Ownership News: December 2022

New York Comptroller General Report Encourages State Outreach for Employee Ownership In a new report from the Comptroller of the State of New York, Employee Ownership of Businesses in New York State, Thomas DiNapoli writes that “research has shown that employee ownership can positively impact employee compensation and retirement assets making it an effective tool to create lasting wealth and improving employee satisfaction. “Facilitating expansion of employee ownership models in which workers have an ownership stake in the companies they work for is one way to help achieve this goal… State policymakers could consider additional opportunities to educate businesses, workers and labor organizations on the advantages and risks associated with different forms of employee ownership and, if appropriate, leverage resources to assist New York companies pursuing these business models.” Specifically, the report states that: “New York could encourage employee ownership more broadly by developing the following strategies: Expand networks and partnerships of business owners, employees, labor unions, and economic developers to provide technical assistance to and educate potential employee-owners on the benefits and drawbacks of EO; Be creative in leveraging resources or identifying new opportunities that can support EO as a way to create or retain jobs and strengthen communities; and Develop ways to educate the public on what EO is and which companies around the State and in their local communities are employee-owned.” The first objective, the report said, could be realized by creating a state employee ownership center either within the state, through a university, or through a nonprofit