The government's new plan to grow employee ownership in the United States
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The government's new plan to grow employee ownership in the United States
What exactly does their plan look like?
The US Department of Labor plans on advancing employee ownership through the new division of employee ownership. Created through the Secure 2.0 act congress passed last year, the division plans on providing resources and capital to make the transition from private ownership to employee ownership easy.
The DOL has four primary goals with this new division:
Supporting and expanding existing programs that advance employee ownership, as well as the creation of new ones.
Developing a “clearinghouse of techniques” or sets of techniques and knowledge which can easily be accessed and shared by states and existing state programs.
Providing outreach programs to educate and assist in the movement towards employee ownership.
Providing assistance and resources to employees on the path toward business ownership.
What exactly these will look like regarding policy is still up in the air, but we will likely begin to see these practices become more prevalent over the coming years. This is a clear step towards broader employee ownership in the united states and a win for American labor. While the Biden administration’s track record in supporting labor is questionable, this is a step in the right direction.