Page 4 What makes us different

What makes us different

Like any business, the John Lewis Partnership is commercial and competitive, but it is also the UK's largest and longest lasting example of employee ownership. Rather than having employees and shareholders, our Partners co-own the business.

Who we are
We believe our co-ownership business model gives us three significant advantages:
> It allows us to take a long-term view – we can build lasting relationships with all our stakeholders, from customers to suppliers, because we're not driven by the need to deliver short-term gain for the City.

> It means we can maximise the value of employee ownership – Partners have worthwhile, secure and fulfilling employment, which generates loyalty, pride, job satisfaction, knowledge and empowerment.

> It enables us to act in the interests of society – as a long-term employer and neighbour, our long-held desire is to conduct all our business relationships with integrity and courtesy, behave as a good corporate citizen and contribute to the communities where we operate.

Our business model

A cyclical flow chart of three circles with the text:

Partners
We aim to employ people of ability and integrity who are committed to making the Partnership a great place to work and a great place to shop.
Linking to...

Customers
We want to provide customers with the best possible shopping experience, with outstanding choice, value, and polite, knowledgeable and consistent service.
Linking to...

Profit
This should be sufficient to sustain our commercial vitality and distinctive character, finance our continued development, and enable us to distribute a share of profits each year to all Partners.
(Linking back to Partners)


The spirit of the Partnership
There are many aspects of our business that make the Partnership different from other businesses. For example:

> As co-owners, we share the responsibility for our own successes and failures. This sense of collective responsibility is reflected in the low turnover (25%) and sickness (3%) rates that Waitrose exhibits compared with others in our sector.

> Profits are also shared equally, in the form of an annual Bonus (20% of salary in 2007–08), which gives everyone a shared purpose and a tangible reason to do their job to the best of their ability.

>We support a healthy work–life balance through flexible working, and a range of leisure activities, clubs and societies, career breaks, long leave and a flexible retirement policy.

>We support Partners to fulfil their potential, often promoting from within, and offering internal training and career development programmes.

>We nurture a creative, innovative culture that values difference and diversity.

> In addition to competitive pay and benefits, we offer Partners a final salary pension scheme, Bonus Save, a Government approved share incentive plan and five subsidised holiday centres around the country.

The spirit of the Partnership is captured in a short video on www.johnlewispartnership.co.uk

"The Partnership returned £324 million to Partners last year in the form of a bonus, pensions and other benefits. That's an enormously powerful demonstration that our business is different."

Charlie Mayfield Chairman, John Lewis Partnership Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44