Funding Package Announced To Support Employee Ownership In NI

The Economy Minister Dr Caoimhe Archibald shrewdly chose Employee Ownership Day last Friday (20th June), to announce a new funding package amounting to just less than £100,000, which will go towards supporting the growth of employee ownership in Northern Ireland.

The expansion of employee ownership certainly makes a lot of sense. It gives workers a financial stake in a business and also gives them a voice in any decisions that are made within the company. This is in line with the ambitions of the Employee Ownership Trust (EOT), which aims to encourage employee ownership and engagement, potentially leading to increased productivity and a more sustainable business. EOT’s are often used as a succession planning tool, allowing owners to transition out of the business while preserving its culture and its legacy. 

Benefits Of Employee Ownership Are Well Documented

Here is what the Minister Dr Caoimhe Archibald said about the funding package, as copied from an article on the Love Ballymena website. The Minister is quoted as saying:

“The benefits of employee ownership are well documented and are strongly aligned with my economic plans,” said the Minister. “Employee-owned businesses pay, on average, a higher wage. They are more likely to remain in the same location and invest in their local economy and importantly, they are 8-12% more productive.

“Today’s funding announcement will help increase awareness of employee ownership and support businesses transitioning to employee ownership through funded feasibility studies.”

The Funding Will Be Available For Businesses Across All Sectors

And in the same article, Aidan O’Neill, Board Member at Employee Ownership Ireland, is quoted as saying:

“We welcome the Minister’s announcement today and are encouraged that this funding will now be available for businesses across all sectors who are interested in becoming an EOT.

“Much of this funding will be directed towards providing feasibility studies for firms who are at the beginning of the EO journey and will enable the EOI board to continue offering mentorship, peer-to-peer support, and a bank of resources at crucial early stages.

“It is particularly welcome that this announcement was made on Employee Ownership Day when the EO community across NI is coming together and celebrating the momentum behind the movement.

“There are now around 1,000 employee-owners working in this region and as a board, we are working hard to increase this figure even further and to showcase the many benefits EO brings to both businesses and the local economy.”