The Woodford Way as an EOT
Our third year as an EOT
As we move into our third year as an EOT, we are delighted to report that we were able to give all qualifying employees a share of the profit from the previous year’s trading. As an EOT, there are tax savings to be had so most of what was awarded was received by the employees without the usual 40% tax on bonus (there is the unavoidable National Insurance contribution though). In these difficult times, I wonder how many other businesses like ours were able to reward the hard work and amazing resilience that all Woodford teams have shown over the last 12-18 months?
Our staff turnover has remained low, but not at zero. We enjoy developing our teams with internal training as well as being able to provide them with a variety of internal opportunities as they grow in experience and qualifications – from apprentices to senior management. We have welcomed some new faces into the Woodford team who share some of our core values of trust, innovation and respect.
We have created a Woodford Voice team who are tasked with generating ideas on how the business can improve its efficiency and effectiveness. This team operates outside the leadership team and has had the freedom to generate some really interesting and challenging ideas of how to improve Woodford as a whole. The team have also been successful in improving all employee’s contracts for our mutual benefit. They have been instrumental in improving our Personal Development plans and are also in the process of developing a Buddy system for new starters.
As our teams become increasingly aware of the benefits of the EOT we fully envisage even greater loyalty and a real desire for others to join the Woodford team. The quality of our work improves at a steady pace and we have an AFR of 0.0 which is an outstanding testament to our quality on site.
We are looking ahead to the future and will share our results with you as we grow. Please get in touch if you would like to be a part of this exciting journey.
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