Transcript Financial Participation in a European Perspective

Financial Participation in
a European Perspective
Kees Vos
President EFES
Six Statements
 Social innovation is the key to a successful
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
knowledge economy
Social innovation requires new management
ESO can be an ultimate form of social innovation
ESO is not yet sufficiently practiced
The knowledge economy is challenged
It is time for action!
Social innovation and the knowledge
economy
 employment in
knowledge based
industries (EU 15): 40%
 Employees = main
asset
 The battle for brain
power
 75% of company
success by social
innovation
Social innovation and management
 Liberal market economy: high management
ratio
 Coordinated market economy: low
management ratio
 Coordinated market economy: more
commitment and motivation
 More commitment and motivation: higher
productivity growth and faster technological
progress
Employee share ownership
 New forms of management: policies of
accommodation
 Basics of ownership unchanged: employment
contract = hierarchical relation
 But: 40% knowledge workers
 Co-ownership/employee share ownership as
the ultimate form of social innovation
ESO not sufficiently practiced (yet?)
 Low incidence of FP,
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especially ESO
More in larger
companies
Multinationals: more
barriers, more
resources
Contradictory data
Much ado about nothing
or: growing interest?
Incidence of ESO: contradictory data
ESO
EF 100%
Cranet 100+ EFES
IE
UK
FI
FR
6
3
1
5
34
18
4
19
61
54
53
51
DA
AT
DE
3
1
1
7
5
8
33
28
24
NL
IT
BE
1
1
4
12
5
11
21
20
18
EU economy successful, but…..
 GDP per capita
 Economic growth: 1 –
2% per year
 Unemployment
decreasing (7%)
Eurozone
FR
DE
Japan
FI
SWE
UK
BE
DA
AUT
NL
Ireland
US
Lux
0
50
100
150
200
250
300
…..but challenged!
 World economy growth
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4- 5% per year
Off shoring: 25% of EU
companies
Mergers and take overs
Private equity and
hedge funds: pay off
within 5 years
OECD: workers in the
global economy
increasingly vulnerable
It is time for action!
 EU and national level
 Support social
innovation by ESO
 Special attention to
SME’s
 To be competitive and
to stay competitive
 Let’s blow the whistle
not burst the bubble!
Don’t give up!
It’s a long way to success!