By Steve Flamisch
In a show of bipartisan support, New Jersey’s gubernatorial candidates commended the Rutgers School of Management and Labor Relations for providing an important new resource to the state’s business community.
The New Jersey/New York Center for Employee Ownership, announced in October, helps businesses navigate the process of introducing employee stock ownership plans, equity compensation, and worker co-operatives—three options that can help grow the economy one business at a time.
“As the point person for the state’s effort to improve economic vitality and job growth, I commend the work of the Rutgers School of Management and Labor Relations to launch a new center to assist businesses exploring the prospect of employee ownership,” said Lt. Governor Kim Guadagno, the Republican candidate for Governor. “Providing this important guidance to our businesses will not only save jobs and strengthen companies, but make our economy stronger for everyone.”
Research by the Rutgers School of Management and Labor Relations finds that employee-owned firms tend to have higher productivity, lower turnover, and more stable employment, and that employee-owners can build significant wealth over time—enhancing the economic security of the middle class. In addition, employee ownership is a job-saving alternative to liquidation for the “Silver Tsunami” wave of retiring Baby Boomer business owners.
"Rutgers is long known for research that has real world applications, and this new center is no exception,” said Phil Murphy, the Democratic candidate for Governor. “While we look for new opportunities to create good jobs, we also need to protect long-time employers and ensure they also have the means to continue helping families prosper. By empowering workers to be part of our economic resurgence, the New Jersey/New York Center for Employee Ownership will be a vital tool for our state's future."
The New Jersey/New York Center for Employee Ownership is featured in coverage by Gannett New Jersey, New Jersey Business Magazine, New Jersey 101.5 News, NJTV, and the state’s newest business publication, Return on Information New Jersey.