Unexpected events

[180gVinyl]

It's nearly two months since I posted on B&B

On 5th January, the firm that I've worked for since 1981 went into administration.

A world renowned manufacturer, which had been taken over by its major rival in 2005, had found itself part of a group ,buried by a mountain of debt and the consumer's desire to purchase products at the lowest possible cost, irrespective of the standard of living of those who produce the goods. (Fine china)

One week later over 350 employees were made redundant. Those who were later spared were sent to the canteen, those who were to be thrown on the scrapheap were sent to the cinema.

It was dubbed "The gas chamber walk". (No offence intended)

These people were no longer entitled to their severance packages and were forced to claim their statutory reduncancy payments from the government. (Which they're still waiting to receive)

If I'd have been one of those unfortunate workers (Some were people who I'd been friends with for a long time), I would have been £11,000 worse off than if I'd been made redundant last year.

It's affected my general mood,

B&B had become part of my daily life but I was unable to take part in it as concerns for friends who had lost their jobs and also the future of my contribution to my family had diminished my normal appetite for the enjoyable things in life

At quarter past four on friday afternoon, we were called into a meeting to be told that an American venture capital firm had signed a conditional agreement to take us over on our existing terms and conditions, without any interim redundancies.

The relief was clearly evident

My thoughts are with any B&Bers who have had to suffer similar circumstances

[wavescrashing]

It's nearly two months since I posted on B&B

On 5th January, the firm that I've worked for since 1981 went into administration.

A world renowned manufacturer, which had been taken over by its major rival in 2005, had found itself part of a group ,buried by a mountain of debt and the consumer's desire to purchase products at the lowest possible cost, irrespective of the standard of living of those who produce the goods. (Fine china)

One week later over 350 employees were made redundant. Those who were later spared were sent to the canteen, those who were to be thrown on the scrapheap were sent to the cinema.

It was dubbed "The gas chamber walk". (No offence intended)

These people were no longer entitled to their severance packages and were forced to claim their statutory reduncancy payments from the government. (Which they're still waiting to receive)

If I'd have been one of those unfortunate workers (Some were people who I'd been friends with for a long time), I would have been £11,000 worse off than if I'd been made redundant last year.

It's affected my general mood,

B&B had become part of my daily life but I was unable to take part in it as concerns for friends who had lost their jobs and also the future of my contribution to my family had diminished my normal appetite for the enjoyable things in life

At quarter past four on friday afternoon, we were called into a meeting to be told that an American venture capital firm had signed a conditional agreement to take us over on our existing terms and conditions, without any interim redundancies.

The relief was clearly evident

My thoughts are with any B&Bers who have had to suffer similar circumstances

Unfortunately, I've seen too many people with similar circumstances. My thoughts go out for those in your company that have been affected by this. Hopefully things improve for everybody with the new company taking over.

[Wishoot]

I've never seen anything like this and I hope to never see it again. I've had several friends terminated over the last few months. Some are still looking for a job.

[castlecraver]

Stories like that make me ill. Its quite difficult for me to understand how little consideration "human capital" is given in many of these takeover agreements. I'm very happy to hear you've made it through and here's to better job security going forward. My heart goes out to those of your colleagues who weren't as fortunate as you.

Glad to have you back Rob. Missed 'ya :001_smile

[180gVinyl]

Your thoughts are very much appreciated

I suppose it's what I've come to expect on this board

[Dubbya]

Along with 11% of the region in which I live, I was deemed as "surplus" twice in the past year. It is a crushing feeling indeed but, if you can tough it out, it's not the end of things.
The emotional torture that I went through watching co-workers with whom I had worked for years being given walking papers was actually worse than being let go myself.
The anxiety of knowing that I was in the next layoff group, by hiring date, was almost unbearable. The fact that the situation was handled in such a cold and calculating manner was also terrible to see. I was forced to watch as efficiency consultants entered my department (bookkeeping at the time) and talked, not in an office with the door closed even, and made two piles on that they called, "winners" and one dubbed, "losers."
I understand that the decisions have to be made but a little discretion, especially in the current economic climate, would have been nice to witness.

Also, with the severance package issues, several of the people let go from that company were hired early when contracted pensions were the norm. This is a retirement plan that is contractually guaranteed if you stay with the company for a certain number of years. Many of these people were within only a few years of retirement and, instead of being allowed to take early retirement, which used to be standard even for justifiably terminated(fired for being an idiot) employees within a certain amount of time from retirement.
These folks, even the ones who had been good employees for decades, were let go prior to their retirement dates so that the contracts no longer had to be honored. Most of this group of people had no other substantial plans for retirement as they had been promised by the company, decades ago, that they would be taken care of upon their retirement.
Basically, it's a bit of bait and switch. "Work for us for 30 years, do a good job, and we'll fully fund your retirement package." Then there's a bit of, "Hey, that guy only has eight months until retirement? Fire him now so we don't have to pay up."


.

[180gVinyl]

Stories like that make me ill. Its quite difficult for me to understand how little consideration "human capital" is given in many of these takeover agreements. I'm very happy to hear you've made it through and here's to better job security going forward. My heart goes out to those of your colleagues who weren't as fortunate as you.

Glad to have you back Rob. Missed 'ya :001_smile

Thanks Pat

I'm surprised that we're still friends after your beloved Manchester City

(Including the little Judas, Craig "Bell end" :mad:)

Were beaten by the mighty Irons

All the best mate :thumbup1:

[SRock]

There is way too much of this going on around the globe. I feel for everyone affected by this. I hope things are on the up and up for your firm.

[castlecraver]

Thanks Pat

I'm surprised that we're still friends after your beloved Manchester City

(Including the little Judas, Craig "Bell end" :mad:)

Were beaten by the mighty Irons

All the best mate :thumbup1:

I wasn't even going to bring it up, but yeah... I've been slightly fuming all day. This season though, its what I've come to expect during away games. Was very pleased with the Liverpool draw last week and after the round of 32 win I thought we'd come out stronger than we showed today. Disappointing. :mad:

[180gVinyl]

Kyle,

I've witnessed that cold calculated method first hand in this round of redundancies.

There are two unions at our place:

One for the hourly paid ("blue collar")

And

One for the staff ("white collar")

Unlike previous occasions, there has been no 90 days consultation period with the unions prior to any announcement

I have been the head of the negotiating committee for the staff union for eighteen years and I've never seen such butchery.

My best wishes go with you

[FLTiger]

I'm sure that everyone's prayers are for those so adversely affected by the current economic situation. Unfortunately, I don't see my government taking anything more than half-hearted steps to rectify the banking situation here in the US, so I expect that the current downturn will continue for quite some time. :frown:

I heard most of this show today and it scared the heck out of me.

http://www.thisamericanlife.org/Radio_Episode.aspx?episode=375

Until that show is available, these older shows are also very helpful. These are well worth listening to if you have the time.

http://www.thisamericanlife.org/Radio_Episode.aspx?sched=1242

http://www.thisamericanlife.org/Radio_Episode.aspx?sched=1263