Wise celebrates first employee-ownership day: our journey so far

 Each EO Day, thousands of employee owners, EO businesses, and supporters of EO come together to raise awareness of the benefits of employee-owned companies. The 23rd June 2023 marks the 11th annual EO day, the perfect time to share what the past 6 months of being employee-owned has meant for Wise Productions! 

// talent acquisition

Since transitioning to employee-ownership, taking on great people holds an even greater significance for our company than ever before, as we prioritise the recruitment of individuals who possess a strong alignment with our values. Recognising the invaluable role that Co-Owners play in shaping our company culture and driving success, we are now placing a heightened emphasis on finding candidates who not only have the necessary skills and qualifications to deliver excellence for our clients and partner venues, but also demonstrate a genuine resonance with the core values and mission of Wise. By strategically focusing on value alignment during the recruitment process, we are further cultivating a sense of purpose, cohesiveness, and shared vision amongst all of our Co-Owners, in turn leading to increased engagement, productivity, and ultimately the future success of our business.

// internal engagement

The EO transition has and continues to be an educational journey for us all, part of which has included shaping a new internal engagement strategy that better aligns with our evolving business model. One of the most satisfying developments was the introduction of a new internal communications plan that encourages grassroots ideas to be rapidly translated into strategic improvements to how the company operates and supports our clients. We believe in the power of every Co-Owner to contribute valuable insights and innovative solutions, whether that be proposing a new initiative to support our sustainability mission, or changing how we deliver our service to drive further uplifts in quality.

Our biannual company away days further facilitate Co-Owner engagement. Each excursion is shaped both by current business priorities as well as the needs of our Co-Owners, and curated in a way that enables idea generation from all levels of the business. This approach not only empowers our employees but also paves the way for continued growth, creativity, and evolution within Wise.

// transparency

Every Wise Co-Owner now operates with full financial visibility on our business performance. The introduction of monthly financial infographics and quarterly financial presentations ensures that all employee owners are kept up to date with our commercial performance, and provides opportunities for them to ask questions on our performance and future strategy.

Similarly, our longer-term strategic plans are analysed at every level of the business, offering full transparency on our future direction and the strategies planned to achieve our shared goals. This refined level of financial clarity and operational transparency empowers all Co-Owners to align their efforts and work collaboratively towards a shared vision.

// measuring success

The transition to an employee-owned model has brought about a shift in how we perceive and measure success as a company. Beyond focusing solely on financial performance, our definition of success has been refined to prioritise the happiness and satisfaction of our Co-Owners. This is gauged through our new biannual Co-Owner survey, which reviews personal development, benefits, wellbeing, culture and values.

The success of Wise is no longer solely determined by our bottom-line performance, but rather by how we continually strive to improve ourselves and align more closely with our core values.

// strategy

Part of our EO journey so far has involved a comprehensive re-evaluation of every aspect of our business. This introspection has allowed us to gain a deeper understanding of how each facet of Wise can better serve our clients, partner venues and other key stakeholders. Our renewed commitment to aligning business activities with our purpose and values only enhances the service our clients have come to know and trust.

As we navigate this pivotal time in our employee-ownership journey, our Trust Board has recently appointed an Independent Trustee to bring valuable expertise and guidance about EO and support key business decisions; we look forward to sharing more news on this appointment very soon.

// company culture & social mission

We consider ourselves incredibly fortunate to be part of a company where our passion for delivering exceptional events is matched by our genuine enjoyment of spending time together! Establishing our shared values and celebrating our differences during the transition to EO has only strengthened our company culture and made us even more tight knit!

The increased empowerment, investment, and active involvement of all our Co-Owners is proving instrumental in our sustainability and inclusivity missions. A transition to EO has reinvigorated our dedication to equality, diversity and inclusion and the environment. Recognising the importance of these values, we have established an Inclusivity Team and Sustainability Team, entrusted with driving key initiatives throughout the year and strategizing future actions.

// 6-months in

Our journey of transition to an employee-owned business has so far been truly transformative, and the positive feedback we have received both internally and externally only fuels our passion to drive further growth and success, to ultimately benefit all of our Co-Owners. It’s incredibly gratifying to hear from other stakeholders in the events industry who want to know more about our move to EO, and we take great pleasure in sharing our story and flying the flag for this model of company ownership.

The positive impact on our people has been one of the most pleasurable things to see over the past 6-months, with our move to EO fostering an even stronger sense of community and unity among our team, which is reflected in the events we deliver and the relationships we build with stakeholders, partner venues and clients. As we continue our journey, we are driven by our commitment to excellence, and excited to continue making a positive impact in the industry (and beyond!) as a group of friends, and colleagues, who all have a very real stake in the future success of Wise Productions.

George Foden, Managing Director