You have built a strong team—experienced, committed, and full of deep institutional knowledge. But as you look ahead, one reality is clear: some of your most trusted people are beginning to think about retirement. Their knowledge, leadership, and relationships have helped shape your business—so how do you ensure that legacy is not lost, but carried forward?
Maybe your team already spans generations—Boomers, Gen X, Millennials—each bringing unique strengths. You are not in crisis mode, but you can see what is on the horizon. The pace of change is accelerating. Technology is reshaping how we work. Expectations around leadership, flexibility, and purpose are shifting.
The question is not just who will fill key roles, but how you will position your business for the next chapter. It is a long-term strategy—one that asks: how do you attract and retain the next generation of workers? How do you keep them engaged? And how do you build a future that honours what you have created, while staying competitive in a changing world?
Millennials and Gen Z
As a business owner, we don’t need to tell you, the workforce is changing, bringing with it unique challenges. The next generation of leaders, Millennials and Gen Z, have flipped the narrative of what a “good job” is. According to a 2023 Deloitte survey, these generations value purpose, work-life balance, and ethical leadership above traditional compensation structures.
They are less likely to remain in jobs where those values are missing. A recent Forbes article highlights that Gen Z and millennials are quick to move on if their workplace does not align with their personal and professional priorities.
- Work-Life Balance: This is a top concern for these generations, who desire freedom and flexibility at work.
- Purpose Driven: The separation between personal and professional is not as demarcated as it once was. These generations expect to be able to show up fully as themselves at work. What’s more, they want to feel valued and make meaningful contributions to their environment, they don’t want to just be a number on a staff ID card (but hey – don’t we all?).
- Values Alignment: These generations have a strong sense of social purpose and responsibility. They want to work for companies that are a reflection of these values – whether that be social responsibility or environmental stewardship.
- Adaptability and Movement: Think you can talk to the talk, but not walk the walk – think again. These generations are adaptable, and don’t hesitate to quit jobs that don’t give them exactly what they are after.
So while a salary is still important to these generations, there are a myriad of other factors which determine not only if these individuals will join your company, but if they will stay.
Enter Employee Ownership
So the question becomes, how do you attract and retain these individuals? Employee Ownership may be more commonly associated with succession planning, but it is also a powerful strategy for retention and engagement, one which can set your business apart in a sea of competition.
- Salary: You’ve found a great candidate and offered them a healthy salary, but they have interviewed at 3 other places who have not only matched your offer, but exceeded it. Employee Ownership can be your competitive advantage – it’s a long term wealth strategy, which can offer them tax benefits, and enhance what they take home. What’s more, is that Employee Owners tend to enjoy higher wages than their non-Employee Owned counterparts. This helps for retention too, as anyone can come with a larger salary and poach your top talent.
- Purpose and Engagement: When employees are owners, they start thinking like owners. They see firsthand how their work impacts the business, transforming them from “just another number” into passionate contributors.
- Driving Social Change: In today’s world, ESG (environmental, social, and governance) isn’t just a buzzword, people want to see real action. Employee Ownership can help redistribute wealth and empower traditionally marginalized groups. For instance, a report from the Aspen Institute in the U.S. show that employee owners of colour earn about 30% more than their non-owner peers, while female employee owners see wages 17–24% higher.
- Work-Life Considerations: Although Employee Ownership doesn’t automatically equal work-life balance, it creates an environment where a fully invested team is more likely to work collaboratively on flexible solutions. The culture that develops from shared ownership can help pave the way for the kind of balance your team needs
For the Business Owner Who Isn’t Stepping Away
The term Employee Ownership can sound daunting—especially if you are not planning to sell your business outright. But do not let that stop you from considering it as a long-term retention and succession strategy. Employee ownership does not mean giving up control, or that every employee has an equal say in decision-making. It means creating a structure where your team can share in the value they help create. Even a small stake in ownership can grow over time—deepening engagement, strengthening loyalty, and helping your business grow with it.
Make Your Business One Worth Staying For
Your business is built on more than just operations—it is built on people, purpose, and values. Employee ownership gives you a way to protect that foundation and plan for the future without stepping away before you are ready.
Employee ownership is already helping companies like ET Group attract top talent, keep great people, and build stronger teams—without changing who they are.
If you are thinking about how to keep your best people—and bring in the next generation—this is a strategy worth exploring.
