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The news earlier this week that JLP had cut their redundancy remuneration package in half, just after a group of senior executives left the sinking ship, is followed today by the news that JLP is considering cutting 11,000 jobs out of a workforce of 76,000.
We shouldn't gloat but JLP with Waitrose is M&S's main competitor.
I wonder if Dame Sharon's redundancy package will be reduced by 50%?
I agree Costa. Highly likely that management won't be upset if a number of people walk out the door, a cheap way of dropping the headcount in head office. The issue I have with this is that it's often the best people that leave first - the dross never go as they hang on as long as possible. Still, let's hope the effect is minor enough that it doesn't impact the company performance.
I’d imagine that attendance to work for those that work from home has been greater than that of those that go in office, so what have thought that absentee days would increase as result of this. Also would think that free hours that people who work from home will now not be inclined to do so productivity would decrease. I suspect that other factors in play for this kind of decision making. Maybe a cunning ploy by the board to reduce headcount in the office without having to pay redundancy costs. Perhaps short term pain for long term gain
🤞
You could argue that post COVID the company have let their employees choose where they work, and during this time we have enjoyed our most successful period in decades. If I were the CEO I’d probably not change anything like this without strong proof it makes a positive difference.
The OP is surely an M&S employee, given no posting history anywhere. Let’s hope we don’t lose key people - and I don’t mean upper management, who are likely already in the office a lot, or at least paid well enough that they won’t mind. But the people in the middle actually making the business hum.
I do t have a lot of experience in this type of culture change, but have done some reading and I wouldn’t say it’s positive news. Also wouldn’t expect it to impact company performance over the short and medium term. Long term who knows!
And the truth of the post...It's not based on any facts..
Gove will soon be Gone, one battle lost but the war can still be won.
Agree, prob because they know that the battle with Michael Gove is lost and now needs to pay the extortionate rent to force people into the office for little added valu
Bit of a better day today. Ocado has push the SP up a bit.
IMO, dyor.
The working from home obsession is being phased out in most businesses
From March 1st , M&S will be insisting that all staff come into the office at least 3 days per week , in a bid to increase performance. They've shut a bunch of offices since COVID and hired more staff , so keep a close eye on company performance in the coming year. There will be a higher turnover of staff as everyone hired far from London will leave ect.
It's not based on any facts as there has been no evidence of increased performance when other firms have done this , but there has been a huge drop in employee satisfaction and staff retention. Those people who used to work extra hours will now be travelling , so very likely everybody will do less work once this starts. Interesting times
Price in support area, its loss would be a negative signal, but note the possibility of noise around the level. Today we need more bulls to come back in control.
At 4pm on a Friday I'll say it was venting ahead of the weekend, unless you'd been to the pub in which case it was a rant. 😉
In the current month, MKS has received 10 Buy Ratings, 5 Hold Ratings, and 0 Sell Ratings. MKS average Analyst price target in the past 3 months is 283.57p.
Here's to a good week. Gla
Overseas events aside, I do also think our own government is giving the impression of making it up as they go along whilst being so heavily reliant upon their mantra of "We are spending more on it now than ever before" (NHS / Police / Education et al) - which people are heartily sick of and no longer believe, largely because it so apparent that "it" clearly isn't working for the economy or us in our day to day lives. Looking across Westminster it is very hard to see where our next half-decent leader will come from to tackle so many of the issues. I say that when trying to envisage a "leader" who has the charisma and enough political savvy to genuinely unite a party around him / her in order to 'get a grip'. Decent as the two main party leaders may be, there are too many egoists working for themselves behind their scenes rather than for the good of the country. We need to put aside these egos, stop mistaking stubborness for national passion and sincerely look inwards in order to 'listen' rather than 'speak' for a change. We might also be wise to stop telling other countries how to live their lives whilst our own is in dire need of attention. THAT is one of the main reasons for the current direction of the FTSE and the fact that quality shares such as M&S do not currently appeal to overseas investors in the way they perhaps should - poor leadership with poor prospects, including from the BoE and its "leadership". Would you invest in a company that is being run like UK at present - or invest in it's component companies which are attempting to thrive in an economy of uncertainty? Apologies for the rant but I am angry and so sad to see what has happened to us in recent times especially. M&S is a great company and deserves better, just like the rest of us. But in the interim?...........,
P*k*stan JJ
not my ****.
****stan, another try. jj
****stan/ iran; palestine/israel; russia/ukraine; biden/trump; to name but a few. at any time one of these could lead to ww3. markets hate uncertainty. there is so much talk of increasing expenditure on the 'war machine'. the western leaders seem to think right is on their side when they will know from history that believing you have right/ god on your side is the sure fire way of having more wars. love and not war, jj
The macro is all over the place at the moment.
Since the new year we have had - fantastic results from the likes of M&S, Tesco and the discounters.
Higher inflation than expected - fuelling expectations that interest rates will stay high.
Contradictory retail sales figures - lower than expected sales fuelling expectations of interest rate cuts.
The net result is that share prices have tanked on sentiment - all VERY frustrating!
The retail sector was largely untroubled by today’s poor official sales figures, particularly as most leading players have delivered their festive updates.
Next shares rose 12p to 8398p and JD Sports Fashion added 0.7p to 108.95p, but Marks & Spencer fell 1.5p to 252.5p.🤷♂️
All seems a bit skewed at the moment
If overall sales were down and ours up then we've done even better.
Ken, thanks for explaining, every day is a school day.
Green, Duke, toffee, thanks for sharing. Toffee enjoy your trip and bring some heat back with you.
Do they really know what they are talking about? Today saying retail sales in December were down 3.4%, with food sales especially poor! Thought MKS and Tesco at least have already reported sales significantly higher!
Morning all,
Fforest we will be taking some profit, hot weather and my Speedo's are calling.
The rest will be put into an ISA.
Capital gains won't be a problem as we will only be taking a max of £6000 profit.
Wife’s sharesave recently matured and she was lucky enough to save 500p/m. Only got 257p/m this time around. Anyway she’s adding it her other shares from previous sharesave and will continue to do this for the current and following sharesave and hopes to reap the dividends for many years. We can worry about cgt in the future but for now will be holding for at least 7 years.
Ff, you were right the first time: It's "Gill and me" in this case. Removing the other person is an easy way to work out which is correct (although a general rule is that it tends to be I at the beginning of a sentence - hence "My husband and I" and me at the end of a sentence).
So: "It's cold right now but M&S felt most warming for Gill and me" would either become:
"felt most warming for I "- clearly nonsense
"felt most warming for me" - correct
Here endeth today's grammar lesson - Ken :-)