Connect with us

Finance

Palantir drops proposal for UK pension cuts after employee revolution

Avatar

Published

on

Tech consultancy Palantir, which is seeking a massive NHS data contract, has canceled proposed cuts to the company’s pension contributions in the UK after a backlash from staff.

The US-based data analytics firm told its UK employees at the end of last month that it was considering reducing its contribution to the pensions of its long-serving employees from 10 per cent of salary to 6 per cent, according to current Palantir employees. . The proposed change was supposed to come into effect from January 2023 and would affect around a quarter of UK employees.

Such a move would have constituted an actual pay cut at a time of high inflation and was seen by some long-time employees as the latest in a series of cuts to their benefits.

The proposal also came as Palantir geared up to offer a multi-million pound contract Operating a new NHS data platformThe company is likely to be embedded at the heart of the UK’s health systems.

Advertisement

More than 200 “Palantirians” – as the company calls its employees – joined a group on the company’s messaging app Slack to discuss the changes, with many outspoken against the move. Some British employees who served longer were enraged by what they said was a gradual slashing of their benefits. For example, it was announced that the UK housing allowance would be reduced by hundreds of pounds per month in 2019.

In the wake of the backlash, Palantir’s chief operating officer, Shyam Sankar, held a staff conference call last Monday. One employee described the question-and-answer session with management as “brutal,” including a discussion of executives’ salaries.

Palantir’s top executive team earned a total of $8 million last year. CEO Alex Karp received $1.1 billion in 2020, including one-time stock awards related to company completion Initial public offering.

After the call, Sankar told the staff that he had canceled the proposal and apologized for the way he had presented the idea.

Palantir has around 850 employees in the UK. The pension cut would have affected those who enrolled more than two years ago. Recruits in the UK who joined after April 2020 were already receiving a 6 per cent pension contribution, and the company presented the change as merging the two groups.

Advertisement

Many tech companies, once famous for their free lunches and generosity for employees, are cutting benefits, reducing the pace of hiring or even cutting jobs, as they prepare for a potential recession and a tighter funding environment.

Cyber ​​security experts often refer to disgruntled employees as a potential security risk. The stakes in this regard are high for Palantir, whose Foundry program has been used by the NHS to manage the UK’s Covid-19 vaccination programme, among other epidemiological committees.

Palantir’s potential involvement in a proposed £360m federal data platform, which would necessitate handling the most sensitive patient data, could sparked protests About the company’s ties to the US security services and its co-founder Peter Thiel, an early investor on Facebook and a prominent supporter of former US President Donald Trump.

The NHS FDP contract was expected to be awarded next month but a change of government in the UK over the summer delayed the decision into the new year.

Palantir said its shift in pensions was just “good practice”.

Advertisement

“It is not unusual for a company to review its pension policy from time to time. However, it is also good practice for an employer to listen carefully to its employees.” “We take particular pride in recognizing our employees because we know that our great employees are driving our success. For this reason, by communicating with those who might be affected by the potential change, we have taken the immediate decision not to move forward.”

Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Finance

Nick Bollettieri, tennis coach, 1931-2022

Avatar

Published

on

After young Andre Agassi wins an important match while wearing jeans, make-up and earrings, his coach Nick Bollettieri summons him to appear in front of 200 classmates at his tennis academy. As punishment for “defiling” the Center of Excellence, Agassi was sentenced to flush all of the toilets on site. In the next tournament, his coach threatened him that he would have to play in a skirt.

Few people can claim to have produced more champions than “The Michelangelo of Tennis”. Agassi, Jim Courier, Monica Seles, Maria Sharapova and the Williams sisters all trained under pioneering coach Bollettieri, who has died at the age of 91.

In the late 1970s, Politieri pioneered the creation of the Living Academy for young athletes aspiring to achieve greatness. But his methods were as notorious as they were innovative. He would stand bare-chested on the field, berating his young subjects for every stray shot or mis-slashed fist, as they would repeat the same actions thousands of times.

The vision was to bring the best young players together in one place where they could “play, break rackets, gamble, fight, bat”. Students were forbidden to watch television, listen to the radio, eat junk food, or call home during the week. The misdemeanor penalty in court includes forced running without water. But at the end of each practice session, the kids would step in front of their teacher uttering the catchphrase, “Thank you, Nick.”

Advertisement

In his academic diaries, Agassi described it as “a glorified concentration camp. Not all that glorified.” However, those aiming for the summit continued to pour in there. And despite Pollettieri’s reputation as abrasive and obsessive—he got up every morning at 4:30 a.m. to stretch and lift weights—many of those he taught speak of him affectionately as a surrogate parent. They also became winners. Of the tens of thousands of players who had trained under him, ten would reach the world number one rank.

“I was living my dream,” Sharapova, who joined the academy at the age of eight, said. he told the Financial Times in 2015. “I saw all these great champions come and train. I would wake up every morning and I couldn’t wait for my alarm to go off at 6.30am and go get my lesson.”

Bollettieri and Andre Agassi in 1988 after winning on the field in New York © Caryn Levy / Sports Illustrated / Getty Images

Nicholas James Bollettieri was born in 1931 in Pelham, New York. His parents were Italian immigrants. He was the quarterback on the football team in high school, before his uncle convinced him to try out the “sneaky sport of tennis”.

After studying philosophy in college in Alabama, Politieri joined the army, became a paratrooper and reached the rank of lieutenant. His time in the army would be central to his coaching ethos later in life. He said, “I started to learn a lot being a parachutist—the discipline, the feeling that you’re the best in the world, that you can do anything.”

After leaving the military in 1957, he enrolled to study law at the University of Miami. To help make ends meet, he began offering tennis lessons at $1.50 an hour, despite having no experience as a coach and no more than that as a player. Less than a year later, he gave up his studies to devote himself to tennis.

Advertisement

“A lot of coaches know tennis a lot more than I do,” he said. “What I do know is how to work with you as a person.”

In 1961, he discovered Brian Gottfried, who was then nine years old, on the field and took him under his wing. Gottfried would later become Bollettieri’s first hit, reaching No. 3 in the world in 1977.

That same year, after a stint teaching wealthy hotel clients to play tennis, he landed at Colony Beach & Tennis Resort near Sarasota, Florida. A year later, he founded the Nick Bollettieri Tennis Academy.

He went on to borrow $1 million to transform his 40-acre tomato plants in Bradenton, Florida, into a sprawling tennis training camp that opened in 1981. Agassi referred to his time there as “a forehand master of the flies,” but he attended for free. His father only had money to pay for three months’ tuition, but Bollettieri called him to say he was “tearing up the check” after seeing how good he was. The pair suffered an emotional split in 1993, shortly after Agassi won the first of his eight Grand Slam titles.

Bollettieri was known for his money management problems. With financial problems looming, he sold the Academy to IMG in 1987. But he continued to run it.

Advertisement

Today the site covers approximately 600 acres, and teaches a wide range of sports to the 1,200 full-time residents and thousands more children and adults who attend sports camps there. In 2014, Politieri was inducted into the Tennis Hall of Fame, one of only four coaches to receive the award.

Josh Noble

Source link

Advertisement
Continue Reading

Finance

Ads disappear as Google Ad Manager crashes for a while

Avatar

Published

on

Netizens watched an ad-free web for several hours Thursday night.

8:04 p.m. EST, The Google Spread It was “investigating reports of a problem with Google Ad Manager”. While users can enter the program, they “see error messages, high response time, and/or other unexpected behavior.”

Most importantly, ads were not displayed, which means that users did not see ads on the websites of companies using Google Ad Manager. “Ads Manager is not serving ads to affected users,” Google wrote in the incident report.

Advertisement

A few hours later, at 10:40 PM EST, Google said That the problem has been resolved, writing “Ad display is now restored”.

Google didn’t share any information about the extent of the outage in its post, but users on social media speculated it could be global, with customers in the US, Canada and Japan Report Twitter Ad manager was not working.

Google Ads Manager is a program digital marketplace Where customers can buy and sell ads across multiple networks. The service is mostly used by large publishers who are involved in direct sales to ad buyers. Over 80% of large publishers say they use Google Ad Manager to manage their ad sales.

Other Google advertising services appear to be running. The search giant doesn’t report issues with AdSense or AdMob, its ad services tailored to small websites and mobile developers respectively.

Advertising is a major part of Google’s business. Google earned 54.48 billion dollars From advertising sales in the third quarter of this year’s total revenue of $ 69.09 billion.

Advertisement

Update, December 9, 2022: This article has been updated with the news that Google has resolved the issue with Google Ad Manager.

The Impact Report’s new weekly newsletter examines how ESG news and trends shape the roles and responsibilities of today’s CEOs. Subscribe here.

Source link

Advertisement
Continue Reading

Finance

This analyst says AT&T stock is now a buy. Growth potential is the reason.

Avatar

Published

on


AT&T

It had a strong year, and is now on track for “long-term sustainable growth,” according to Argus Research.

Analyst Joseph Bonner promoted shares

Advertisement

AT&T

(Stock ticker: T) To buy from the hold and set a target price of $24 per share. Bonner writes that the company has strong growth potential because of its competitive position and its performance in the current macroeconomic environment.

Source link

Advertisement
Continue Reading
Advertisement

Trending