Private equity often hires on a “perform, or else” basis, with senior executives are left exposed to deliver positive results (and fast). But changes to employment will make it harder – and more expensive – to sack anyone with more than six months’ service, writes Jade Gooding
The challenges facing the UK economy continue to have wide-ranging ramifications for the private equity sector. This is demonstrated by slower returns on investment and fewer lucrative deals than times gone by. Private equity backed businesses are under increased pressure to make disciplined business decisions, focus on immediate value creation and to prioritise business performance. The effects of these trends have ricochetted into the employment landscape.
To achieve these business goals, it is more important than ever to attract, engage and retain the best talent into senior executive positions. This is often secured through highly competitive remuneration and benefit offerings, and the glimmering hope of a dazzling equity package should an exit event be forthcoming. However, there should be no illusion that this goes hand-in-hand with a backdrop of heightened expectations – senior executives are left exposed to deliver positive results (and fast) or risk having their neck on the proverbial “chopping block”.
Generally speaking, this model of “perform or else”, has operated with relatively low risk under existing UK employment law for employees with less than two years’ service. This is because...
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