PWF has been alerted to a new organisation – Fair Business – which has been set up as a ‘spin off’ from Social Ventures Australia. The new approach is unique in that it offers the employee participants in the social enterprise (people with disablities etc) ‘a stake in the business’ through ownership of the enterprise.
Fair Business is a non profit organisation providing opportunities for disadvantaged people to obtain/sustain employment, in a range of existing businesses as well as adapting them into sustainable integrated workplaces.
Although there are record levels of employment here, many Australians find themselves excluded from mainstream life and employment due to disability, illness or other disadvantage.
Labour force participation rates for people who are disabled, mentally ill, refugees, indigenous Australians, older aged people, young unskilled job seekers, and the homeless are significantly lower than for the general population.
A separate entity Fair Business (Australia) Pty Ltd, will acquire businesses around Australia and will adapt them into integrated workplaces where marginalised people can work alongside mainstream employees, ensuring a large scale impact on reducing unemployment for marginalised individuals whilst ensuring that all the businesses are independently sustainable.
All of the acquired businesses will be run on a commercial basis and the social and economic return for every dollar invested will be measured to ensure a blend of ‘non profit’ principles with a ‘non loss’ result within each business. Profits from each business can be reinvested back into the businesses for continued development and growth.
Fair Business (Australia) Pty Limited will offer ‘real jobs for real pay’ to people who have struggled, and may otherwise always struggle, to get work within the competitive open labour market.
Ultimately the management team of the businesses will facilitate a subsidised employee buy-out so that ultimately the employees become the business owners, an interesting new exit strategy for business owners, allowing them the opportunity to sell their businesses whilst remaining involved.