Opportunity in America - Events by the Aspen Institute Economic Opportunities Program

In this clip, Gwyneth Galbraith, vice president for global small business philanthropy at JPMorgan Chase, offers closing remarks for the 2024 Employee Ownership Ideas Forum.

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this video, we hear from five leaders representing a variety of sectors about their “big idea” for advancing employee ownership. Speakers include:

• Christine Curella, Economic Development Consultant; Former Senior Policy Adviser to Deputy Mayor of New York City
• Evan Edwards, Chief Executive Officer, Project Equity
• Chris Griswold, Policy Director, American Compass
• Wilma Liebman, Former Chair, National Labor Relations Board; Senior Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing
• Jason Wiener, Member, Colorado Employee Ownership Commission; Executive Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

Equity compensation is a standard practice across the corporate world. But very often, it’s just the C-suite and upper level management who are allowed to participate and capture the gains. Frontline workers, particularly women and people of color, are often excluded from this wealth-building opportunity. This panel will highlight examples and practices that reverse this trend so that equity compensation is equitable and so that the frontline workers, who are key to driving profits, also see a return for their contributions. Speakers include:

Robert Patricelli, Senior Advisor, InTandem Capital Partners

Anna-Lisa Miller, Founding Executive Director, Ownership Works

Anthony Cimino, Vice President and Head of Policy, Carta

Barbara Baksa, Executive Director, National Association of Stock Plan Professionals

Adria Scharf, Associate Director, Rutgers Institute for the Study of Employee Ownership and Profit Sharing (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

Financing employee ownership conversions has been a long-standing challenge to growth. But new funds and investors from across the financial sector are coming on board. And many more opportunities appear on the horizon as institutional investors are beginning to explore how to get involved. This panel of finance experts will highlight some emerging finance models and the opportunities and challenges of financing the growth of employee ownership in the decade to come. Speakers include:

• Amy Brakeman, Co-Founder, Unlock Ownership Fund
• Phil Reeves, Founding Partner, Apis & Heritage Capital Partners
• Zoe Schlag, Cofounder and Managing Partner, Common Trust; Executive Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing
• Jim Sorenson, Founder, Sorenson Impact Group
• Melissa Hoover, Special Projects Director, Democracy at Work Institute; Senior Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

The field of employee ownership is one in constant evolution. New forms of ownership are being created with some regularity, and the practice of starting and converting businesses to ownership continues to develop. These evolutions are in response to various factors including changing market conditions, policy and regulatory environments, and worker and business needs. But what they often share is a desire to innovate so that ownership and the benefits it provides can expand. This discussion will examine how companies and different organizations are innovating their models and practices to grow ownership in different regions in the US. Speakers include:

Christine Adee, Co-Chief Executive Officer, OwnersEdge, Inc.

Chris Cooper, Director, Ohio Employee Ownership Center

Corey Rosen, Founder and Senior Staff Member, National Center for Employee Ownership; Faculty Fellow and Member, Rutgers Institute for the Study of Employee Ownership and Profit Sharing

Aquilina Soriano Versoza, Executive Director, Pilipino Workers Center; Executive Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing

Mary Josephs, Founder and Chief Executive Officer, Verit Advisors; Contributor, Forbes (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, Ford Foundation Senior Program Officer Margot Brandenburg and Aspen Institute Vice President Maureen Conway (who also serves as executive director of the Institute’s Economic Opportunities Program) provide opening remarks for the second day of the 2024 Employee Ownership Ideas Forum.

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, Sarah Keh, vice president for inclusive solutions at Prudential Financial, offers closing remarks for the first day of the 2024 Employee Ownership Ideas Forum.

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

Agencies across the US government are engaged in supporting employee ownership. And in recent years, this engagement has grown as new laws such as the WORK Act, the Main Street Employee Ownership Act, and other pieces of legislation have passed. In this discussion, we’ll hear from a variety of agencies about the strategies and programs they are implementing, the lessons they are learning, and how stakeholders around the country can partner with them to expand ownership in their communities. Speakers include:

• Lisa Gomez, Assistant Secretary, Employee Benefits Security Administration, US Department of Labor
• Alex Jacquez, Special Assistant to the President for Economic Development and Industrial Strategy, National Economic Council, The White House
• David Brown, Director of Policy, Office of the Administrator, US Small Business Administration
• Leroy Garcia, Chief of Staff, Rural Business-Cooperative Service, US Department of Agriculture
• Maureen Conway, Vice President, The Aspen Institute; Executive Director, Economic Opportunities Program (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, US Senator Bernie Sanders of Vermont shares his thoughts at the 2024 Employee Ownership Ideas Forum, including the reasoning behind his support for employee ownership and steps Congress is taking to expand ownership opportunities.

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, Jim Bonham, president and CEO of the ESOP Association, provides an update on the role of federal policy in employee ownership, including recent developments and prospective opportunities.

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, US Senator Chris Van Hollen of Maryland shares his thoughts at the 2024 Employee Ownership Ideas Forum, including the reasoning behind his support for employee ownership and steps Congress is taking to expand ownership opportunities.

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

Employee ownership has long-standing bipartisan appeal. Over the last few years, we have seen that industrial policy, the idea that the government should invest in and support industries critical to the nation’s security and competitiveness, is also appealing to both parties. This conversation will examine how these ideas converge and the benefits and value of having businesses be employee-owned that are important to our national interest and the health of our supply chains. During this panel, we’ll hear from business leaders of employee-owned companies in manufacturing and other critical sectors talk about their work and how employee ownership strengthens it. Speakers include:

• Mowa Haile, CEO, Apex Underground; President, Sky Blue Builders
• Mariann Fuller, CFO, Columbia Chemical
• Joey Nestegard, CFO, Schweitzer Engineering Laboratories
• Rick Plympton, CEO, Optimax Systems, Inc.
• Adria Scharf, Associate Director, Rutgers Institute for the Study of Employee Ownership and Profit Sharing (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

Rural communities looking to improve economic opportunities and retain jobs and community wealth know employee ownership can help them achieve these objectives. In fact, some of the states, towns, and cities with the densest number of employee owned-companies are in primarily rural areas. These companies range from small worker cooperatives in agriculture and energy to medium and large companies in manufacturing and construction, among other sectors. During this panel conversation, we’ll hear from elected officials and employee-owned companies in rural areas about the important role of employee ownership in their communities and the lessons they have learned about bringing shared prosperity to rural areas. Speakers include:

• Daniel Goldstein, Chief Executive Officer, Go ESOP LLC; Executive Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing
• Molly Hemstreet, Founder and Co-Executive Director, The Industrial Commons; Executive Fellow, Rutgers Institute for the Study of Employee Ownership and Profit Sharing
• Jenny Levy, Executive Vice President, People, Community & Environment, Hypertherm
• Michael Williams, CFO, Black & Veatch
• Jeff Guo, Co-host and Reporter for Planet Money, NPR (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

States around the country are increasingly recognizing the benefits of employee ownership in creating and retaining good jobs and successful businesses in their communities. And in response, they are developing new legislation and policies to support the growth of employee ownership within their states by offering additional tax incentives, financial support, and other assistance and resources. Speakers include:

• Mike Padden, State Senator, 4th District, Washington State Senate
• Naquetta Ricks, State Representative, District 40, Colorado House of Representatives
• Kerry Siggins, CEO, StoneAge; Chair, Colorado Employee Ownership Commission
• Paul Kinghorn, Director, Center for Business and Innovation Growth/Advance Iowa, University of Northern Iowa
• Zach Warmbrodt, Financial Services Editor, Politico (moderator)

This video comes from the second Employee Ownership Ideas Forum, hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, Rutgers University President Jonathan Holloway and Dean Adrienne Eaton (School of Management and Labor Relations) provide opening remarks at the 2024 Employee Ownership Ideas Forum. 

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, Congressman Larry Bucshon, who represents Indiana’s 8th District in the US House of Representatives, shares his thoughts at the 2024 Employee Ownership Ideas Forum, including the reasoning behind his support for employee ownership and steps Congress is taking to expand ownership opportunities.

The Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

In this clip, Aspen Institute President and CEO Dan Porterfield and Vice President Maureen Conway (who also serves as executive director of the Institute’s Economic Opportunities Program) provide opening remarks at the 2024 Employee Ownership Ideas Forum.

The Employee Ownership Ideas Forum is hosted by the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing. Our 2024 Forum, “Employee Ownership on the Ground,” brought innovative employee share ownership initiatives and speakers from around the country to Washington DC to highlight how this bipartisan approach to improving jobs, wealth creation, and business performance is helping create more equitable economies in states, cities, and rural communities.

For almost twenty years, the Aspen Institute Economic Opportunities Program has convened local and national academies that bring together senior leaders from across the workforce ecosystem to learn together about increasing economic opportunity for all.

In this interview, we hear from Stephen Tucker, the founding president and CEO of the Northland Workforce Training Center in Buffalo, New York. Tucker is an alum of EOP's Sector Skills Academy and has served as a valued guest faculty member for many local Workforce Leadership Academies across the country.

Speaking with Senior Fellows Dee Wallace and Sheila Maguire, Tucker describes how he not only walks the talk as a leader but gives back to others using lessons learned as a program participant, job developer, economic developer, and champion for community, industry, and the workforce field.

As the world continues to confront inhumane levels of poverty, widening inequality, and environmental degradation, a growing number of individuals, including academics, business owners, and policy entrepreneurs, are calling for a new moral economy. These leaders are rejecting the conventional economic myths that free markets are more efficient and that enormous inequalities are unavoidable; instead, they’re embracing ethical and socially responsible economic models that prioritize moral action and accountability.

In his new book, “The Alternative: How to Build a Just Economy,” author and academic Nick Romeo explores this paradigm shift in economic thinking, challenging prevailing notions perpetuated by some economists and business leaders. He shares compelling stories of these new innovative approaches, including businesses organized as purpose trusts, venture capital funds addressing wealth inequality and climate change, Oslo’s successful climate budgeting program, Portugal’s democratic budget decisions, worker-owned cooperatives fostering innovation, and public-sector initiatives providing protections for gig workers. “The Alternative” presents a vision of economies that are more equal, just, and livable, showcasing real-world examples of success. Ultimately, it challenges the prevailing narrative and offers a glimpse into a viable alternative economic system.

In this conversation — which took place on January 24, 2024 — we hear Nick Romeo and moderator Maureen Conway (Vice President, The Aspen Institute; Executive Director, Economic Opportunities Program) discuss his new book and invite guests to imagine what a more humane economy could be.

Workplace benefits can provide workers with economic stability in their lives, opportunities for personal and professional growth, and the chance to build wealth in the long term. Yet the field of benefits offered is incredibly diverse. Deep inequalities in access exist, administration tends to be complex for both employers and workers, and there is little shared knowledge about what benefits are most important for workers’ well-being.

Hear from a new wave of business leaders who understand the need to reimagine their relationship with organized workers and from the leader of the biggest federation of unions, who is ready to innovate and work together with business to achieve shared prosperity.

American workers are reevaluating their working conditions and rallying for change, driving a surge in worker organizing that affects businesses across sectors and regions. While many business leaders are unprepared for and resistant to unionization and other forms of worker empowerment, the case for fostering a positive relationship with organized workers is stronger than ever. At a time of historically high public approval of unions and newly emergent public expectations about the nature of work and the responsibilities of corporations, informed by the cataclysm of the pandemic and ongoing inflation, new voices in business are starting to call for an approach where businesses and workers collaborate to achieve shared prosperity.

Employee ownership can take many forms: employee stock ownership plans, worker cooperatives, broad-based equity sharing plans, and more. A less common approach in the US, but one that is gaining attention, is employee ownership trusts (EOTs). While research has demonstrated the benefits of employee ownership for business performance, business resilience, and job quality, the growth in the number of employee-owners has plateaued. The leveling off is not because fewer businesses are choosing employee ownership as a succession plan, but rather due to valuable employee-owned companies being sold. EOTs, a type of perpetual purpose trust, have the potential to sustain employee ownership over time, often while serving other purposes.

EOTs can provide profit-sharing, support democratic workplace practices, and, like other forms of employee ownership, are associated with improved productivity. While uncommon in the US, EOTs are the primary form of employee ownership in the UK. The model’s successes have been such that the government of Canada recently took steps to facilitate EOT transitions, and there are indications that the approach is gaining ground in the US, as well.

In this conversation from October 25, 2023, our expert panel discusses the current state of research into trusts, the benefits EOTs provide, how EOTs compare to other forms of employee ownership, the experiences of business owners and workers in trusts, and what the future holds for this model in the US.

Our speakers include Leah Hamilton (Optimax Systems), Chris Michael (EOT Advisors), Melinda Paras (Paras and Associates), Rick Plympton (Optimax Systems), and moderator Kristin Toussaint (Fast Company).

Today, as a complement to our regular event series, we’re pleased to present a special conversation between our executive director, Maureen Conway, and Michael Lastoria, founder and CEO of the pizza chain &pizza. The core of our work here at the Aspen Institute rests on increasing the number of good jobs in our economy, and Michael has been a leader and an innovator in this space for many years.

In this conversation — which took place in March of this year — we learn how the desire to create good jobs inspired Michael to launch &pizza in the first place; we discuss how better jobs lead to better business outcomes; we uncover the strategic value of soliciting feedback from employees; we outline the problems with treating labor as a commodity; we discuss how new technologies can enhance workers’ experiences on the job, rather than simply attempting to replace them; and we identify the role of government action in serving to raise the bar across industries.

Wealth inequality has worsened over the last several decades, with the US having some of the highest inequality among industrialized countries. The top 20% of US households by income hold 70% of the wealth — over $96 trillion — according to the Federal Reserve. Households in the bottom 20%, by comparison, hold just 3% of the wealth, or $4 trillion.

App-based short-term work, often called gig work, has been around for more than a decade. As use of app-based services has grown and become part of many people’s daily lives, so has awareness of the risks and challenges it presents to workers. During the pandemic, attention on gig work surged as thousands of unemployed service workers turned to apps for an income, and millions relied on these workers to deliver food and other essentials to their homes. Coming out of the pandemic, what is the status of gig work today, and what does the future hold? While many problems with the most widely used apps persist, new models have emerged as platform-based work has become an established part of the labor market. Join as we explore how people are challenging the status quo of gig work and reimagining platform-based jobs to be good jobs that can sustain workers.

In this conversation, we hear about alternative models of platform-based work, including cooperatives and public options, about policies being introduced to improve gig workers’ lives, and about research showing us what’s ahead. This event features a panel discussion with Will Coleman (Alto), Lexi Gervis (Steady), Ligia Guallpa (Worker's Justice Project), Adrian Haro (The Workers Lab), and Shelly Steward (The Aspen Institute).

Employee ownership empowers workers to have greater freedom over their economic future and provides them with a greater return on their hard work. By giving workers a stake in the business, workers in employee-owned firms become more invested in the business’s success, which in turn helps drive productivity, innovation, and profitability. In this conversation, speakers highlight the benefits of employee ownership and the experiences and important contributions of employee-owned businesses to workers and the US economy.

US businesses and workers are currently at a critical crossroads. Millions of baby boomers will soon retire and sell their businesses, transitioning trillions of dollars of wealth in the process. This transition, along with the continued strength and profit growth of large corporations in the US, has created a once-in-a-generation opportunity for millions of workers to share in the profits of their labor and become business owners. Many barriers, however, stand in the way of the US realizing this opportunity, and new policy innovations are needed to address these obstacles.

Congress has taken important steps in the last couple of years to support the growth of employee ownership in the US. Bipartisan legislation such as the Main Street Employee Ownership Act and the WORK Act have recently passed and hold great potential for helping more businesses to become employee-owned through ESOPs and worker-owned cooperatives.

Government has played a critical role throughout the history of the US in launching and supporting employee ownership. Today, the US Departments of Treasury, Commerce, Agriculture, and Labor and the Small Business Administration support employee ownership through financing and lending, regulatory reform, technical assistance, market development, and more, as they help business owners, workers, and local governments across red and blue states to grow worker ownership.

Americans have long-held values around dignity, hard work, and the promise of the American dream. These values, however, are often divorced from our discourse and policies around the health and competitiveness of our businesses and our economy. And too often, it is believed that we must sacrifice the well-being of our workers in favor of growth and a higher GDP. Employee ownership, which is good for businesses, workers, and our economy, is one strategy for helping us break this false choice and narrative.

In 2022, the Fortune 500, the largest publicly traded companies in the US, collectively generated nearly $16 trillion in revenues and over $1.6 trillion in profits. Large public and private companies — those with more than 1,000 workers — employ more than 40% of the US workforce. Though a sizable percentage of these companies offer profit sharing programs or equity compensation, many workers, particularly front-line employees, do not participate or have access to these programs, resulting in missed opportunities to expand wealth and create a culture of employee ownership to improve innovation and business performance.

A disproportionate share of women and people of color are employed in the lowest paying jobs in the US, struggling to meet basic needs, much less build any wealth. Long-term trends show households of color face a widening wealth gap when compared to white households. Employee ownership offers a potential tool to address the wealth divide, improve job quality and agency in the workplace for women and people of color, and help to build a more inclusive and fair economy.

Stagnant wages, the rising cost of living expenses, and other factors have led to a shrinking middle class and growing income and wealth inequality in recent decades. Workers in employee-owned businesses, however, have often fared better than their peers on a range of measures related to economic well-being. 

Economic inequality and lack of good jobs have left many workers, particularly women and people of color, without a fair share of the US’s economic prosperity. Despite the significant rise in corporate profits, front-line workers continue to experience low wages and see little returns for their contributions. Research shows that employee ownership, such as employee stock ownership plans (ESOPs), can be a valuable tool in creating better jobs, building wealth for workers, and increasing businesses’ resiliency while reducing employee turnover. ESOPs are the most prevalent form of employee ownership in the US, with nearly 14 million workers participating in them.

The growth of ESOPs has plateaued over the past decade, but the next decade presents a unique opportunity to expand ESOPs as many business owners retire and sell their companies. Low awareness of ESOPs and the benefits they offer, insufficient assistance and support to help businesses convert to ESOPs, and some regulatory policies pose potential barriers, however, to growing ESOPs. How can we take advantage of this once-in-a-generation opportunity to meaningfully grow the number of ESOPs? What impact could this have on job quality, wealth inequality, and our economy? What policies, supports, and assistance do businesses, including publicly traded companies, need to convert to an ESOP?

Most households in the US primarily support themselves through the income they earn from work. As a result, businesses have a significant influence on the economic security and opportunities for economic advancement available to individuals, families, and communities across the US. Often issues of wages and working conditions experienced by working people are framed in business discussions as a function of market conditions and considered separately from issues of household or community well-being, but in recent years more companies have been exploring the intersection and explicitly considering worker well-being as part of a new approach to business, sometimes termed conscious capitalism. As part of this trend, the Business Roundtable in 2019 overturned the two-decade statement that stated a corporation’s principal purpose was to maximize shareholder returns and wrote a new statement that corporations should also deliver value not only to shareholders, but also to customers, communities, and — importantly — their employees, thus resulting in long-term prosperity for both business and society.

In his latest book, “Still Broke: Walmart’s Remarkable Transformation and the Limits of Socially Conscious Capitalism,” Rick Wartzman considers the experience and history of Walmart moving towards a more conscious capitalism and the recent efforts the company has made to provide higher wages and better benefits and opportunities for their employees. The book raises important questions about how much an individual company can do on its own to improve the quality of jobs and people’s ability to earn a living through their work, the degree to which business imperatives encourage companies to improve jobs and when those incentives conflict with that goal, and whether public sector action, either through labor market regulation or the provision of social supports, needs to be strengthened to ensure work in today’s economy is contributing to an inclusive economy in which all can thrive.

Guaranteed income is gaining increasing momentum across the US. The bipartisan idea, which has roots in the nation’s founding, the New Deal, the Nixon Administration, and the Civil Rights Movement, is being piloted in more than 100 demonstration sites across the country. The expanded Child Tax Credit — a guaranteed income for children — and stimulus payments during the pandemic were the largest unrestricted cash payments to families ever on a federal scale. Research shows that guaranteed income can reduce poverty and help families cover basic expenses like food, housing, and child care. Less well understood, however, is the impact guaranteed income can have on work.

Contrary to myths that cash transfers could disincentivize work, guaranteed income may in fact support work and workers. Data from recent pilots has provided strong evidence. In Stockton, CA, for example, recipients were more likely to work full time. What is the possible impact on the labor market more broadly, though, and especially on the quality of jobs? How might the security of a guaranteed income provide workers agency, strengthen competition, and raise the floor for all?

The US is often described as a nation of immigrants, and immigrant workers have played a critical role in building the country and our economy. While countless immigrant workers have found the US to be the land of opportunity and achieved the American dream through hard work, countless others have not had their hard work and labor rewarded, but instead have been subject to exploitation and abuse. This is as true for immigrant workers today as it was centuries ago. What do the experiences of immigrant workers today tell us about the nature of work and opportunity? What do the ongoing challenges of immigrant workers say about our economic and social divides? If we continue to have lower standards for the treatment of immigrant workers, can we ever realize our American ideals about work and opportunity?

The Universal Declaration of Human Rights, adopted 75 years ago by the United Nations, set forth a set of civil, social, and economic rights that inspired the development of human rights’ laws around the world. The declaration has been a north star for those working to build an equitable and fair society for all people ever since. But over the intervening decades, our economic agenda and policymaking have often focused on economic growth and business success metrics at the expense of human well-being. This economic framework, which preferences profits over people, has contributed to skyrocketing wealth and income inequality, economic instability, social unrest, and recently the rise of new authoritarian movements. The economic rights from the Universal Declaration of Human Rights, however, are reemerging as part of a call for a more moral and equitable economic order. In this context, the Office of the United Nations High Commissioner for Human Rights (OHCHR) and The New School’s Institute on Race, Power and Political Economy recently announced the Partnership for a Human Rights Economy. The partnership will help advance scholarship and economic policymaking toward achieving human rights. 

The US government is the largest purchaser of goods and services in the world, spending over $600 billion per year. Public procurement exceeds $2.1 trillion annually when state and local governments are included. These investments help create and support millions of jobs. But is this spending creating good jobs? Are contracts being awarded promoting racial and gender equity? Government agencies already often consider social impacts of procurement decisions. But as millions of jobs pay below a living wage and those posts are most commonly held by women and workers of color, more needs to be done to address the job quality crisis. Public procurement is a powerful tool that can help. The steady stream of public procurement and recent legislation, such as the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, are unique opportunities to more fully leverage public investments to improve job quality and address race and gender inequities in government contracting.

Worker-owned cooperatives are known to have a strong tradition and legacy in Europe, with Mondragon Corporation in Spain often stealing much of the international spotlight. Interest in worker-owned cooperatives is growing in the US, however, as people continue to look for ways to promote democracy in the workplace, create higher quality jobs, and build a more equitable economy. Alongside this interest is a growing body of research that has shown well-run cooperatives can be more resilient to economic shocks, experience less employee turnover, and achieve higher profit margins. Workers in cooperatives often benefit from better job security, equal or better pay than their peers, and more family-friendly workplaces.

Today, worker-owned cooperatives span numerous industries in the US, from home health care to manufacturing to ride-sharing. Some regions in the US have started to invest in and build supportive ecosystems for worker cooperatives in attempts to revitalize economies and offer a more inclusive approach to economic development. Efforts are also underway across the country to support retiring business owners in converting their business to employee ownership, including conversions to worker cooperatives. Despite this momentum, worker-owned cooperatives are a very small part of the US economy, and growing the model can be challenging. Financing, a lack of awareness, and the complexity of democratic management pose barriers to the worker-owned cooperative movement. How can we address these barriers to support the growth of cooperatives in the US? What role can worker cooperatives play in creating higher quality jobs and a more inclusive economy? What can we learn from successful cooperatives abroad and domestically about what works?

The contributions of frontline workers have been widely lauded over the last few years. Though this long-overdue praise is important, we continue to fail to adequately compensate most essential workers even as corporate profits remain high and wealth inequality and race and gender wealth gaps persist. Employee ownership has continued to emerge against this backdrop and across party lines as a potential strategy for building an economy where prosperity is more equitably shared. Awareness about employee ownership, however, remains a challenge. Designing jobs and workplaces that include employee ownership can also be difficult and complex and many opportunities for growing the approach remain unrealized in the US.

Businesses looking to start or transition to an employee-owned business face a number of design choices. Employee Stock Ownership Programs (ESOPs), Employee Owned Trusts (EOTs, worker-owned cooperatives, and equity compensation programs each hold different advantages and disadvantages. They can differ in their profit sharing, costs, flexibility, and how workers are involved in decision making. Designing a workplace culture that fully leverages employee ownership’s strengths also requires intention. What drives businesses to choose employee ownership? What factors affect the design and structure of employee ownership and what workplace culture is needed for it to be effective? What lessons can we learn from employee-owned firms about improving job quality and worker engagement? What supports do employee-owned businesses need and how can philanthropy and government help more businesses find opportunities to build ownership into the jobs they provide?

This event features closing remarks from Senator Chris Van Hollen and a panel discussion with Jennifer Briggs (Contract CEO), Frank Lindsey (Old Takoma Ace Hardware), Gina Schaefer (A Few Cool Hardware Stores), Jeanne K. Wardford (W.K. Kellogg Foundation), and moderator Alana Semuels (TIME).

Recognizing the urgency and potential for advancing good jobs, the Aspen Institute Economic Opportunities Program and the Families and Workers Fund convened the Good Jobs Champions Group — a diverse, cross-sector group of leaders in business, labor, advocacy, academia, nonprofits, and philanthropy — to develop a common definition of a good job.

Training and learning opportunities are an important part of the design of any job. Frontline workers recently rated job growth and learning opportunities in the top three things they want in a job. Many workers, however, receive little, if any, training from their employers. This lack of investment in workers’ skills impedes workers’ opportunities for advancement, trapping many in a cycle of dead-end, low-quality jobs where women and people of color make up a disproportionate number of workers. For businesses and employers, failing to invest in workers is also costly. In addition to a disengaged workforce, many employers face high turnover when they do not invest in their workers. In the past year, the top reason workers globally left their jobs was due to a lack of career development and advancement opportunities. Businesses that invest in workers’ skills development and design jobs with work-based learning (WBL) opportunities, however, offer a more promising path.

When designed well, work-based learning provides a number of benefits to workers and businesses. WBL approaches such as apprenticeship, on-the-job training, and other forms of employer-sponsored training can offer workers the opportunity for upward mobility and the chance to earn and learn at the same time while employers gain a more engaged and skilled workforce. Too often though the frontline workers who could benefit the most from work-based learning do not receive the opportunity. How can businesses design jobs that include quality work-based learning that improves opportunity for workers and business outcomes? What barriers and opportunities do employers face in creating apprenticeship and other work-based learning models, particularly for front-line workers? What can we do to equitably expand work-based learning to workers who need it the most?

This event features a panel discussion with Daniel Bustillo (Executive Director, Healthcare Career Advancement Program), Jocelyn Caldwell (VP, Workforce Strategy and Organizational Growth, Walmart), Kim Gregorie (Head of the Business and Program Office for Talent Development and the Global Career Experience, JPMorgan Chase & Co.), Paul Osterman (Nanyang Technological University (NTU) Professor of Human Resources and Management, MIT Sloan School of Management), and moderator Abha Bhattarai (Economics Correspondent, The Washington Post).

Increased global competition in recent decades has unleashed a new wave of technological advancement, and a new wave of predictions of technological displacement and job loss. But job destruction is not a foregone conclusion of technological advancement; in complex systems outcomes are hard to predict. Technology can replace workers or make work less fulfilling, but it can also be used to complement workers’ skills and improve wages, safety, and employee engagement. Choices about developing and deploying technology and designing new jobs all make a difference.

Employers, workers, government, philanthropy and others can play an active role in shaping how technology is used, how jobs are designed, and what the future of work will be. How does technology affect job design? What can employers and businesses do to invest in technology and their workforce to improve business performance and increase employee retention and engagement? How can workers be engaged to help shape operations and how technology is developed and used? What can we learn from human-centered design?