EFES NEWSLETTER - JUNI 2019

Studies are proliferating about employee share ownership in the US, bringing useful information for everyone in the world, including Europe. The 2018 administration of the US General Social Survey, a long-standing survey of the US work force, included a segment on employee ownership. It found that 20% of private-sector workers in the USA have some level of ownership in the companies where they work, including 11 million who participate in ESOPs and 25 million with some other form of stock-based compensation. This is 36 million in total compared to 9 million in Europe. The survey found that among those workers that hold company stock, the average value of that stock was $75,205. In total $2,700 billion compared to 400 billion € in Europe. The study's author, professor Douglas Kruse, noted that employee-owners are "six times less likely to be laid off." The study found that, over the last year, the surveyed non-employee-owners were laid off at a rate of 3.7%, versus 0.6% for the employee-owners. Among companies with employee engagement programs, the study found that companies with generous employee ownership plans had a rate of turnover in general (i.e., including voluntary turnover) of 6%, far less than the 14% rate for those with no stock plan. This reality is far from the idea which was prevailing in the Juncker Commission in Brussels, that employee share ownership would be too risky and bringing additional uncertainty to workers. The truth is that employee share ownership brings more wealth and stability. More information

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Press review
We have a selection of 41 remarkable articles in 7 countries in May 2019: Belgium, Finland, France, Germany, India, United Kingdom, USA.
Belgium: EASI is one of the few employee-owned companies in Belgium.
Finland: Finnish Personnel Funds make happy employee owners.
France: The new Pacte Law was finally voted, representing a first step towards doubling employee share ownership in France by 2030. Employee share ownership helped to put an end to the governance dispute at EssilorLuxottica. New employee share plan for Valeo, for Europcar, for Veolia Environnement, for SEB, for Total. CGT Union requests IPO and employee share plan for Verralia. The number of workers' co-operatives continues to increase in France.
Germany: Why so few employee shareholders in Germany? Multiple voices calling for new policy choices.
India: Going to make employee stock option plans more attractive for startups.
UK: BT Group adopts new employee ownership model for 100,000 staff. New firms turning to the Employee Ownership Trust scheme, with among others Richer Sounds, a first company of significant size.
USA: New study: Employee ownership narrows gender and racial wealth gaps. 72% of Republicans and 74% of Democrats agree on this: They prefer to work for an employee-owned company. Celebrating Michael Keeling, employee ownership champion who retires from the Presidency of the ESOP Association.

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