everyone has new ground to explore.
What our current staff think of Employee Ownership:
“My mindset has changed and a real focus on growing and making as much money as we can, I think the future is exciting”
“This is our baby and company, by the Directors putting it into our hands, we need to motivate everyone to see and drive Essential to it’s full potential and beyond. The future is so exciting and bright for the future, anyone to leave would be daft.”
“The prospects that it offers are very exciting and is something that definitely contributes to me wanting to stay at Essential long term”
“I feel it gives people the reassurance to be able to speak about how they feel the company should work, and I think it is a really good way for people to feel more involved in the company”
Are you interested in becoming our next Employee Owner?
We think you’ll love it here. Visit our careers page here to find out more about what the role entails and what vacancies we are currently recruiting for.
