Owning the workplace, securing the future
Think tank: CLES
Author(s): Sean Benstead; John Heneghan
June 24, 2022
This report from UK think tank CLES looks at how to support worker buy-outs and expand employee ownership in Wales.
This research explores the case for employee ownership as a means to deliver a more inclusive, secure and sustainable economy in Wales. The research finds that, through new legislation – to compel action, provide for financial support and advice, and place employee ownership objectives on a statutory footing – Wales can lead the way in delivering the change needed to move employee ownership from the periphery to the mainstream. The benefits generated by employee ownership directly address the most pressing challenges in the Welsh economy, including the prominence of geographically mobile and extractive capital, lagging productivity and resilience levels in the business base, poor quality jobs, “brain drain” and the impact of the climate emergency. For this reason, the report argues that democratising ownership for all should by an objective that underpins the Welsh government’s foundational economy approach.