Drastic measures at EOH

[Jamie McKane]

Drastic measures at EOH

EOH CEO Stephen Van Coller has unveiled a list of stringent measures to dramatically cut costs and manage liquidity at the company.

In a letter to staff, Van Coller said the unprecedented times they find themselves in requires the company to implement stringent actions to manage their liquidity.

 

[Hemi300c]

Eish not nice

 

[Brenden_E]

Good luck guys. If you are a contractor, get those side hustles going. To expect the system to look after you would be very risky. By the look of it, the system is going to crack in a few places, and people will be falling through those cracks.

 

[Arthur]

These measures sound drastic now.

In a few weeks they will seem quaintly mild compared to the carnage in SA's economy.

What governments have done by imposing a mandatory shutdown is unwise, imprudent and irrational to the point of evil. Prepare for the whirlwind.

 

[supersunbird]

I wonder how that 4 day thing works, I assume parts of a team take different days? What about sites with 1 person? In the end of the day the same amount of work has to be done though.

How does one get employees to travel for work if you don't reimburse the expenses, or do I read that wrong?

My one friend is getting retrenched from a job, at a different company, sad thing is if one chooses your pension to pay out because that's all you have to get by initially while looking for a new job, its like over 20%, even over 30%, down from what it was at the start of the year.

 

[R13...]

I wonder how that 4 day thing works, I assume parts of a team take different days? What about sites with 1 person? In the end of the day the same amount of work has to be done though.

How does one get employees to travel for work if you don't reimburse the expenses, or do I read that wrong?

My one friend is getting retrenched from a job at a different company, sad thing is if one chooses your pension to pay out because that's all you have to get by initially while looking for a new job, its like over 20%, even over 30%, down from what it was at the start of the year.

They do say some people will work normal days but still have to take the pay cut. Those will get leave in lieue of pay.

 

[Gravedigger]

Eina...20% salary cut? Eish, be strong, not nice to be caught between a rock and a hard place, at this time...

 

[Lupus]

Top management should take a bigger salary cut, they lead the ship into this disaster they should pay the consequences.
My manager actually took a pay cut last year to try keep one of our staff. Unfortunately it didn't help as the other company eventually doubled the offer, the UAE has a lot more money than us

 

[supersunbird]

They do say some people will work normal days but still have to take the pay cut. Those will get leave in lieue of pay.

Yeah, saw that now.

They will, however, receive an additional two leave days per month and the company is exploring a share allocation in lieu of some of the value lost.

... I guess if the share price ever recovers, it could be a good thing.

 

[Scooby_Doo]

I wonder how that 4 day thing works, I assume parts of a team take different days? What about sites with 1 person? In the end of the day the same amount of work has to be done though.

How does one get employees to travel for work if you don't reimburse the expenses, or do I read that wrong?

My one friend is getting retrenched from a job, at a different company, sad thing is if one chooses your pension to pay out because that's all you have to get by initially while looking for a new job, its like over 20%, even over 30%, down from what it was at the start of the year.

4 day thing is mostly for non-billable staff or if you are "on the bench", but it will depend on which company you are with within the greater EOH holdings. Depending on the company it could mean working less hours per day or taking a day off during the week.

 

[Scooby_Doo]

They do say some people will work normal days but still have to take the pay cut. Those will get leave in lieue of pay.

I am lucky enough to be able to work for a big client who will be able to pay. So I will see what the outcome is regarding shares etc...

 

[McGuywer]

Convenient of EOH to blame Corona. I figured it is due to the corruption?

 

[genetic]

Convenient of EOH to blame Corona. I figured it is due to the corruption?

Exactly!

They have themselves to blame.

 

[TheMightyQuin]

Just gonna leave this here:



Not sure why the suddenly have "liquidity issues" 10 days into the lockdown?

 

[genetic]

Just gonna leave this here:

View attachment 812179

Not sure why the suddenly have "liquidity issues" 10 days into the lockdown?

 

[Sapphiron]

Its amazing how quickly corruption can empty the coffers.

 

[genetic]

Its amazing how quickly corruption can empty the coffers.

Exactly. I have sympathy for the staff that weren't involved, but no sympathy for EOH as a corrupt business.

 

[Dolby]

What governments have done by imposing a mandatory shutdown is unwise, imprudent and irrational to the point of evil. Prepare for the whirlwind.

What would you have done ?

 

[Arthur]

What would you have done ?

For myself? Or compelled other people to do by force?

 

[genetic]

What would you have done ?

He would have done nothing, and have a viral pandemic shutting down the entire healthcare system.

This is EOH's fault - not government.