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Symology was originally formed in 1983 as a privately owned company. In 2002 following a number of years of sustainable growth, Symology embarked on the first steps of employee ownership by setting up an Enterprise Management Incentive (EMI) scheme. This allowed employees to own shares in the company and participate more fully in the operation of the company, with a greater sense of commitment and responsibility.
The EMI was massively successful, not only in take-up but in the recruitment, retention and development of highly skilled and motivated staff members.
In 2014, the owners and directors of Symology looked to secure the long-term independence and integrity of the company, and thus provide the best possible guarantee of protection for customers’ investment. This was achieved by transferring a further equity stake into employee ownership, resulting in an employee-owned majority shareholding.
The directors agreed that the holding of a collective stake for the benefit of employees via a trust, was a good cultural fit for the organisation. Employee Ownership ensured that control of the company rested in the hands of the people who best understand both the Company and its customers- the employees themselves.
The trust is governed by a mixture of directly elected management and employee representatives, a number of whom sit on the Board. This approach ensures that there is employee representation on the Board and a clear channel of communication between the Board and the employees. It will also facilitate continuance of the company-wide teamwork approach, which Symology customers have always recognised to be central to the provision of successful services.