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CEO of the company I work for rocked up at the office today in his Aston Martin. Proceeded to tell everyone on a business briefing that there will be a round of redundancies, came out with the line "its a difficult economic climate for us all" and will no doubt cruise off home in his Aston Martin shortly.
Safe to say it's not gone down well.
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You couldn't make it up on 15:41 - Feb 25 with 3158 views
It's brutal out there. I am currently selling off a lot of my life possessions to cover costs month to month and still its a struggle to pay the bills and avoid an overdraft, I recognise I am unskilled and from the poor section of society so life is always hard, but it has NEVER been as hard as this in my life. I just work to pay bills, my only "fun" is my ST and even then I may have to give that up.
An East Anglian Town overtaken by Londoners
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You couldn't make it up on 15:44 - Feb 25 with 3114 views
It's brutal out there. I am currently selling off a lot of my life possessions to cover costs month to month and still its a struggle to pay the bills and avoid an overdraft, I recognise I am unskilled and from the poor section of society so life is always hard, but it has NEVER been as hard as this in my life. I just work to pay bills, my only "fun" is my ST and even then I may have to give that up.
It really is. We were expecting to do £25m of profit in 2025 and the latest view is now £4m. No bonus payable for 2024 despite hitting our numbers and providing for it because we don't have the cash to pay it. 10% of workforce to leave by April in a 'right-sizing' exercise.
Not sure if I'm on the hook but I'll start looking around. Sorry to hear of your situation and I hope things improve for you.
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You couldn't make it up on 15:53 - Feb 25 with 2986 views
You couldn't make it up on 15:48 - Feb 25 by _clive_baker_
It really is. We were expecting to do £25m of profit in 2025 and the latest view is now £4m. No bonus payable for 2024 despite hitting our numbers and providing for it because we don't have the cash to pay it. 10% of workforce to leave by April in a 'right-sizing' exercise.
Not sure if I'm on the hook but I'll start looking around. Sorry to hear of your situation and I hope things improve for you.
Interesting, what size/ industry fella?
£4m profit is still decent, though does depend on turnover!
Ade Akinbiyi couldn't hit a cows arse with a banjo...
You couldn't make it up on 15:48 - Feb 25 by _clive_baker_
It really is. We were expecting to do £25m of profit in 2025 and the latest view is now £4m. No bonus payable for 2024 despite hitting our numbers and providing for it because we don't have the cash to pay it. 10% of workforce to leave by April in a 'right-sizing' exercise.
Not sure if I'm on the hook but I'll start looking around. Sorry to hear of your situation and I hope things improve for you.
Cheers, thankfully I am in full-time work, I will recover.
I was stumped by my old man passing away suddenly, and the funeral costs, while he had insurance (although they didn't cover all the back and forth to the hospital) I left that with my mother, so she didn't have to worry while she grieved and dealt with her health issues, so I borrowed a bit to cover those costs which have left things a bit tighter than usual.
You couldn't make it up on 15:53 - Feb 25 by homer_123
Interesting, what size/ industry fella?
£4m profit is still decent, though does depend on turnover!
We're a 1/4 billion £ turnover company that's historically terrible at delivering profit. £25m would've been 10%, which is alright. £4m is a bit of a challenge. We also have owners who don't feck about. There are some exceptional circumstances / headwinds that are hopefully shortish term contributing to that, but the increase in NMW & NI has screwed us quite a lot and that's here to stay. Sales have softened and show no sign of picking up, its a bit of a perfect storm.
FWIW I don't think a reduction in headcount is a bad idea, we've hired too quickly in my opinion and while nobody is twiddling their thumbs we do spend an awful lot of money on people.
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You couldn't make it up on 16:03 - Feb 25 with 2856 views
Cheers, thankfully I am in full-time work, I will recover.
I was stumped by my old man passing away suddenly, and the funeral costs, while he had insurance (although they didn't cover all the back and forth to the hospital) I left that with my mother, so she didn't have to worry while she grieved and dealt with her health issues, so I borrowed a bit to cover those costs which have left things a bit tighter than usual.
I’m sorry to hear you’ve had such a tough time. Well done you re covering those costs and doing what you can for your mother. And yes, you will recover and can hopefully retain your ST.
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You couldn't make it up on 16:04 - Feb 25 with 2840 views
Cheers, thankfully I am in full-time work, I will recover.
I was stumped by my old man passing away suddenly, and the funeral costs, while he had insurance (although they didn't cover all the back and forth to the hospital) I left that with my mother, so she didn't have to worry while she grieved and dealt with her health issues, so I borrowed a bit to cover those costs which have left things a bit tighter than usual.
I'm sorry to hear of your loss.
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You couldn't make it up on 16:13 - Feb 25 with 2774 views
Reminds me of when I worked for a multinational logistics firm in Felixstowe. The office manager was basically a female David Brent. In the very same meeting she let us know there would be no pay increases that year, she announced she would be getting a company Audi. Well I've taken my (frankly very average) skills in-house and now get paid more than double for an easier gig.
This is the reality of the NI changes. I have 3 pals who've been made redundant in the last month. All pointing at economic climate ie NI changes.
The Aston Martin makes it churlish I appreciate but this is also the reality of businesses. Always makes me think of the pencil factory analogy:
One day, a pencil factory worker told his boss, “I’m leaving to start my own pencil business. Pencils are simple.”
The boss smiled and said, “Simple? Do you have the land for a factory? The machines to cut the wood? The graphite supply? The workers to assemble them? The trucks to deliver them?”
The worker hesitated.
The boss handed him a pencil. “A pencil is simple. A business is not.”
You couldn't make it up on 15:44 - Feb 25 by _clive_baker_
Fortunately not. An equally dysfunctional sh1t show though.
Sorry to hear this - think we will be hearing a lot more of this though.....the country has been underfunded for a while and whilst everyone thinks things are currently sh*t, they are sh*t at a level that our current tax take can't pay for.
I think Labour are trying to do the right things, but so much to do and nothing to do it with -the changes to business in April will be big when it starts hitting them and working the way through, fell right into the trap set of knocking employee NI down a few pence last eyar when there was nothing to pay for it with
I have worked at some pretty big firms, but it has always been interesting to see how these multi-millionaire bosses present themselves to the minions.
My previous firm (global investment bank) used to make sure (late 90's early 00s) that the partners were all wearing the basic Casio digital watch and off the rack suits when taking the PR shots for use in the annual report and everything - and to make partner, it was all about *not* flaunting the lifestyle that came with it. Many a managing director was moved on for not behaving in the right way.
We know these people are wealthy, and therefore have the element of power, but not making that the focus is the key.
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You couldn't make it up on 16:21 - Feb 25 with 2650 views
You couldn't make it up on 15:45 - Feb 25 by homer_123
I've seen this done numerous times, sadly.
Hope you are OK fella.
Same. Company I worked for was built from nothing by the dad and then he eased out and let his two weirdo sons run the business (into the ground, eventually). A very very rich family, son #1 used to arrive at work in a different car every day, Ferrari or Porsche, and some other fancy vehicles, and every company meeting and even in the Dale Carnegie training we had to do, he would somehow weave in tales of buying or driving expensive cars. Oh and by the way, you can’t have a raise this year.
Son #2 was super awkward. Married his mail order bride and his highlight was at one works Xmas do, there was a raffle and he won an IPod. You’d think given he’s a millionaire and an executive of the company he’d put the prize back into the raffle. Nope, kept it and proudly held it aloft.
Sorry to hear this, but as others have said going to be a lot of it about.
If it is going to affect more than 20 staff, at a time, make sure the company follow consultation rules, they apply even if it is not a unionised workforce.
You couldn't make it up on 16:21 - Feb 25 by Illinoisblue
Same. Company I worked for was built from nothing by the dad and then he eased out and let his two weirdo sons run the business (into the ground, eventually). A very very rich family, son #1 used to arrive at work in a different car every day, Ferrari or Porsche, and some other fancy vehicles, and every company meeting and even in the Dale Carnegie training we had to do, he would somehow weave in tales of buying or driving expensive cars. Oh and by the way, you can’t have a raise this year.
Son #2 was super awkward. Married his mail order bride and his highlight was at one works Xmas do, there was a raffle and he won an IPod. You’d think given he’s a millionaire and an executive of the company he’d put the prize back into the raffle. Nope, kept it and proudly held it aloft.
Classic!!!!
Ade Akinbiyi couldn't hit a cows arse with a banjo...
You couldn't make it up on 16:21 - Feb 25 by Illinoisblue
Same. Company I worked for was built from nothing by the dad and then he eased out and let his two weirdo sons run the business (into the ground, eventually). A very very rich family, son #1 used to arrive at work in a different car every day, Ferrari or Porsche, and some other fancy vehicles, and every company meeting and even in the Dale Carnegie training we had to do, he would somehow weave in tales of buying or driving expensive cars. Oh and by the way, you can’t have a raise this year.
Son #2 was super awkward. Married his mail order bride and his highlight was at one works Xmas do, there was a raffle and he won an IPod. You’d think given he’s a millionaire and an executive of the company he’d put the prize back into the raffle. Nope, kept it and proudly held it aloft.
That's terrible.
(The likelihood that a founders off-spring aren't the best people to run their parent's - usually their father's - business is one reason why imposing IHT on farms and at the margins moving farms out of families has theoretical upsides)
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You couldn't make it up on 16:44 - Feb 25 with 2423 views
It's brutal out there. I am currently selling off a lot of my life possessions to cover costs month to month and still its a struggle to pay the bills and avoid an overdraft, I recognise I am unskilled and from the poor section of society so life is always hard, but it has NEVER been as hard as this in my life. I just work to pay bills, my only "fun" is my ST and even then I may have to give that up.
You couldn't make it up on 16:21 - Feb 25 by Illinoisblue
Same. Company I worked for was built from nothing by the dad and then he eased out and let his two weirdo sons run the business (into the ground, eventually). A very very rich family, son #1 used to arrive at work in a different car every day, Ferrari or Porsche, and some other fancy vehicles, and every company meeting and even in the Dale Carnegie training we had to do, he would somehow weave in tales of buying or driving expensive cars. Oh and by the way, you can’t have a raise this year.
Son #2 was super awkward. Married his mail order bride and his highlight was at one works Xmas do, there was a raffle and he won an IPod. You’d think given he’s a millionaire and an executive of the company he’d put the prize back into the raffle. Nope, kept it and proudly held it aloft.
I’ve seen that so often in businesses of all sizes. The amount of friends and family that have had their workplace turn to sh1t once jnr gets handed the reins is staggering.
Always admire it when the father makes the kid start at the bottom and his older heads treat them like anyone else. Nepotism even happens in teaching (educating Manchester was a famous example) but there’s a more rigid structure at least.
You couldn't make it up on 16:21 - Feb 25 by bsw72
That's poor from a "leader".
I have worked at some pretty big firms, but it has always been interesting to see how these multi-millionaire bosses present themselves to the minions.
My previous firm (global investment bank) used to make sure (late 90's early 00s) that the partners were all wearing the basic Casio digital watch and off the rack suits when taking the PR shots for use in the annual report and everything - and to make partner, it was all about *not* flaunting the lifestyle that came with it. Many a managing director was moved on for not behaving in the right way.
We know these people are wealthy, and therefore have the element of power, but not making that the focus is the key.
Exactly, there’s nothing wrong with being successful and having the wealth that comes with that,
Just retain a bit of class and humility, especially in sensitive situations and people will respect you for it.
You couldn't make it up on 17:52 - Feb 25 by ITFC_Forever
Exactly, there’s nothing wrong with being successful and having the wealth that comes with that,
Just retain a bit of class and humility, especially in sensitive situations and people will respect you for it.
Agreed. I don't resent him his apparent wealth as he does do a difficult job, travels all over the place and away from his family a lot, works long hours etc. I wouldn't do it to be honest.
As is often the case its sometimes about how things are done rather than what decisions are made. The reality is our cost base is growing and our sales aren't, and we have owners who instruct him to make difficult decisions. Much of that cost is external factors that have been forced upon the business. That's the very harsh reality. But saying its a hard time economically for all of us is a bit tone deaf when a lot of the audience were low paid factory workers. Some walked out this afternoon in protest I'm told.
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