Business/Economics

Oil Subsidy Removal: How The Place Gave Succour To Staff Companies are providing palliatives for their staff, following the removal of oil subsidy and its attendant fuel price hike. For The Place, a popular hospitality and restaurant outfit, it’s workers are happy as the company had jacked up their transport allowance to make up for the high transport fares across the country. The Chief Operating Officer of the company, Ms. Chinelo Umeugochukwu told our correspondent in an exclusive interview on that it was imperative to provide palliative for the workers now. According to her, inflation has risen more than five times this year alone and businesses are feeling the pain both on how to respond to rising costs of supply, the exchange rate turbulence and the cries of the workforce. She explained that the removal of oil subsidy and its attendant hike in the price of Premium Motor Spirit and cost of transportation also affected her staff. To ameliorate the suffering, Umeugochukwu said that the company had increased the transport allowance of the workers across all levels. She noted that the rising inflation has diminished customer’s financial capabilities and thus reduced purchasing power and inadvertently profitability. However, regardless of all these, Umeugochukwu said that the Place still went ahead to respond quickly to the needs of its staff by paying juicy “Palliatives” to all workers irrespective of their level. “The palliatives were even increased for locations where the staff transport costs were significantly higher. This is in a bid to show that we value our employees and their direct relatability,” she stated. According to her, profitability is okay only when the staff who are meant to be the bedrock of the company are happy. “To get the best performance of the company, we have to give the best performance to the staff so that the company can the best of them,” she said. The Place is an indigineous hospitality company (Restaurant, Hotels and Nightlife) with outlets in Lagos, Abuja and Ilorin.

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Oil Subsidy Removal: How The Place Gave Succour To Staff Companies are providing palliatives…

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