Digital publication | Page 30

EMPLOYEES

VS

CREDITORS

Employees and creditors are stakeholders yet both have completely different interests in BooHoo and John Lewis. The only one thing they have in common is they both count on the company successfully making a profit.

Creditors* are a source of finance when a company doesn’t have sufficient funds. They need confidence in a business to know they’ll get their money back within an agreed time to make their business viable. It is in a company’s best interest to keep their creditors happy so they can borrow money in the future, meaning that there can be a continuous flow of business between the company and creditors.

John Lewis is more established than us at BooHoo so creditors may be more willing to lend them larger sums of money. However we are working extremely hard to make sure that banks are confident to work with us.

Employees can often be forgotten or ‘mistreated’. Management may assume that employees will continue their employment because they need a living. However it’s essential for a company’s success that their workforce is happy so that their quality of work is suitable. At BooHoo we aim to keep our staff as happy as possible, this is also true for John Lewis.

Fair wages are also essential for employees; they need to be paid above the minimum wage and for this wage to be inline with similar jobs. Women need to know they will be paid the same as men and know they will not be penalised if falling pregnant.

When someone begins work for John Lewis they automatically become a shareholder however we do not offer this at BooHoo as of yet. This is a great incentive for John Lewis’ staff to perform well.

Job security is important. We’re a relatively new brand and not as well established as John Lewis therefor an employee may feel that their job is ‘safer’ at John Lewis as it’s sales could be seen as being more stable.

Having a good amount of holiday per year is really important for both John Lewis and BooHoo employees. It means that you are well rested so you can work to your full potential.

Most employees will want to be given opportunities for growth within a business. Both John Lewis and us provide training within our head offices. As we have fewer employees than John Lewis there may be more chance to stand out and in turn receive a promotion.

*Banks