+1richard@imutual wrote:- Lower director's remuneration: Of course at some point, I'll need to earn more than the average £8500 annual salary I've taken over the past 4 years but I can't see it ever reaching the heights of £700,000! Unless we merge with Nationwide
Or indeed pay out to members at all! one of the reasons I have largely stopped using them as getting any cashback tracked or other wise has become such a fight with the.richard@imutual wrote:Why generate big profits and the resulting tax bill of £3.7m when you can just increase the % of cashback you pay out to members?.
I don't doubt that their staff are very capable and hard-working, and help to achieve things that imutual currently doesn't e.g. revenues from retailers, over and above cashback, for special marketing campaignskevinchess1 wrote:I've never understood why they need so many staff? ....
an awful lot of CS could be done by unpaid mods
Yes, I'd argue that strongly. Most of our time is taken up with managing offer details, making payments, marketing, development and dealing with claims and queries. Apart from claims and queries, all the other activities are largely fixed regardless of the number of members/transactions. As we grow we'll need to devote more resources to tech and marketing, but nowhere near as much as our competitors do.Richard is entitled to argue that some costs are fixed, or relatively fixed, so these bear down harder on start-up companies with lesser income stream and I'd agree with him.
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