There’s a good reason not to laugh at your former fellow traders being fired. You could be next. Especially when you’re working for IMC. After sacking two traders on bonus day, an additional twelve traders were shown the door. Management doesn’t escape from the cost cutting efforts neither, as the Hong Kong and Sydney offices are centralised under one management now.
One must admit IMC has developed a certain routine in firing their employees. Employees with a track record longer than five years make up for a just little more than 5% of the total staff.
All Options on firing spree
IMC isn’t the only trading firm letting people go. All Options has been trying to lay-off dozens of traders and support staff after the take-over of Saen Options. During the fall of 2009 results were pretty bad, bonuses were terminated and large numbers of employees were told to leave.
Economic reasons required
Here’s the funny part. Amsterdam is part of the Netherlands (really), and in this country it’s rather difficult to fire people at all. You’ll need a permit of the local government agency called the UWV, and explain the reason for firing people. If you have a good reason, you can proceed with the legal stuff in court. Give ‘m some money (say, 1 month per worked year for your firm) and you are done. When you’re trying to fire people because you’ve found other people to do the same job for less money – the government will generally show you the finger. You really need true economic reasons to cut staff.
UWV says “no”
And surprise, the UWV gave All Options the finger and didn’t grant a permit to fire people. It accused All Options to be cooking the books and the firm couldn’t come up with any economic reason. To worsen things for All Options : they face a court hearing for mishandling the labour rights of 100 employees.
One permit granted
A failed firing spree means continue paying the salaries, and take people back. Maybe All Options could persuade them to leave voluntarily, but quitting your job voluntarily means no unemployment benefits. Generally it’s wise to stay nice and as a trader avoid any signs of a “disturbed relationship” ; which could a viable reason to fire you. The firm will have to bleed. The one in charge for firing everyone, is now fired himself. Guess it wasn’t a problem to get a permit for that..
Jobs stil available
Anyway, still jobs available at IMC and All Options!