A private consultancy firm has quadrupled its workforce since becoming an employee-owned business.
BIC Innovation, which has offices in Bridgend and Anglesey, has grown from 13 employees to 51 over three years after adopting the Employee Share Scheme model.
The company transitioned to employee-ownership in 2018 with support from the Wales Co-operative Centre.
The co-operative identified the company’s values around culture and wanting to remain trading in Wales aligned with the ethos of becoming employee-owned.
Founding director of BIC Innovation, Huw Watkins said that the employee-owned transition has seen staff pull together through recent unprecedented events.
Mr Watkins said: “Each and every employee is invested in the future of the company and is working so hard to ensure we do our best to navigate our way through huge economic changes.”
He added: “I believe that our ownership model has helped us to create a culture of openness and transparency and given us a meaningful point of difference in the marketplace.”
Employee shareholder and marketing manager Anna Pearce said: “Having personally taken the opportunity to become an employee shareholder, I have found that it has created a renewed passion and drive for the business.”
Ms Pearce added: “The appointment of the minority shareholder director has given us a meaningful voice, and enabled improved two-way communication for addressing issues and contributing ideas for the future direction of the business.”
The consultancy firm actively promoted its employee-owned status as part of its on-going recruitment — a strategy which Mr Watkins believes helped BIC attract new talent with diverse perspectives and who add value to the brand.
Even those interning have become permanent employees and will be eligible to participate in the company’s share scheme after a year of employment.
The Welsh Government committed to doubling the number of employee-owned businesses in Wales over the next Senedd term in June 2021.
Since then, the UK’s largest co-operative development agency, Wales Co-operative Centre, has seen a surge in the number of businesses coming forward looking to make the transition.
The co-operative’s employee ownership team is part of the Social Business Wales programme, funded by the Welsh Government and the European Regional Development Fund.
It has advised more than 50 companies in Wales about ownership and transition since 1994, including Tregroes Waffles, Cwmni Da, ETL Solutions and Heron House Financial Management.
Paul Cantrill, part of the employee ownership team, said: “Many companies in Wales are recognising that the employee-ownership model is a smart choice for them, particularly if they have been grown from a seed, have a sense of responsibility towards their employees, and want to attract and retain local talent.”
Mr Cantrill added: “We would encourage other business owners to get in touch to find out how employee ownership could support their business to grow and thrive.”
