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Not a bull market anymore. Your Rolex is not going up in value for some time.
I have received update from my friend:
Trading Overview
We have confirmed the 24-hour pause we undertook last week across our sites and workplaces to ensure implementation of the Site Operating Procedures issued by the Construction Leadership Council and endorsed by Public Health England.
If sites or workplaces are not able to operate to this standard, we will either implement modifications to their layout or working practices or close them.
Approximately 80% of our sites continue to operate but as we all know the situation is fast-moving and dynamic. We are therefore continuously reviewing our response to it and are adapting our procedures so as to continue to deliver our services in a safe and responsible way.
Although COVID-19 has created uncertainty, we operate across sectors which are vital to the country.
We maintain the UK's highways, deliver vital maintenance to peoples' homes, provide facilities management services to the NHS, build schools and hospitals, deliver critical national infrastructure and provide key maintenance and repair services to the water, gas, power, telecoms and rail sectors.
We continue to enjoy the support from our major customers including Highways England, the Ministry of Justice and various utilities providers.
Many of these services have Government support and key worker status has been given to a number of employees who are carrying out these activities.
Approximately 73% of our core activities relate to work for Government departments or quasi-governmental entities (for example, HS2 or Network Rail) and a further c.13% relates to services delivered to regulated entities (for example, in the utilities sector).
-------------------------------------------------
COVID-19 mitigating actions
As we confirmed in our half year results earlier this month we have a clear strategy, including a cost saving programme and a focus on debt reduction.
In response to COVID-19, we have implemented a number of additional measures which we have communicated to all employees.
This includes c.6,500 employees, including the Executive Committee, and the Board taking a reduction of between 7.5% and 25% in their base salaries or fees for a three-month period beginning on 1 April 2020 and bringing forward the closure of our head office at Tempsford Hall to 30 April 2020.
We recognise that the situation is changing rapidly and we have confirmed that trading from 1 January 2020 to date has been in line with the Board's expectations Our cost saving programme also remains on track to deliver at least £65m of savings for the financial year ending 30 June 2021.
We continue to have a close dialogue and work together with all our key stakeholders, including the Government and our customers, suppliers and lenders and will continue to review our plans to mitigate the effects of the pandemic.
I forgot to add...
Group is still 100% operational in crisis. Good job with that.
I think this is great move from Kier - People still have money in that Covid situation, also group won't struggle as they will save some money from it. It's quite a good move they did to be honest. That SP should go up today. More free cash and no one is loosing job because of this.
I head about this the other day too, it does make me concerned.
I suppose most 'front-line' employees aren't effected as their wage likely falls below the lower pay brackets.
With the government listing infrastructure as an essential business it could become more difficult to understand what to do with sites whilst following the PHE & Gov guidelines. Some customers might postpone work driving down business whilst Kier may feel under pressure to keep staff on due to the gov status of the industry.
Imo, the reality is Kier would've recovered fine if COVID-19 hadn't happened. It would be great to see the government supporting construction & infrastructure companies if its needed going forward, their work is essential but ultimately employee health and safety will come first.
I work with some fantastic Kiers lads.
I would suggest that if you treat staff in this manner they maybe tempted to go elsewhere if they can, which is a daft thing for a business to encourage and loses skills and exertise.
Alternatively, for 85% of the wages you may just get 50% of the usual output from your disgruntled employees, and i wouldnt blame them one bit either.
No need for apologies Pilothouse I was just saying. Interesting others are doing it too. I would prefer 85% for working normally over sitting at home with the wife and kids wondering when the 80% from the magic HMG money tree is going to arrive. This is going to be a monumental cokkcup.
Heardy if I have broken any posting rules my apologises, Balfour Beatty Board have followed Kiers example with their senior management also taking a 20% pay cut for 3 months.
Employees would find it easier if they asked us to reduce the hours by 15% but we are expected to work our contracted hours for an 85% salary that’s what people are struggling with.
Most other companies are doing the same 80% pay for now.
Actually I'm not sure this sort of company information should be posted on here, could be deemed as price sensitive or motive driven.
I work for Construction as a site manager and I am classed as an essential worker, we have been told we have to work.
I work for Construction as a site manager and I am classed as an essential worker, we have been told we have to work.
Do you work for construction or KL??????
The last set of results seem quite healthy, I know things have change a bit but maybe their idea is to keep the contracts moving the best they can, if everyone goes home and relies on HMG to pay 80% salary they may be waiting longer than expected and if all goes belly up no job at the end, these reductions would surely give the workers more in their pockets than 80% of their pay and its only for 3 months. jmo.
Sorry to hear this. Two things come to mind
You were asked, not told. I dont think they can tell you to due to law. I've been through this myself where I was asked to take 10% reduction which I did and then at the end 2000 employees were made redundant so I vowed never to do that again. That was 2001, so I was asked again in 2008 and refused. Didn't go against me, as in I wasnt black balled.
Maybe ask to be furloughed on 80% of wages but not working?
I can see why they're doing it. Onsite productivity is reduced with distancing so it is costing more to do the job but the client pays the same contract.
Are most of the feet on the ground doing the real work the 7.5% reduction?
I sincerely hope whichever way you choose you and ypur family are safe and can keep your heads above water.
Also ask if social distancing is relaxed will salaries be restored sooner? Have to say the pension stuff is a bit nit picky and not needed. They are taking money from your current self and future self.
Sure sign they are almost out of working capital. I expect they are getting squeezed both ends, clients not paying, work slowing down on site and subbies desperate for cash for work done.
In such circumstances, any business would need to take decisive action. We need to do so alongside, and in addition to, the strategic actions that we’ve been implementing over the past year.
As a result, we are today announcing that:
Salaries
For a period of three (3) months beginning on 1 April and ending on 30 June 2020:
• All employees within Grades S2 to M3 (inclusive), including the Executive Committee, will be asked to take a 20% reduction in their base salary;
• All employees within Grades M2 and M1 will be asked to take a 15% reduction in their base salary; and
• All employees within Grades C4 and C3 will be asked to take a 7.5% reduction in their base salary.
Certain employees in these grades may be asked to take greater reductions in their base salaries and/or a reduction in their working hours, depending on the level of work which is available.
Pension contributions will be calculated using the revised base salaries during this period. There will be no other change to employees’ benefits.
so not only are we as employees putting ourselves at risk by being told we have to work we now have to take pay cuts!!