Fundamental to the success of that model is introducing into dental practice a mutual business model that has been shown to deliver substantive benefits time and again in many different fields.
It is the combination of employees feeling they have a meaningful stake in their own organisations, alongside a culture that gives them a greater say in how the organisation is run, that has the potential to unlock the kind of success enjoyed by the likes of the John Lewis Partnership.
A significant and constantly growing evidence base shows that organisations deploying this model can deliver:
- increased productivity and performance levels (by as much as 19% in comparison to traditionally structured enterprises in the same market, according to a 2010 report by the CASS Business School);
- increased levels of innovation and a more entrepreneurial approach;
- an internal culture of transparency, peer challenge and continual improvement;
- enhanced motivation, higher levels of employee engagement and improved staff satisfaction ratings;
- reduced absenteeism, greater staff retention levels and find it easier to recruit high quality staff;
- stronger relationships with customers / clients / services users, as well as suppliers, and a high level of commitment to communities they operate in;
- more sustainable organisations, as decision-making is focused on promoting longer term success over short term risk-taking to the benefit of external shareholders.
The existing employee owned sector accounts for over £25 billion in total annual turnover in the UK (Mutuals Yearbook, Mutuo, 2010). The sector is growing at a significant rate as employee ownership is increasingly recognised as proving itself to be a sustainable, successful model in both public and private sectors, which can benefit employees and managers, customers and service users, society and the wider economy.
To view the wider evidence base supporting the reported benefits from an employee owned approach, please visit the Employee Ownership Association’s Publications page.