Employee Ownership and the Company of the Future

07/06/23 • 63 min

The Aspen Institute Economic Opportunities Program — Events and Interviews

In 2022, the Fortune 500, the largest publicly traded companies in the US, collectively generated nearly $16 trillion in revenues and over $1.6 trillion in profits. Large public and private companies — those with more than 1,000 workers — employ more than 40% of the US workforce. Though a sizable percentage of these companies offer profit sharing programs or equity compensation, many workers, particularly front-line employees, do not participate or have access to these programs, resulting in missed opportunities to expand wealth and create a culture of employee ownership to improve innovation and business performance.

In this conversation, speakers discuss innovations in employee ownership and how we can reimagine how large corporations share profits and ownership and create a future where workers and companies thrive together. It features a panel discussion with Marshall Vance (Associate Professor of Accounting and L. Mahlon Harrell Faculty Fellow, Virginia Tech), Felice Klein (Assistant Professor of Management, Boise State University), Chris Fredericks (President and CEO, Empowered Ventures), Erik Forman (Co-Founder, The Drivers Cooperative), Anna-Lisa Miller (Executive Director, Ownership Works), Robyn Shutak (Managing Director, Infinite Equity), and moderator Joseph Blasi (J. Robert Beyster Distinguished Professor, Rutgers University; Director, Rutgers Institute for the Study of Employee Ownership and Profit Sharing). For more information about this event — including video, audio, transcript, speaker bios, and additional resources — visit: https://www.aspeninstitute.org/videos/employee-ownership-and-the-company-of-the-future/

This discussion was held on June 15, 2023, as part of the Employee Ownership Ideas Forum, co-hosted by the Aspen Institute Economic Opportunities Program and the Institute for the Study of Employee Ownership and Profit Sharing at Rutgers University. This two-day convening brought together leading policymakers, practitioners, experts, and the media for a robust discussion on how we can grow employee ownership for the shared benefit of American workers and businesses. Learn more: https://www.aspeninstitute.org/events/employee-ownership-ideas-forum/

Previous Episode

Rebuilding the Middle Class through Employee Ownership

Stagnant wages, the rising cost of living expenses, and other factors have led to a shrinking middle class and growing income and wealth inequality in recent decades. Workers in employee-owned businesses, however, have often fared better than their peers on a range of measures related to economic well-being.

In this conversation, speakers discuss the latest research on wealth inequality and the potential of employee ownership to help rebuild the middle class. It features opening remarks from Richard Freeman (Herbert Ascherman Chair in Economics, Harvard University), Doug Kruse (Distinguished Professor, School of Management and Labor Relations, Rutgers University), and Fidan Kurtulus (Professor of Economics, University of Massachusetts Amherst), followed by a panel discussion with Veronica Ortiz (Business Systems Analyst Manager, Worker-Owner, Web Industries), Stephen Smith (Chairman, President, and Chief Executive Officer, Amsted Industries Incorporated), Steve Storkan (Executive Director, Employee Ownership Expansion Network), Tomás Durán (President, Concerned Capital), and moderator Abha Bhattarai (Economics Correspondent, The Washington Post). For more information about this event — including video, audio, transcript, speaker bios, and additional resources — visit: https://www.aspeninstitute.org/videos/rebuilding-the-middle-class-through-employee-ownership/

Next Episode

Good Work in the Gig Economy: Building a Sustainable App-based Economy

App-based short-term work, often called gig work, has been around for more than a decade. As use of app-based services has grown and become part of many people’s daily lives, so has awareness of the risks and challenges it presents to workers. During the pandemic, attention on gig work surged as thousands of unemployed service workers turned to apps for an income, and millions relied on these workers to deliver food and other essentials to their homes. Coming out of the pandemic, what is the status of gig work today, and what does the future hold? While many problems with the most widely used apps persist, new models have emerged as platform-based work has become an established part of the labor market. Join as we explore how people are challenging the status quo of gig work and reimagining platform-based jobs to be good jobs that can sustain workers.

In this conversation, we hear about alternative models of platform-based work, including cooperatives and public options, about policies being introduced to improve gig workers’ lives, and about research showing us what’s ahead. This event features a panel discussion with Will Coleman (Alto), Lexi Gervis (Steady), Ligia Guallpa (Worker's Justice Project), Adrian Haro (The Workers Lab), and Shelly Steward (The Aspen Institute).

For more information — including video, audio, transcript, speaker bios, and additional resources — visit our website: https://www.aspeninstitute.org/events/good-work-in-the-gig-economy-building-a-sustainable-app-based-economy/