Employee ownership contributes to job quality
Featured in U.S. Commerce Dept. Job Quality Toolkit
Hiring, retaining and motivating workers is at the forefront of every business owner’s mind. Employee ownership can help business owners address this challenge. It’s a key element of our work at Project Equity, and now it’s part of the U.S. Commerce Department’s Job Quality Toolkit.
To help American businesses improve their ability to recruit and retain workers, the U.S. Department of Commerce developed and rolled out its first ever Job Quality Toolkit in August of 2022.
The Commerce Department developed the toolkit in partnership with the U.S. Department of Labor and around 60 representatives from organizations and institutions with expertise in quality jobs (including Project Equity).
The toolkit describes eight key drivers that influence how workers perceive the quality of their jobs. It also offers suggested strategies and provides resources that can help employers improve workers’ job quality, and ultimately increase worker retention, productivity and the success of their businesses.
Employee ownership listed as a way to promote worker financial wellness
Within the key driver “Benefits,” employee ownership is explicitly offered as a strategy to promote worker financial wellness. Additionally, the concepts of employee voice, profit sharing and ownership culture are represented throughout the toolkit.
Project Equity is a proud champion of employee ownership. We believe it is a powerful strategy that fortifies businesses, makes local economies more resilient and allows more people to build economic stability for generations to come. We’re excited to see this groundbreaking initiative led by the Commerce Department recognizing one of the pillars of our message about employee ownership: that it helps companies recruit, retain and reward employees and leads to high quality jobs.