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- Title
Employee Buyouts in Canada.
- Authors
Gunderson, Morley; Sack, Jeffrey; McCartney, James; Wakely, David; Eaton, Jonathan
- Abstract
The purpose of this paper is to discuss employee buyouts in the Canadian context and to illustrate some of the issues involved through a particular Canadian case study of Algoma Steel in Sault Ste Marie, Ontario. The importance of that buyout is illustrated by the phrases by which it has been described: 'a workplace revolution' (Toronto Star, 26 September 1992); 'North America's boldest experiment in worker control' (Toronto Star, 26 February 1994); 'the most innovative and unusual collective agreement ever negotiated in Canada' (United Steelworkers 1992a: 1). <BR> The paper begins with a discussion of some general definitional and classification issues. This is followed by an analysis of the general pros and cons of employee buyouts from the perspective of the different industrial relations actors. The literature on the evaluation of the impact of employee ownership is then discussed, with an emphasis on two areas: the attitudes and behaviour of employees, and the productivity, profitability and long-run survival of the organization. The ingredients of successfully negotiating an employee buyout are considered. Against the template of this background material, the Algoma case study is then analysed. Particular attention is paid to what the key players regard as the lessons to be learned from their experiences.
- Subjects
ONTARIO; LEVERAGED buyouts; LABOR productivity; EMPLOYEES; MERGERS &; acquisitions; BUSINESS planning; PROFIT; INDUSTRIAL relations
- Publication
British Journal of Industrial Relations, 1995, Vol 33, Issue 3, p417
- ISSN
0007-1080
- Publication type
Article
- DOI
10.1111/j.1467-8543.1995.tb00446.x