Leading training and apprenticeships provider HIT Training Ltd has today announced the creation of an Employee Ownership Trust (EOT) to the benefit of employees across its three divisions – HIT Training, Connect2Care and the Executive Development Network.
Jill Whittaker OBE, CEO of HIT Training Ltd, said, ‘This is a decision which allows us empower all our employees. Not only do we feel this is the right thing to do, by selling a significant shareholding to our staff, it means they will be even more incentivised to deliver amazing work – which, in turn, benefits our clients and partners. We believe this is a decision which is pioneering within our industry, and we hope demonstrates our ongoing commitment to create an inclusive and supportive organisation.’
Recent research has shown that 70% of businesses report their services improving and 55% report better financial performance since becoming employee-owned, clearly demonstrating the benefits that can HIT Training Ltd, and its customers, may stand to gain from this move.
The shares will be owned on trust for the employees as beneficiaries, meaning that each tax year current employees can participate in up to £3,600 of profit share, as a tax-free bonus. This will be given to all employees equally, with part-time staff receiving the benefit on a pro-rata basis.
The news of the EOT comes with the announcement that John Hyde CBE, is stepping down from his role as Executive Chairman of HIT Training Ltd after 40 years’ spent in work-based learning. John co-founded HIT Training Ltd, and has seen it grow to become one of the largest providers of apprenticeships in England.
On the move to create an EOT, John Hyde CBE, Executive Chairman said, ‘As I wind down my involvement with HIT Training Ltd, I’m incredibly proud to see the company it has grown to become. It is so gratifying to think of the many people we have supported with education, helping to further careers and upskill businesses with talented employees – in the hospitality industry and beyond. It is fantastic that the Employee Ownership Trust will see all our hard-working employees benefit from this company’s success for years to come, a lasting legacy I am honoured to leave.’
The move to EOT comes at an exciting time for HIT staff, who will now play an even more pivotal role in its plans to transform both large and small businesses with meaningful training – that itself leaves an impactful legacy. The leading apprenticeship provider will also focus on upskilling more businesses with managerial and leadership training, through its Executive Development Network division.