A tech firm based in Glasgow has become employee-owned in a commitment to the company’s collective future.

In it’s announcement of the landmark transition, Coefficient Ltd said the decision to go employee-owned was based on extensive research and discussions with the team, and aimed to make the company more inclusive and empowering.

“Employee ownership means that everyone at Coefficient has a stake in the success of the business,” Alison Grant wrote in a blog post about the company’s transition. “It’s about more than just financial investment; it’s a commitment to our collective future, to driving growth, and to delivering excellence to our clients.”

Having a stake in the company can drive better performance outcomes as staff are directly invested in the outcomes of their work.

But when deciding to become employee-owned, Coefficient also highlighted the business model’s other benefits.

Employ ownership can be an incentive in attracting and retaining talent, presenting enduring and sustainable growth opportunities.

It also can offer the opportunity for a more equitable workforce which considers employee well-being, something the company claims they have always prioritised. For all these reasons, Coefficient elected to become company-owned.

Coefficient’s directors and co-founders, Paul Grant and Paul Tindal, see the transition in a positive light as it aligns with the company’s core values.

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“We’ve always believed in putting our people first. Employee ownership is a perfect fit for our vision,” said Grant, as reported by Insider. “It empowers our team and allows them to share directly in the rewards of their hard work and dedication.”

Tindal added: “We’re incredibly optimistic about what lies ahead. Together, we’re ready to take Cofficient to the next level, continuing to provide exceptional service and innovative solutions for our clients.”