Profits and loylty
Sir. —One of the city’s leading engineering firms recently laid off a number of employees. The firm said it regretted this move and that this was the first time in the firm’s history that people had been declared redundant. Yet the annual report of the firm released some time later showed that a reasonable profit had been realised from the year’s activities. I wonder if this firm balanced what it has lost in the loyalties of the remaining employees with the year’s profits? People do not forget. When the economy takes an upswing they will surely consider transferring their allegiances to some other firm which, perhaps, has a better record in industrial relations. Japanese firms do everything in their power, short of bankruptcy, to hold on to their employees. Perhaps this is the key to their economic success. — Yours, ALAN FALLOON. April 7, 1978.
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Press, 10 April 1978, Page 16
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147Profits and loylty Press, 10 April 1978, Page 16
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