The company has been known for some of the policies it offers to its consumers. One of the policies was that items can be refunded back to customers as long as they had receipts even if the goods had been purchased a long time ago. The Company recorded a profit of slightly over half a billion pounds in the year 2006. M& S also boasts of having a large employee base-it has close to seventy one thousand staff members under its wing.
John Lewis was a company is also another retail chain of stores that is slightly less than the former mentioned Company. John Lewis (JL) has one hundred and twelve super markets and twenty six stores under its name. There are sixty eight thousand employees working for the Company. JL is well known for the manner in which it shares profits, partnership with emeployees and equity.
This kind of scheme has earned the Marks and Spencer Company an award from the Times. This was ion recognition of the reality that the Company employs a large number of graduates to work towards them. It was given position seventeen in this category for this role.
This kind of scheme normally involves provision of training for graduates who may be new to the corporation or persons who may have worked for the business before but are interested in developing themselves within the organisation. This training lasts for a term of twelve months. But before one becomes an accepted trainee within the company, they pass through rigorous training and selection before gaining access into the Company.
Of the roughly 15, 000 companies whose securities are registered with the Securities and Exchange Commission (SEC), over 1, 100 are foreign companies. Prior to November 2007, if these foreign companies submitted IFRS or local GAAP financial statements, rather than US GAAP, a reconciliation of net income and net assets to US GAAP was required. Following some progress in converging IFRSs and US GAAP, for fiscal years ending after15 November 2007, the SEC has permitted foreign private issuers to use IFRSs in preparing their financial statements without reconciling them to US GAAP. In order to be eligible for such exemption, a foreign private issuer’s financial statements must fully comply with the IASB’s version of IFRSs, with one exception.
The exception relates to foreign private issuers that use the version of IFRSs that includes the European Commission’s ‘carve-out’ for IAS 39. The SEC has permitted such issuers to use that version in preparing their financial statements for a two-year period until a reconciliation to the IASB’s version of IFRSs is provided. After the two-year period, these issuers will either have to use the IASB’s version of IFRSs or provide a reconciliation to US GAAP.
The Company has also instituted a series of buying plans for employees who’re need of purchasing certain items. One such example is the Car buying plan. The loan is replayed at a very low rate. This is probably because these payments can be deferred. M& S allows up to sixty percent of the loan to be differed.
There are several other types of loan schemes offered by M and S that are all designed towards ensuring that employees can plan for their future or they can implement important projects in their lives. This kind of commitment by the Company gives members of staff the impression that they have strong back up and that the Company is committed towards their progress. Travel Money, Some other schemes that available in the Company include Holiday Home Safe, Fixed Rate Savings, Save and invest, and other types of buying plans.
The Company rewards its employees through bonuses after the Company has recorded a rise in profits. This was witnessed this year when the Company recorded approximately one billion in profits. The profits were an idea of the sales recorded this year and they were around eight point eight billion pounds. These profits need to be enjoyed by the members who contributed the most to its delivery, these are the employees. Mark and Spencer took a large part of this amount and gave back to staff members. It gave them eighty million pounds in bonuses.
M& S don’t mind such generous contributions to go to their members of staff in terms of bonuses because the team has predicted increases in he profits they receive. Besides, the company’s shares have about doubled in the Stock exchange indicating that it’s in steady rise and can afford to give mouth watering schemes and bonuses to employees.
Another plan which the firm has implemented towards the pension scheme is through direct or indirect contribution from emeployees’ salaries. The Company has issued out three alternatives to members of the pension scheme; members could decide not to contribute any amount at all to the pension scheme and could consequently receive very low rates on their pensions, or members could give about seven percent of their earnings in the next three years and lastly, members could also choose to neglect payments but they must put a limitation on the level which their pensioned salaries will reach. This method of solving the pension deficit problem puts the option in the employee’s hands. If they choose to contribute from their salaries, then they’ll earn more pensions at the end of the day and if they choose not to, then the amount received will be extremely low.