Time for some new blood at Ramsay. This board has overseen some very ordinary business decisions including the disastrous handling of the KKR bid, which has seen a slide in share price from $80 plus to the current level. A loss of 35% of shareholder value.
Obviously Covid has been challenging to say the least but Hospitals have been well supported with Government money.
The culture of the company has changed dramatically in recent years and they are experiencing massive staff churn. The fact that Ramsay are refusing to come to agreement on pay rises for staff is a contributing factor to staff dissatisfaction.
HSU negotiated pay rises for staff which were meant to happen December 2022 have still not happened and Ramsay refuse to budge from an offer of 2.5% pay rise.
What a slap in the face for all staff who have had to deal with another degree of difficulty in their jobs due to Covid
When there is a massive skills shortage in Australia its no wonder staff are leaving in droves.
I have been a long term holder of this company from back in the days when there was a good company culture , Paul Ramsay always believed that if you look after your staff and patients, profits would take care of themselves.
RHC has drifted a long way from Pauls vision.
RHC Price at posting:
$51.25 Sentiment: None Disclosure: Held
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