Accountancy firm Grant Thornton plans to change its business model to become a ‘shared enterprise business’, where all of its 4,500 employees will have a stake in the company.
In a recent vote, 99% of the firm’s 185 partners voted to launch a consultation on the implementation of a shared enterprise model, as proposed by CEO Sacha Romanovitch.
The model will be a big departure from the traditional partner owned and run structure of professional services firms.
The model will enable all employees to share responsibilities and rewards in the business, and staff will sit on Grant Thornton’s Oversight Board. It also aims to enable employees to better contribute their ideas, by crowdsourcing the firm’s delivery plan.
Romanovitch said she believed a shared enterprise model would help the business grow.
“The only way we can fully harness the potential of all 4,500 of our people is through shared enterprise – a sense that we are all in this together sharing our thinking and ideas, sharing the responsibility to drive the business forward and sharing in the resulting rewards,” she said.
She added that shared ownership companies “significantly outperform other business”, citing improvements in productivity, quality and sales.
"The success of this structure is exemplified by John Lewis, which operates in this way – and is renowned for its customer service," she concluded.
Grant Thornton’s head of brand and culture Norman Pickavance told HR magazine the move was a “bold step” in running a large accountancy firm “in a different way”.
“I am hoping to demonstrate that these ideas can radically and practically improve the way business works,” he added.
Grant Thornton anticipates that the first stages of the shared ownership model will be in place by 1 July.
