High street leaders showing others the way
Primark is one of the most successful retail chains in the UK. Their CEO has been in situ for over 15 years and has helped grow the business considerably.
In days gone by, this sort of position was a very safe one, even if the individual expressed poor behaviour toward a colleague. I'm not suggesting that this was acceptable in any way, merely that the position of power protected many from repercussions.
This article demonstrates that, quite rightly, the landscape has changed. Irrespective of the position held, if you've behaved inappropriately, proactive, compliant businesses will not tolerate it. Granted, this article doesn't go into the details of the investigation or the allegations.
Nonetheless, it is clear that they were severe enough to violate their expected standards.
There has been an immediate stock market response, which has negatively impacted the company's share price. This would have been expected by the board, and we are talking about very large sums of money here, but nevertheless, they have done the ‘right thing’ in accordance with their values and policies.
Whilst there is an immediate financial impact, I'd suggest that by adopting this attitude, by doing the ‘right thing’, they will garner employee support.
Creating a safe working environment despite the cost, is hugely important for employee welfare and for attracting new talent to business. This also won't go unnoticed by consumers, many of whom will be impressed with their swift and decisive action and, as such, I'd wager their share price dip will only be temporary.
The landscape is changing. This is a clear example of a business changing with it.
