All for one. Employee ownership done right – with Caroline Noblett

When Viva started looking at becoming an Employee Owned business (an EOT), we wanted to talk to people who had been there and understood the journey. One of those was Granby Marketing. They passed on loads of useful tips, but one of the key insights was this: get the communication right — with colleagues, suppliers and customers. Now, a year on since we became an EOT, we sat down with Caroline Noblett, the MD at Granby once again. In this episode of the podcast, we discuss how businesses can approach employee ownership and, importantly, what pitfalls to avoid. Curious about the benefits of an EOT or internal comms generally? This episode’s a must-listen.

Fail to plan – plan to fail

The transition to becoming an EOT doesn’t happen overnight. Obviously, there are commercial sensitivities to negotiate, so timing is critical. However, explaining what it means openly and honestly when possible is also critical. Like any big change or transformation project, it requires a business plan and a communications plan. The objectives of both need to be aligned.  Starting discussions early with everyone who will be impacted ensures that things go smoothly and that questions and doubts can be addressed.

Nail the comms

So what should the comms plan cover? The transition to an EOT means change, and it’s not a route many will be familiar with. So being able to explain in clear, plain English what it is all about — and sometimes what it is not — will help. You need to be ready with answers to the questions you can anticipate and get back to people quickly if you don’t know the answer. Being open and honest is crucial. Put yourself in your colleagues’ shoes and be ready for the ‘what does it mean for me’ questions. And, while you will obviously need to keep the internal audience happy, don’t forget other stakeholders and external communications either.

Take care with how you share

Be careful. During the transition, you’ll be asked questions about the company financial picture. These are only to be expected. But you may be sharing information with people who aren’t usually exposed to the day-to-day financial ups and downs of a company. So you want to share information in a way that does not lead to panic or confusion. Aim for transparency whilst not overwhelming people – share what people need and be prepared to explain the details.

Manage expectations

EOTs come with potential benefits for everyone if the business is successful, but that does not mean becoming an EOT is not a guarantee of success. The change will be structural and won’t have a dramatic impact on day operations. However, for a progressive business with an emphasis on people, it could be a shrewd move.

Wrapping up

Transitioning to an EOT is definitely worth exploring for many businesses out there. But before you take the leap think about these questions

1. Have you done all the preparation you need?
2. Do I have a good communication plan?
3. Will you be able to manage expectations?
4. Have you considered external stakeholders?

Listen to Caroline’s episode from the 11th of Feb

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