Medical communications specialist Synergy Vision (SV) is now an employee-owned (EO)company, joining a growing movement that includes Aardman Animations, John Lewis, PwC and Riverford Organics.
It is a definitive move that further empowers the team to drive long-term growth and deliver the difference for clients in an environment that boosts staff engagement, innovation and motivation and safeguards the intrinsic values of the company.
Since inception, a people-focused ethos has been intrinsic to SV. This is most recently evidenced by trailblazing initiatives, such as the four-day working week, successful since 2018, and its Investors in People platinum accreditation in 2020, which place it in the top two per cent of UK companies and number one in its sector.
The SV team will now have an even greater voice in running the business, with their majority shareholding held collectively in an employee ownership trust (EOT)and a direct link between company productivity and bonus/profit share for all. Richard Maver, Senior Medical Writer, has been appointed as employee representative on the EOT.
Ffyona Dawber, SV founder and CEO explains: “EO is a natural step forward for SV. We have transferred 87.5% of the company to our employees, which protects our people-focused ethos and will drive continued innovation for clients as well as growth and long-term sustainability. EO secures the future for SV and is a legacy of which we are immensely proud.”
Deb Oxley Chief Executive of the Employee Ownership Association (EOA) comments: “It is pleasing to see a successful medium-sized business, such as SV, recognizing the inherent benefits in employee ownership over selling to a larger group. There has never been a more important time for organizations to stay agile and focused on their purpose and uniting the SV team through ownership can only pay dividends.”
About Synergy Vision
Now in its 14th year, SV has over 60 staff across offices in London, Dublin and Sydney and provides strategic communications support and medical education programmes for clients across Europe, North and South America and the Asia-Pacific region.
SV has a team-focused ethos, promoting diversity in the workplace, a positive work-life balance and excellence in delivering for clients, including initiatives such as its four-day working week, a bespoke development scheme for industry first-timers, as well as its programme to catapult mid-level managers to senior positions.
Multiple accolades going back to 2010 recognize individuals and the company. These most recently include: the Investors in People platinum accreditation, placing it in the top two per cent of UK companies and number one it its sector, top three across all industries for Best Small Workplace assessed by Great Place to Work® and Management Today’s Inspiring Women in Business’ Flexible Working Initiative of the Year Award for the four-day week introduced in 2018.
About Employee Ownership
According to the EOA (www.employeeownership.co.uk),the employee owned business sector in the UK is growing because co-owned companies tend to be more successful, competitive, profitable and sustainable.
Successive UK governments have promoted EO because they recognize its potential contribution to the economy. Companies that are employee-owned, or that have large and significant EO stakes, now contribute £30 billion to GDP.
Independent research suggests that a combination of shared ownership and employee participation delivers superior business performance. The most recent snapshots of the sector in May/June 2020 were taken before the effects of the COVID-19 pandemic could be fully felt, so it remains to be seen if these types of businesses will be more resilient through this crisis. However, 66% of the top 50 EO companies have no debt and early case studies show that many EO businesses were quick to unite their employees behind a hibernation, survival, pivot or key worker strategy, thus increasing business survival chances.
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