Section 31 of the Growth and Infrastructure Act 2013 creates the notion of the "Employee Shareholder": in consideration of  shares worth (at a minimum) £2000, employees waive their 'ordinary' unfair dismissal protection and a string of ancillary rights. In the course of this paper, I hope to set out the background to this reform, and evaluate key aspects of the new employment status. Discussion will then turn to the broader implications of employee shareholders: is this development to be understood as a continuation of the 'flexicurity' agenda in times of financial crisis, or does it represent a much more fundamental change in English employment law?