ABSTRACT

Corporate contractarian literature dismisses employee participation as inefficient on the grounds that, if it were efficient, it would be voluntarily adopted widely. We argue that the scarcity of employee participation in the UK can be attributed to shareholder short-termism and behavioural biases and, therefore, that the question of its efficiency remains open for companies that want to explore this possibility. We thus propose a flexible approach that UK companies can follow to implement employee participation. Our approach takes into account the broader UK institutional framework by creating adaptable and long-term solutions for both listed and large private companies. We argue that the most pragmatic way to encourage efficient employee participation is through the introduction of formal employee advisory panels and, in the longer term, the proliferation of employee share ownership schemes coupled with special rights to appoint a number of directors in tandem with the size of employee share ownership.

摘要

公司承包商的文献认为雇员参与效率低下，因为它是有效的，会被自愿广泛采用。我们认为，英国员工参与的稀缺可以归因于股东的短期主义和行为偏见，因此，其效率问题仍对希望探索这种可能性的公司开放。因此，我们提出了一种灵活的方法，英国公司可以遵循这种方法来实施员工参与。我们的方法通过为上市公司和大型私人公司创建适应性强的长期解决方案来考虑更广泛的英国机构框架。我们认为，鼓励有效员工参与的最实际方法是引入正式的员工咨询小组，从长远来看，