Employee Ownership puts control into the hands of the people who know it the best - the employees themselves!
In December 2012 the company was transformed from fourth generation family ownership into a fully employee owned enterprise. This is a new era where employees and the Tayport community will reap the benefits. Our Employee Ownership centres on an ethos where we work together as one team, with one goal and one vision, to build a stable future for all our stakeholders.
Information is shared with the whole team who have more say in the future of a company owned only by current employees, either directly or indirectly through the Employee Benefits Trust. Every employee has the opportunity to invest in the company and reap the benefits of the company’s success, building a capital stake tied to their own future.
Allowing existing management and employees to hold shares in the company puts control in the hands of the people who know it best and who will be most committed to making it succeed. All of the mistakes, waste and losses cost us. All of our successes, wins and improvements benefit us.
This shift is important in reinforcing the commitment to involving employees in the innovation process, keeping them interested, motivated and forward looking.
Employee Elected Trustees of the Employee Benefit Trust
Employee Benefit Trust (EBT) Trustees, bound by the same legal obligations as other trustees of the Employee Benefit Trust, were voted onto the Trust and may each serve for up to three terms of two years. Given that the Employee Benefit Trust will always control the ownership of the company, such representation (out of a total of seven trustees) is critical.
An employee director, bound by the same legal obligations as any other director, was voted onto the board when we became employee owned. This employee elected director is actively involved in all board decisions and is consulted widely by all employees. The employee director is elected or re-elected every two years.
The Employee Forum was set up prior to the company becoming employee owned and was initially put together to improve two-way communication between employees and the leadership of the business, to raise questions and provide feedback.
Members deal with issues faced by employees, make decisions on sponsorship requests and arrange events and involvement with external companies. The benefit of the employee forum now that we are employee owned is that information is shared and the forum team make decisions on behalf of the workforce. We now have greater access to company information and the ability to influence key decisions within the business.
Employee Ownership allows us to stand out and be noticed. We are all working together as one team to make the company as successful as possible. All employees influence the success of the business and have much more control over the actions and decisions made.
150th Anniversary Celebration
Scott & Fyfe turned 150 in 2014 and we celebrated our successes, the changes and the lessons learned over the years. We celebrated our history, our place in the textile industry, our transition into employee ownership and growth in market coverage, all these being geared to promote additional market penetration and further profitable company development.
In order to survive we have to plan ahead and be diverse, take risks and be different. The methods we use in product development and planning for the future have allowed us to sustain the business; this will allow us to grow new business opportunities and delve into new market areas effectively. Planning in this way allows us to see in advance where changes and actions are necessary.
In 2010 we completed a project with Glasgow School of Art called Creating Cultures of Innovation. This project allowed us to develop new and innovative ways to take a concept to reality. These innovative tools have been rippled out through all employees and modified to suit our teams’ needs. We believe in design led business innovation as design and innovation are at the heart of all operations.