Dorset’s oldest privately owned recruitment consultancy has become an Employee Ownership Trust and changed its name reflect the move.
Poole-based Rubicon Recruitment Group, based in Poole, is now called Rubicon People Partnership, with complete ownership going to its 30 employees.
“Our business has always prioritised positivity, consistently doing the right thing integrity, fairness and openness,” said founder Lloyd Banks. “Employee ownership is a natural progression for us.
“Many of my colleagues have worked with me for a long time, and the continuing success of the business, especially during such turbulent times, is a result of an extraordinary team effort. Employee ownership rewards that effort while ensuring that future successes are reimbursed, and it safeguards the extraordinary culture that drives our business.”
Under the new arrangement every employee will have an equal voice at quarterly meetings, and an employee representing the EO Trust will sit on the board. The employees, who are now known as partners, will also enjoy an equal share of the business’s profits.
“I will stay on with the business for as long as I’m needed, wanted and able. I don’t expect to retire for at least five years,” said Mr Banks. “With a more traditional trade sale, it would be very likely that jobs would be lost and the incredible culture we’ve built up over the years put at risk.
“Employee ownership protects jobs, retains our culture, provides clients with even more confidence in service delivery commitments and will be a catalyst for growth. It also gives us additional resilience to face the challenges and opportunities ahead.”
He added: “This marks an exciting new chapter for Rubicon. Employee-owned companies tend to excel in retaining the best people, attracting talented new staff and engaging employees. Those employees in turn drive performance, innovation, and service excellence.
“As well as rewarding our existing team and giving them the opportunity to shape the future of the business, we expect our new employee ownership status to attract more talented new colleagues to help us grow. Our clients have always known we are a different kind of recruitment business, and now employee ownership is a very visible demonstration of that.”
Dorset is already home to two high profile businesses that are partly owned by their employees, Lush and Farrow & Ball. Rubicon People Partnership becomes one of only four wholly employee-owned recruitment consultancies, and the only one on the south coast.