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TWST: Shall we start with an overview and historical sketch of Serco?
We also find our staff are very loyal and have what you might call a frighteningly low attrition rate, something like 2%-3% -- nobody seems to believe it. For instance, if we lose a senior manager anywhere around the world in Serco it becomes a main board item, so at the quarterly Board meeting we have got to explain why we lost a key management member of staff. From that point of view people find coming into the Company a tremendous benefit, because every contract manager, whether it is a 5000 pounds a month, or a 10 million pounds a month contract, is a manager of three main things. He is the key contact for his customer and he does not have some guy called Chris Hyman sitting in a support office telling him what to do even though he has to work within a very strict control framework and set of processes. Secondly he can hire and fire staff as if he were the owner of that little business. Thirdly, he manages his own P&L. These may sound like waffely points, but this kind of empowerment is fundamentally what our business is about, why people stay and why we are successful. TWST: Are there any other companies that mirror that kind of corporate structure?
If we really believe fundamentally that there is change to be made and a value to be given to government then we will bid, because if you bid just to save the government some money and to save their budgets this year, you will be out on a limb next year, when that pressure is gone from them.
Tickers included in this excerpt: SRP.L
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