Well I never expected to see my divisional Managing Director to get up and walk out of a meeting with a client. He likes to keep "his hand in".
New foreign investor in an existing business asked us to quote.
Serious new money is being invested in new plant and they want us to match it. All well and good. The cash forecasts look good. The business is reasonably profitable. Our profit margin looks good.
Some of the figures don't look right. Staff numbers reduce significantly after the new plant is added but redundancy payments are no where near what was expected.
So my MD asks to visit and discuss the figures and I tag along.
Turns out the new investor has asked the staff to take serious pay cuts from about £20 per hour to minimum wage to help secure the business with a promise of better wages when things are better.
The company then will pay redundancy on the new minimum wages not the original wages.
In his car on the way back, the MD said that wasn't "cricket". The draft report was a little more detailed - if they are willing to rip their long serving staff off, the bank would be fair game as well.
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Glad your bank is taking that stand. Too many businesses do not look after their staff properly.
I have one recent recruit (who I have known for several years) leave a company after nine months and came to us, shellshocked into a total lack of confidence of his abilities as a valuer due to the way he was treated. I knew his strengths and after six months he is back to full vigour.
Another person, a 18 years qualified lawyer moved 18 months ago from a city centre niche firm to a general practice suburban outfit. She knew within a day she was in the wrong place; unfriendly staff; no attempt to be helpful to a new recruit. She is a quiet person, but yesterday she let rip at her old firm and how nice her new one is; I don't think she has spoken to me for so long in all the years I have known her. More fool all these companies.
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Carp Clients - Netsur
