This paper investigates the effects of profit-sharing on wages and employment by comparing the labour market behaviour of the John Lewis Partnership with that of four main competitors. The John Lewis Partnership employs around 30 000 workers, who since 1970 have been paid between 13 and 24 per cent of workers' income in the form of a profit-related bonus. The empirical works suggests that profit-sharing in the John Lewis Partnership may be associated with greater levels of employment but does not significantly affect the level of remuneration.