Eversheds is looking into giving all its staff a stake in the firm’s profits in a bid to get better engagement from workers.
According to chief executive Bryan Hughes, the idea to give staff a stake in the business came about during discussions over the firm’s next three-year plan and its longer term strategy, Eversheds 2020 Vision.
The firm is still exploring the various mechanisms through which it could give staff a stake in its business, including whether they would have to contribute to the equity and how payments would be funded. But, if Eversheds finds a workable model, the plan is to put it in place for the start of the 2013-14 financial year.
Employee incentives partner Danny Blum, aerospace and defence sector head Alex Hand and HR director Angus MacGregor are helping Hughes find a workable model.
“[The idea] came about through the process of consultation we’ve just been through,” said Hughes. “One of the things that came up was how to get better engagement from people, and the possibility of giving staff a share in the profitability of the firm.
“There are a number of options, but the exploratory work so far shows difficulties in getting something off the ground. [For instance] would staff put in something and we match it? How does it get funded, by excess profits?”
Other plans to come out of consultation, include switching to a Swiss Verein structure to aid integration with its European offices and building ties with US firms ahead of a possible tie-up in the future (9 July 2012).