Recently we could read about the largest family owned companies, and today we are going to show you the list of the largest employee owned companies in the world published by Insider Monkey.
What is an employee owned company? Well, let’s see: it roughly means that the majority of the shares of the company are owned by the employees. In the United States it’s done through an Employee Stock Ownership Plan, where the employees are provided with an ownership interest in the company. The employees can buy shares and often they don’t have to pay anything to get these shares. Actually, employee owned companies have lots of benefits, turning into an employee owned company needs a lots of awareness, so that this transition would take place smoothly, and the employees could understand what benefits they will gain with this step. What’s more, legislation is generally more friendly to employee owned companies.
And now, without a further ado, let’s check out what Insider Monkey has investigated for you. We have picked up two companies from the compilation as usual. At first, on the fifth spot here’s Penmac having had 28,000 employees in 2019. Penmac Staffing was launched so that employers could find job seekers, and the company also provides individual job seekers with special services. Penmac had only one office when being established and now it has more than 28,000 employees. On the third spot there is John Lewis Partnership with almost three times more employees than Penmac, as John Lewis had 83,000 employees in 2019. John Lewis & Partners is the largest employee owned company in the United Kingdom, and has banking and financial services, department stores Waitrose & Partner Supermarkets and other retail businesses as well. It was launched in 1929 in Oxford Street in London. Would like to read more about this topic? Great! Then skip ahead to the entire list of the largest employee owned companies in the world.