Unauthorized Access to Staff Discounts at Marks & Spencer Alleged
Marks & Spencer (M&S), the iconic British retailer, has announced changes to its discount policy for former employees, following a loss of control over the scheme. The revelation comes as many other retailers in the UK also reassess their perks for long-serving staff.
Last year, M&S CEO Stuart Machin received a £1.6million bonus for his performance, while the company's package for Machin increased by 39% to £7.1million. However, one shareholder criticised Machin's bonus, stating it was 'a privilege beyond the reasonable working life of many of your employees.'
The loss of control over the discount system at M&S was due to its complexity and difficulty in tracking former staff members. In some cases, the company admitted it did not know whether former employees were still alive, had moved abroad, or their current status. As a result, the firm has tightened eligibility for the discount, limiting it to those who have worked at M&S for a minimum of 25 years.
John Lewis, another renowned British retailer, has also announced changes to its perks for long-serving employees. The company plans to end its lifetime discount cards for retirees who worked there for at least 15 years. This decision comes after concerns about the misuse of discount cards, with people sharing them with friends and family.
Sainsbury's, another major UK retailer, offers a 10% discount to staff who have worked there for a minimum of 25 years, known as 'veteran' status. Tesco offers a Colleague Clubcard for Life to staff who work there for at least 30 years, giving them 10% off groceries.
The practice of offering lifetime discounts for long-serving staff members is common among British retailers. However, the complexity and misuse of such schemes have led to revisions in policies across the industry.
It is crucial for companies to maintain oversight of their employee and ex-employee discount schemes to prevent misuse and ensure fairness. For the latest specific details on M&S’s discount scheme changes, it is recommended to check official M&S communications or trusted recent news sources directly.
- Marks & Spencer (M&S) is reviewing its discount policy for long-serving employees, following concerns about complexities and misuse of the scheme, similar to decisions made by John Lewis and other retailers.
- The finance industry might reconsider the practice of offering lifetime discounts to long-serving staff in various businesses, given the current scrutiny and potential problems associated with such schemes.
- In light of the ongoing reassessment of employee perks in the retail industry, the future of investing in stocks of these companies could be influenced by their approach to fairness and transparency in handling employee benefits.
