Construction recruitment experts Sphere Solutions are marking the first anniversary of becoming employee owned, which has boosted the business’ workplace culture and earned record levels of growth.
Providing technical, qualified staff across multiple levels to almost 900 companies in the building, construction management, civil engineering, rail, housing, architecture and mechanical and electrical sectors, Sphere Solutions established an Employee Ownership Trust in April last year.
The transaction saw shareholder directors James Hughes and James Parsons sell the majority shareholding of Sphere Solutions to employees, via the Trust. The pair were motivated to meaningfully recognise the team’s contribution to Sphere Solutions and identified an EOT as the right succession plan that ensured security and long-term growth for all.
Developing the business’ existing people-centric approach through employee ownership has unlocked further growth at Sphere Solutions, which has filled 19,000 vacancies and placed around 8,500 individuals into construction roles at all levels. With growth ambitions across South Wales, the South West, and into new construction sectors, along with an ongoing commitment to ensuring social value, the team at Sphere Solutions has also increased in size significantly since becoming employee owned.
Based on Sphere Solutions impressive performance in the last year, individual profit distributions approved by the trust saw all eligible employees receive a tax-free bonus of £3,600 each.
Bryn Jones, Finance Director of Sphere Solutions, said: “The decision by James and James to pass the business to us as employees was a huge show of trust and it’s fantastic to feel so valued. The EOT truly empowers us all to take Sphere Solutions to new levels going forward, which is really exciting.
Also felt across the business is the knowledge-sharing that employee ownership encouraged. With more transparency and clarity about the business’ operations and performance, this heightened communication has led to greater learner opportunities.
For the employee council too, a diverse group of staff has represented the whole team’s interests, gaining strategic insights and management experience. Sarah Webb, member of the Employee Council, commented: “Having the platform to discuss ways in which we can improve the business and help to implement new ideas is fantastic.”
A clear benefit to staff, Sphere Solutions has cited its EOT as improving staff retention, and even playing a key role in attracting new talent to the business.