Technolution A/S is an engineering company that offers consultancy and innovation to the medical industry. The management has now decided to offer all employees co-ownership. The purpose is to develop, maintain and attract the much sought after medico skills that are crucial to the company’s future development.
Health technology has a high growth potential. Technolution is experiencing a still increasing demand from the medical and pharmacy industry for their employee’s skills. It may potentially make it difficult to maintain and attract the sought after engineers who have both technical, clinical and QA experience.
Technolution has taken the consequence of this development and offered all employees co-ownership in order to hold on to their present employees and attract new ones in the future.
“In recent years there has been a high demand on experienced experts within all branches of product development in the medical industry. By making employees co-owners, our management wishes to promote their loyalty. This has been seen before in other industries and it is a necessity in ours to ensure that we have and are able to hold on to the industry’s brightest heads,” says Allan Spork, founder and director of Technolution.
Allan Spork believes that companies who provide specialized consultancy and services are very sensitive to losing an employee because of their converted skills. He says, “We are looking for the best in their highly specialized areas, who at the same time have a strong consultant profile. They are much sought after by many and there are really good, exciting jobs that pay well for people with these particular skills. If we are to maintain our present team, we need to do much more than usual. Profit sharing and good conditions are no longer enough. We need people to feel for the company and its future development, for new project opportunities, for new colleagues, for our many results, for earnings – they must feel ownership.”
A crucial strategic decision
The decision to offer employees co-ownership is not a sudden, idealistic indictment. Over the past three years, Technolution has been working on their growth strategy towards 2020. It was clear to the board that if Technolution was to achieve this goal, they needed a brand new approach.
“We considered merging with another consultancy firm and we were also offered to be bought. However, we have had to realize that if we are to achieve our planned growth and at the same time save the heart of the company, the development had to take place within our own ranks. At the moment, we have the right people in the team who are able to drive our various business areas further. Over the next 5-10 years, this team must learn to think as owners. If you think as an owner, whether you are a small or major shareholder, it will benefit the entire company.”
In Technolution, it is expected that the decision will generate an increased growth, as a high price on the company’s shares will be a goal for the employees. It is an expectation that Kasper Friis, one of the new partners, can endorse.
“As a partner, I now feel an even greater connection to Technolution. I feel that I focus even more on the bottom line of the company and how we promote the company’s interests while at the same time addressing our clients’ challenges. That way, I find it even more motivating to perform,” he says.
Technolution, founded nearly 20 years ago, helps pharma and medical companies bring new products to the market by solving complex R & D challenges in the development of, among other things, Medical devices, combination products and connected devices (IoT). Technolution is certified according to ISO 13485 (medical device development) and has a strong focus on quality assurance and usability in the development process.
The news also reached MedWatch. You can read the article here (in Danish):
The director makes employees co-owners