Wed, 16 Oct 2024 | BUSINESS SALE
London, Frankfurt and New York-based recruitment firm Joss Search has transitioned to employee ownership. The group, which has been operating for 14 years, will now be owned by its 43 employees through an Employee Ownership Trust (EOT).
The company, founded by Sivan Joss in 2010, specialises in finding business support professionals, such as executive assistants, receptionists, and office managers for private equity, venture capital, hedge fund and wealth and investment management firms.
The company said that the move to an EOT would help maintain its work culture, cement its legacy in the recruitment sector, create a ‘collective ownership mentality’ and provide its employees with ‘unrivalled career development opportunities and financial rewards’.
Joss said: “We’ve got a unique culture that’s taken a long time to create, it’s probably the thing I’m most proud of. Now as a global growing business, navigating changing economic landscapes, being employee-owned means that we’re best placed to take on anything that comes our way, all together, with one common goal in mind!”
Executive chair Ben Heathorn added that there was now a greater incentive for its employees to provide an even better service to its clients and candidates. “It is about ensuring that we are all pulling in the same direction to drive long term value for the business and in turn the individual employees. The additional financial benefits for the employees that is offered by being an EOT are the icing on the cake and made the decision a no brainer for us.”
According to the Employee Ownership Association over 1,650 UK businesses have chosen to adopt the EOT model. It states that they tend to be more productive with an 8 per cent to 12 per cent hike in gross value added per employee with over half reporting a lift in profits after making the move.
Find out more about the growth of EOTs in our recent dedicated insight into Employee Ownership Trusts in the UK
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