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Financial Participation

The data on the incidence of employee financial participation found in existing surveys shows Greece as having low rates in both areas.

The Cranet research of 2010 shows that about 9% of all business organisations with more than 100 employees have broad-based employee share ownership schemes.1 Just under 17% of all business units have narrow-based schemes for their employees.2 When considering only share schemes for the management, Greece saw a large increase in employee share ownership schemes from only 6% in 1992 to about 23% in 1999/2000. One explanation for this phenomenon was the significant increase in the number of companies becoming listed on the stock exchange. Many of these mostly family-owned companies issued shares to their employees in the initial phase.3 In 2009, according to the Cranet study, this value was further reduced to 15%.

Around 7% of all companies with 100 employees or more had broad-based profit-sharing schemes in 2010. In 10% of these companies, narrow-based profit-sharing schemes have been introduced. Whereas in 1992 only 13% of all units had profit-sharing schemes (broad- and narrow-based), there was also a large increase in the entire Greek economy between 1992 and 1999 / 2001 (from 13% to 19%).

According to the results of the “European Company Survey”, a survey of more than 27,000 HR managers in Europe conducted in 2009, a mere 4% of private-sector Greek companies with 10 or more employees offer their employees a profit-sharing scheme.4 Compared with other European countries, this is a below-average figure (the 30-country European average is 14%). The incidence of employee profit-sharing schemes in Greece rises slightly in line with company size: 4% of companies with 10-49 employees, 9% with 50-199 employees, and 13% of companies with more than 200 employees have a profit-sharing scheme. A mere 2% of Greek private-sector companies offer share ownership schemes (European average: 5%).

According to the findings of the Annual Economic Surveys of Employee Ownership in European Countries in 2012 around 17% of the largest Greek company groups offer broad-based (share) participation schemes for the whole workforce; this value is far below the European average of 53.3%.5 The number of participating employees in Greece is declining.

Further current figures on the incidence of workers’ participation schemes since the beginning of the economic and financial crisis in Greece are not available. However, we can assume that participation schemes have become less important.

Wilke, Maack and Partner (2014) Country reports on Financial Participation in Europe. Prepared for www.worker-participation.eu. Reports first published in 2007 and fully updated in 2014.