Discover more from EO+WD | Employee Ownership + Workplace Democracy
DOL Takes a Step Forward
The Department of Labor created a division of Employee Ownership
In Brief: Last week the Department of Labor announced the creation of a Division of Employee Ownership within the Employee Benefits Security Administration.
The Goals: The new division sits within the EBSA’s Office of Outreach, Education, and Assistance. The DOL detailed the goals of the Division as follows: “implement a new program to empower workers through ownership arrangements and educate those workers on possible pathways to greater rewards in return for their labor.” The Division will place an emphasis on increasing workplace democracy and getting employees a seat at the table as well as a share of the profits.
How It Works: The initiative will work to grow and create new programs that encourage ownership, as well as providing education and outreach to employers and employees. In addition to increasing awareness, the division will aim to provide technical expertise for firms considering the transition.
Why It Matters: Initiatives such as this serve not only to increase awareness on the employee ownership movement but also offer the expertise necessary for firms to actually execute on the transition.
Go Deeper: Read the Department of Labor’s announcement at the link here