Is the big personal finance comparison company in real trouble or are they just trimming away the fat in hard times? Wagging mouths in the world of recruitment would have us believe that the public company, Moneysupermarket, have made over 100 staff redundant already and that they’re now heading into a new round of lay-offs which could see the total rise to just short of the 200 mark.
Is this a sign of how much everyone is suffering in the credit crunch? Or is Moneysupermarket a beast that feeds well in good times but struggles in bad times? An over-reliance on a small number of loan providers and the withdrawal of the majority of the mortgage products on the site meant that they were always going to suffer. And despite making some gains through the credit crunch related products, it looks like the total made redundant will reach nearly 200 staff. That’s not a small step when you’re just striving for ‘efficiencies’.
Still, at least the company can profit from their departing staff – they won’t have far to look for their payment protection plans, mortgage and pension advice. They can just follow the advice provided by Moneysupermarket in their redundancy survival guide …of little consolation me thinks!
Departing Moneysupermarket staff, feel free to share your views on this. Are there troubles from within the mammoth comparison beast? Are the shareholders struggling to stomach the share price dive since the flotation? Is there a bright future beyond the current climate?
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{ 8 comments… read them below or add one }
I hear a lot of the redundancies are in the call centre that they have? Can anyone confirm this?
That’s what we heard but there are also a fair number of IT and marketing heads rolling. When the tough gets going…
Maybe they have just got to the point where they have enough providers on their books that they need less people to maintain these relationships than they did to create them?
I know that alot of the aggreators are currently looking at better ways of managing their providers and hence some fall out from this is also likely.
No mention on here about confidentcover shutting up shop – anyone got a view from the inside
As far as I know the 100 or so redundancies have been from the mortgage brokerage side of the business, Mortgage 2000, which makes complete sense in the current economic climate. It just so happens that mortgage 200o is part of the ‘Moneysupermarket.com financial Group Limited’ so the redudancies look as though they’re all Moneysupermarket.com related; which isn’t the case.
I’ve not heard about the numbers rising to 200 though….
i used to work at ms.com, and i’m glad i dont work there any more. management is chopped and changed and long term confusion reigns. horrible place to work. never ever going back – future is now paradise.
bb, get in touch with us – we’d love to hear more
nothing much to add, ok – they are sortof fair with pay, safety etc.
however all the original directors have gone since the floatation, and the key tech staff that built the business up too have gone. it’ll be interesting to see how the company goes from here on in – with more fierce competition in the market.
they will see this dark spell out no doubt, as they have money reserves. if you want just a job with long hours, and enjoy doing things in the most comlpex way possible then ms.com is fine, but if you want a career and have a modicum of talent you want to be looking elsewhere. (maybe moneyexra? where you can bump into the some of the old directors of ms.com).