We took the step for the following reasons:
- To start thinking about the long term future of the company
- To protect and bolster our culture
- To unite goals
- To empower the team
Six months in, we have
- Held education sessions for employees and trustees alike as grasping the meaning of an EOT from scratch is difficult
- Refreshed our existing forums for employees to have a say in the day to day work and environment, with the option for that feedback or those suggestions to be anonymous.
- Made space for business information share in our monthly all-company meetings
- Created a quarterly forum for the team to be able to use their voices in determining business priorities and major decisions
- Added quarterly trustee sessions to share any feedback from the team and also update on new items to receive feedback on
- Distributed our first annual bonuses that include a tax-free element rewarding company performance
- Bolstered our management team, and management training with a view to the long term future of the company
And we still have plans to set up further innovations to demonstrate our commitment to the EOT principles.
It has been great to be able to share more of the previously behind the scenes business information with the team, and understandably some have been more interested in hearing this than others!
It’s even better to be able to talk about sharing the successes of growth when it happens, giving the team a reason besides “it’s my job” to seek out new opportunities and encourage our clients to break down the barriers to better creative by working with us.
It offers those looking for long term career development and reward an incredible opportunity not commonly available in non-EO businesses, and the sooner we can get that underway, the better!
To anyone who is interested in looking at an EOT structure for their business, my advice would be to talk to others who have done it – other businesses who have been in your position or lawyers and advisors with proven successful experience in the EOT market in your industry. Like in most things, knowledge is power. And being prepared for the changes and work that the EO structure will generate within your business is a powerful way to succeed.
Anna is Founder & Managing Director at OLS. With over 20 years' experience in creative operations and digital production, Anna's the powerhouse behind OLS's expertise at working with in-house creative teams. She's passionate about building a team culture where everyone can thrive and learn together. And she loves a cup of tea.