Transitioning your company to employee ownership is a significant milestone, but equally important is the ongoing effort to empower your employees to truly feel like owners. Whether you are in the process of transitioning or have already become employee-owned, fostering a sense of ownership among your employees is key to the success of this model.

With over 20 years of experience in employee ownership, we understand that there is no ‘one size fits all’ approach to this process. Your approach will vary depending on factors such as the size, sector, and culture of the business. However, certain principles can guide you in empowering your employees to feel like true owners.

Harnessing a culture of ownership

Bringing employee ownership to life within your company is not a one-time event but an ongoing journey. Each employee-owned business will experience its own unique challenges. A critical element in this journey is fostering a deep sense of trust between the company and your employees. For employees to feel like owners, they must be fully engaged with the business: understanding its performance, embracing its culture and values, and being involved in its future plans.

Here are some strategies we’ve found effective in building this trust and engagement:

Open and Honest Internal Communications

Regular and transparent communication about business performance is crucial. Employees need to have a clear understanding of how the business is doing. Tailor your communication methods to what works best for your company but ensure that you are educating and informing employees regularly. This transparency builds trust, as employees who understand the internal workings of the company are more likely to feel connected to its success.

Transparency

Being open and honest with your employees, even when things are not going as planned, is vital. Share the realities of the business in a way that is constructive and avoids unnecessary fear or panic. When employees are aware of the challenges the business faces, they are better equipped to understand the reasons behind certain decisions. This transparency can also inspire employees to contribute ideas or solutions that could benefit the company.

Listen, Then Act

Giving your employees a voice is one of the most powerful ways to engage them. Encourage them to share their thoughts and concerns on matters that impact the company as a whole. Addressing these concerns—whether by making changes or explaining why changes aren’t feasible—reinforces that their input is valued. When employees feel heard and see that their contributions matter, they become more invested in the company’s success.

Be Ready to Adapt

If your approach to employee engagement isn’t working, then don’t be afraid to try something new. Flexibility and creativity are essential in keeping employees engaged and feeling like owners. Remember, this is an ongoing process that requires persistence. Continually reinforce what it means to be an employee-owner and be consistent in communicating this message.

At Baxendale Employee Ownership, we live and breathe employee ownership. Not only do we help businesses, and their owners navigate successful transitions in ownership, but we are employee owned. We called ourselves Partners and we know what it feels like to be empowered and engaged.