Andrew Hebden is Assistant Editor (Business) of The Journal »
Matt James runs fingerprint-recognition technology firm UKB Security »
James Mills is a web developer in the North East of England and founder of Refresh Teesside »
Phil Renton is managing director of North East IT empire Croft »
Andrew Mernin is the Digital Journalist for nebusiness »
Matthew Rippon is an IP lawyer for BHP Law »
Formerly editor of a national business lifestyle magazine, Jez Davison is a business writer for the Evening Gazette in Teesside »
Ian Brown, Northumberland farmer and businessman writes about the agricultural industry »
Accessibilty Champion Steve Wilkinson on the importance of inclusion »
Shared Interest Staff at Newcastle's fair trade firm blog on their latest international missions »
PR man David Honeywell on raising your profile in the right places »
Marion Bernard is from NorthStar Equity Investors »
Paul Williamson is from Deloitte »The news that 800 compulsory redundancies are to be confirmed at Northern Rock cannot, in any sense, be regarded as welcome. Ever since the scale of this crisis first emerged, the prospect of a major jobs cull has been on the cards - but that doesn't make it any easier when the worst is confirmed.
The truth, of course, is it could have been much, much worse.
The company itself had originally stated that it anticipated making 2,000 posts redundant, and this has now been reduced to 1,300, including the 800 compulsory notices. At one point it had been widely assumed that at least a half and perhaps as many as two thirds of the 6,000-strong workforce would go. It is not long since the entire business was at risk of closure. There are still some commentators based in the City who think it should have been allowed to slip away.
These will be extremely difficult times for those who work for the Rock. It will not get any easier as the date for announcing which particular individuals are to go approaches.
But the fact is that there will be good news for the majority of those who have stuck with the Bank through this crisis. Their unswavering loyalty to the cause and their efforts in helping to get the business back on track are to be applauded. There is a quiet optimism that the company could even get itself back in the private sector earlier than anticipated.
While there will inevitably be anger that compulsory redundancies are necessary, the good news is that it does seem that the Rock will ultimately pull through this unprecedented crisis. For that we should all be grateful.
- Post to:
del.icio.us
Digg
Newsvine
Nowpublic
Reddit
« Previous | Home | Next »