The John Lewis Partnership is a worker-owned business management model promoted by some who seek alternatives to the conventional corporations. Perhaps it may have some advantages over the other more orthodox hierarchical capitalist enterprises but it definitely cannot escape the consequences of the market economy.
It is set to axe more jobs this year after the department store chain was forced to slash its annual bonus to levels not seen since 1954 following a 77% drop in profits. It marks the fifth straight year of bonus cuts.
Chairman Sir Charlie Mayfield said he expects the number of staff will “continue to decline” and for future bonuses, he stressed that the company would not shy away from taking that figure down to zero if necessary. "We said in January 2017 that we were preparing for tougher trading conditions, with weakness in sterling feeding through into cost prices.
Hat-tip to Matt
It is set to axe more jobs this year after the department store chain was forced to slash its annual bonus to levels not seen since 1954 following a 77% drop in profits. It marks the fifth straight year of bonus cuts.
Chairman Sir Charlie Mayfield said he expects the number of staff will “continue to decline” and for future bonuses, he stressed that the company would not shy away from taking that figure down to zero if necessary. "We said in January 2017 that we were preparing for tougher trading conditions, with weakness in sterling feeding through into cost prices.
“This was why we chose to reduce the proportion of profits paid as partnership bonus last year...We expect trading to be volatile in 2018/19, with continuing economic uncertainty and no let-up in competitive intensity."
As for those who advocate cooperatives or such like as a means towards a new social system, or that they would even provide an escalator to reach it, they are practicing a deceit. Capitalism is a mode of production not a method of management. The only way out for the workers is to organise politically for that purpose. A special objective requires a special organisation for its achievement.
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