Bennion: Employee financial participation can power inclusive growth

Phillip Bennion_Bundestag

The European Parliament has overwhelmingly backed a report by Liberal Democrat MEP Phil Bennion calling for the encouragement of employee financial participation (EFP). EFP schemes provide opportunities for companies and employees to work together for the benefit of wider society through measures such as share ownership and profit sharing.

Dr Bennion commented:

“The time is ripe to assess modern forms of employee financial participation and how they could be used as an engine for inclusive growth.

“Britain and most economies in Europe have long lagged behind America in involving employees directly in the performance or the ownership of the enterprises they work for. We need to break away from the ‘them and us’ stereotypes of the 1970s and 1980s, while avoiding the atomised social Darwinism promoted by some on the right.

“My report offers an analysis of ways to empower workers in an increasingly globalised world. If handled properly, employee financial participation can not only increase companies’ productivity, competitiveness and profitability but also increase the quality of employment and contribute to greater social cohesion.”

Notes to Editors

The full report can be found here: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&reference=A7-2013-0465&language=EN&mode=XML The report ties in closely to the European Commission’s current pilot project on the same topic which will look at how employee ownership can be encouraged and facilitated and what barriers currently exist.

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