ASBC webinar, October 24th 1:00pm ET: Worker Ownership – A Strategy for Strengthening America’s Middle Class
The growth of economic inequality over the past decade has convinced millions of Americans that our economy is failing them. For many, the link between hard work and reward has grown more fragile, creating retirement insecurity and depressing the entrepreneurial spirit that creates companies and helps them to thrive. There is good news though! Worker-owned companies are expanding at a rapid pace. Cooperatives, employee stock owned companies (ESOPs), union co-ops, and other hybrid models are taking hold in every economic sector and helping to redefine capitalism.
As the ASBC ‘Making Capitalism Work for Fall’ Summit (Dec 10-11) will highlight, the era of shareholder primary is being replaced by a focus on how a broader set of stakeholders can own a piece of the economy. Worker-owned companies have a track record of increasing wages, strengthening local economies, and saving companies that otherwise might close. Also, they’re resilient. During the Recession, they had fewer layoffs, higher survival rates, higher productivity, less turnover, and faster recoveries. Worker-owned companies allow more Americans to share in a company’s success. Also, when workers buy a company, they buy equity in the business. And, the decision-making process is more democratic and inclusive.
Join us on October 24th to learn about:
- Current trends in the worker ownership movement,
- Federal, state and local legislative efforts to support worker owned companies,
- The culture of leadership within worker owned companies,
- The benefits of worker ownership to communities, retirement security, and creating a sense of belonging.
- Doug O’Brien, President and CEO, National Cooperative Business Association
- Matt Gomez, Counsel, House Small Business Committee, Chairwoman Nydia M. Velázquez (D-NY)
- Dan Wolf, President, Cape Air; Former Massachusetts State Senator
- Michael Peck, 1worker1vote co-founder/executive director; ASBC Board Secretary
Worker-owned businesses are neither radical nor partisan. The Main Street Ownership Act, signed into law in 2018, was supported by Republicans and Democrats. To restore prosperity for all, we need to spread the benefits of economic growth to entrepreneurial citizens through profit-sharing and the ownership of capital. If the middle class is to survive, we must move toward a more inclusive capitalism.