Business View Magazine - Nov 2023

134 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 11 Employee Ownership From Past to Present The roots of employee ownership in the United States trace back to the early 19th century, with its predecessors appearing as worker cooperatives and mutual aid societies. These grassroots movements were borne out of the collective desire among workers to enhance their working conditions and wield influence over the management of their workplaces. It was in the 1970s and 80s that employee ownership truly took flight, thanks to a pivotal piece of legislation called the Employee Retirement Income Security Act (ERISA) of 1974. ERISA laid the groundwork for Employee Stock Ownership Plans (ESOPs), offering not only enticing tax incentives but also vital protections for employees. ESOPs soon garnered bipartisan support and were heralded as a means to fortify retirement security and generate wealth within the labor force. As the ESOP movement gathered steam, the need for dedicated advocacy and rigorous research became increasingly evident. Organizations like The ESOP Association (TEA) and the National Center for Employee Ownership (NCEO) were born from this necessity. Today, TEA and NCEO play pivotal roles in hosting conferences, webinars, and events tailored to empower employee-owners and guide those who contemplate the transition to an ESOP. The NCEO Fall Forum, one of their flagship events, is a prime example of the type of advocacy being displayed within the ESOP space. The event embodies the essence of employee ownership, characterized by genuine cooperation, collaboration, and integration among participants, and the result is an environment where the ESOP community flourishes. Here, a shared commitment to treating employees right permeates every interaction. “Once you drink the employee-owned Kool-