Jigsaw, a renowned property and lettings agency based in Selby, has transferred ownership of its business to its workforce via an Employee Ownership Trust (EOT). This transition marks a significant step for the company, which has been successfully operating in the market for over two decades since its founding in 2001.
The decision to place the company in the hands of its employees underscores Jigsaw's long-standing philosophy of considering its workforce an integral part of its success. An EOT is a special form of employee participation where a trust holds shares in the company and manages them on behalf of the employees. This allows employees to participate directly in the company's success and value appreciation.
Continuity and Growth Prospects through EOT
Implementing an Employee Ownership Trust is often chosen as a strategy to ensure the continuity of a company during a generational change or the retirement of founders and principal shareholders. For Jigsaw, this step means that the course is set for long-term stability and development, while simultaneously strengthening employee engagement and motivation.
Through direct participation in the company's ownership, Jigsaw's employees are expected to develop an increased sense of responsibility and identify even more strongly with the agency's goals and success. This can have a positive impact on service quality, customer loyalty, and the company's overall performance.
Advantages of Employee Ownership
- —Securing the company's identity and culture during a change of ownership.
- —Promoting employee engagement and productivity through direct participation in success.
- —Preserving jobs and the company's local roots.
- —Attractiveness for skilled workers through a motivating work environment and profit sharing.
The transfer to an EOT is a growing trend in the United Kingdom, as it represents an alternative succession solution that offers flexibility to departing owners while securing the future of the company and its employees. For Jigsaw in Selby, this means the continuation of a successful business model under new, more collective leadership, which should strengthen its competitiveness in a dynamic market.
