Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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It`s all according what contract you have??
The Devil is in the detaial.
JB, congratulations on a perfectly worded précis. I was going to reply myself but you beat me to it ;-)
200iq it will be a mixture of both. Its jobs that go not named individuals . You start with the number you want in each function to go, you then do a resourcing template review, agree which jobs must stay which can be amalgamated. You then ask for volunteers, you then have the agreed criteria to agree how people should be considered to be retained. For example if 10 account manager jobs need to become say 7 you maybe get 2 volunteers then the third is decided against the agreed criteria controlled and monitored by HR this sometimes means reapplying for your current role. You can also have bumping if too many people want to go from a particular area this can be supplemented by others moving from a surplus list to facilitate that. Both my wife and I have been through the process and friends and colleagues. There is no list just a given number. I know colleagues who will be only too delighted to walk away with a very nice package. I guess the good news is that is very unlikely any frontline team members will need to go through this process as IMO there will be zero redundancies in this area this time round. I think the CWU will see that as a battle won and then hopefully the agreements can facilitate SWW being met through savings being achieved.
Where does it say that redundancies will be voluntary? If you're on the list you're out.
Hiveo you are correct in this uncertain employment market not many of the more low cost managers will be chomping at the bit to go. Age also becomes a factor would someone in the 50-55 age group be that keen. I personally know a number in the over 55's who have already requested to go.
Oligarch I am fairly sure within my contract it had a sort of coverall phrase of "expected to travel a reasonable distance" I think it was up tp 2 hours from either your home or nearest major centre. If the same very generous terms are offered I could see the mix about 50/50 voluntary/compulsory.
In terms of costs the business has already set this out in FY report.
· Management restructure, subject to consultation, targeting a reduction of c.2,000 roles out of a total population of c.9.700. Largest reductions in senior executive roles and non-operational functions. Expected to cost around £150 million, targeting annual benefit of £130 million in 2021-22.
The massive uncertainty in the jobs market is likely to inhibit volunteers for redundancy who would be low cost. It could prove to be an expensive exercise one way or another.
It will be interesting to see how the business manages the management redundancies with regards to any necessary restructuring. As far as I am aware, SB9 and above have it written into their contracts that they can be sent anywhere if necessary. This may be used as s tool to coerce managers to leave of their own free will if there are not enough "volunteers"?