Checking out a new employer?

mikeyboy

Hi,

I have been offered a position with a new employer after a two stage interview and presentation. !The job sounds great and represents an increase in basic wage, better OTE, better pension etc, so all round an improvement.

My existing employers have been great to date and have paid well etc, !and my position is very stable and secure.

Here is my question, which may appear OTT, but I really need to ensure I am doing the right thing here...

I want to check out the financial health of the company who have offered me a position. !They appear at face value to be in a good state, !new state of the art building etc, but I guess that doesn't really prove anything. !

The company isn't a PlC, it's a privately held LTD company.

Is there any way of finding out how healthy their financial position is?

Many thanks

VfM4meplse

Interesting q! I would personally be very reluctant to move from an established organisation (if that's where you are working atm) to a Ltd company, with fluctuating turnovers and year-on-year accounts, esp during these challenging times. I would perhaps use this as an opportunity to negotiate a better package at your existing firm.

Catherine_Johnson_2

How long has the limited company been around? Have you looked on Companies House, downloaded their accounts for previous years? Do they have a high turnover of staff? Where do you think you'd be happier?

duchy

Plenty of "established companies" are struggling or laying people off too . PLCs have shareholders expecting profits to account to-a smaller company may possibily have less commitment to profit now and more commitment to growing and developing the company (only you will know whether this one is applicable ) How much better is the new job in terms of not just money now but things like future advancement ? Do you know anyone else who works there ? What is your gut telling you ?

zzzLazyDaisy

Remember also that if you accept the new position you will have limited job security - during the first 12 months you have no protection against unfair dismissal, unless the reason for the dismissal is related to unlawful discrimination (sex, race, disability, age, trade union activity).

If your start date for working for the new employer is on or after 6th April 2012, this increases to two years.

In these uncertain times, if you like your current job, I'd be inclined to consider using the job offer as a means for negotiating a better package with your current employer.

mikeyboy

VfM4meplse wrote: »

Interesting q! I would personally be very reluctant to move from an established organisation (if that's where you are working atm) to a Ltd company, with fluctuating turnovers and year-on-year accounts, esp during these challenging times. I would perhaps use this as an opportunity to negotiate a better package at your existing firm.

Thanks for replying! The new company is a ltd company as is the existing employer. Staff numbers pretty much the same.
New company has a very good reputation and is seen as a well established and premier product offering within the market place (medical)

Staff turnover at new company appears low. The position they are offering is due to internal promotion.

It certainly represents a new challenge and new opportunity to increase my career options. I do understand what you are saying thought about stability etc with current job.

anamenottaken

mikeyboy wrote: »

Hi,
The company isn't a PlC, it's a privately held LTD company.

PLC - abbreviation - Public Limited Company

Ltd - contraction - Limited - private limited company

PLC does not mean that it has to be bigger or more financially secure than a Limited company. (It doesn't mean "publicly quoted" either.)

mikeyboy

zzzLazyDaisy wrote: »

Remember also that if you accept the new position you will have limited job security - during the first 12 months you have no protection against unfair dismissal, unless the reason for the dismissal is related to unlawful discrimination (sex, race, disability, age, trade union activity).

If your start date for working for the new employer is on or after 6th April 2012, this increases to two years.

In these uncertain times, if you like your current job, I'd be inclined to consider using the job offer as a means for negotiating a better package with your current employer.

Thanks lazy daisy. The position would start on 2nd April so snuck in there! Thanks for the info though, didn't know about it increasing to two years!

VfM4meplse

mikeyboy wrote: »

Staff turnover at new company appears low. The position they are offering is due to internal promotion.

Both good signs :T

VfM4meplse

zzzLazyDaisy wrote: »

If your start date for working for the new employer is on or after 6th April 2012, this increases to two years.

Good point, but from the OP's other posts it does seem as though the new employer has a committment towards retaining staff.

mikeyboy

Catherine_Johnson wrote: »

How long has the limited company been around? Have you looked on Companies House, downloaded their accounts for previous years? Do they have a high turnover of staff? Where do you think you'd be happier?

Thanks for this, I'll do that shortly on the companies house website.

I don't think staff turnover is an issue, the position they are offering is due to internal promotion.

They are well established, 20+ years.

In terms of happiness, I do feel ready for a challenge and new opportunities such as travel abroad etc. I feel I have got a little stale in my current role.