We are used to receiving awards nominations at Ison Harrison for our work in various service areas of the legal sector, but we were recently shortlisted for a very different award, and one which demonstrates the wisdom of the brave and progressive move we made to become an exclusively employee-owned business.
Ison Harrison has been nominated for the ‘Employee-Owned Business of the Year’ award at the UK Employee Ownership Awards, and as an awards ceremony to recognise businesses and individuals who have delivered effective employee-ownership practices, we are immensely proud to be recognised so quickly for the work we have done as a business.
Ison Harrison became an employee-owned business in 2022 by forming an employee ownership trust (EOT). In many ways we are still finding our feet as an EOT, but this award nomination is recognition that we have gone about this structural change in the right way and are already demonstrating great benefits for our employees. In February 2024 we were able to celebrate two years of being an EOT by awarding all 270 qualifying team members a £4,000 profit distribution. The structure of our EOT means that profits are distributed equally to all eligible employees at all levels of the business. At the same time as this profit distribution we were able to announce that 2023 had been our most profitable year to date. Indeed, since becoming an EOT Ison Harrison has seen a 40% increase in turnover and a 90% increase in profits.
The benefits of working for an employee ownership trust
We have very quickly been able to validate one of the many benefits of working for an employee ownership trust, ie. the indirect ownership of shares. However, we also put great emphasis on the business being run ethically, and promoting loyalty, inclusivity and motivation through rewarding employees equally. Other changes have seen us introduce eight new core values to the business, an ideas hub and improved sustainability practices.
The success of this new approach was reflected in a staff survey sent to all employees in September 2024, in which 90% of respondents agreed that communications, employee engagement and staff recognition had all improved since the business had become an EOT. Staff commented that there was now a more positive and inclusive culture and this had led to better productivity, with everyone pulling in the same direction and a sense that the business was self-motivated and employees were effectively working for themselves.
We have also shown a great commitment to the concept and principle of EOTs at Ison Harrison by setting up a microsite, Employee Ownership Advisor, to help other businesses thinking of becoming an EOT. This is a very new development but we hope to grow this into a useful and important resource for people and businesses looking to make this transformative step.
Remarkable accomplishments of employee-owned businesses
The UK Employee Ownership Awards are being held at the Telford International Centre on Tuesday 26th November, and will provide the headline event of the EOA (Employee Ownership Association) Annual Conference. Winners of the four different awards will be revealed on the night and Ison Harrison will be in attendance. But win or lose, simply being shortlisted is suitable recognition for the work we have already carried out and the successful path we are on.
Currently there are less than 500 employee-owned businesses in the UK, highlighting what an innovative move Ison Harrison has made. It is rare to find a legal firm that is employee-owned, and as such, of the six employee-owned businesses shortlisted for the award, Ison Harrison stands alone as the only nominee from the legal sector. James de le Vingne is the chief executive of the EOA, and in announcing the shortlisted nominees he said:
“The calibre of applications shows the remarkable accomplishments of employee-owned businesses at various stages of EO from regions and industries across the UK. These proudly employee-owned businesses are leading the way in developing Great EO practices, delivering increased employee wellbeing and business performance, and contributing to People Powered Growth in the UK.”
The ‘Employee-Owned Business of the Year’ award is designed to recognise “well-established employee-owned businesses, that can demonstrate how it’s EO approach, its roles and actions are driving impacts, innovation, performance and sustainability for its stakeholders.”
Our Director and Head of Corporate, Richard Coulthard commented:
““We are honoured to be shortlisted for such a prestigious award, recognising not just our quality as lawyers but our progress as an Employee-Owned business. We have quickly found that being employee-owned enables us to be part of the supportive, collegiate community of employee-owned businesses around the country. It is a hugely competitive category with a shortlist of truly exceptional businesses across a range a sectors and we are humbled to be included in the shortlist”
Contact The Employee Ownership Advisor for more information on employee ownership trusts
Our nomination alone is great recognition of what we have achieved in the last two years, and by taking the lead with our microsite, we hope to develop the idea and benefits of employee-ownership so that many others can reap similar rewards. For Ison Harrison, those rewards are the benefits received by our own community of employees, and subsequently, greater levels of service enjoyed by our clients, but external rewards such as this shortlisted nomination are evidence that we are on the right path.
We will continue to develop our microsite and report on the successes of our employee-ownership structure, and will also post an update after the award winners have been announced at the end of November. In the meantime you can contact our EOT specialist team for more information on employee-ownership, its benefits and how it works.
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