Manufacturers Insurance – Rolls Royce Chops 200 Jobs
Manufacturers Insurance Rolls Royce Chops 200 Jobs
Manufacturers insurance policies will no doubt have been studied at length by management at famous aero-engine manufacturer Rolls Royce as they set to let 220 employees go at their Coventry factory. Manufacturers insurance can play a vital role when it comes to deciding aspects of a company's human resources strategy. Rolls Royce, which has the misfortune of coming under the media spotlight when one of its Trent 900 engines was blamed for the explosion of a Qantas Airbus 380, is making the redundancies in its military division. Manufacturing insurance policies will also play a huge part if Qantas, or other airlines, seek damages for lost revenue due to the grounding of its entire A380 fleet. It's reckoned that across all airlines, some 40 Trent 900 engines will have to be replaced. Manufacturer insurance will play a pivotal role if Rolls Royce have themselves to claim for lost revenue and compensation payments. But despite announcing a recent 258 million engine deal from the Ministry of Defense (MOD), the Coventry military division, which is based at Ansty, is suffering from falling orders due to the cuts in defence spending. This particular plant focuses on manufacturing engines for RAF and Royal Navy aircraft engines. They have won several contracts for the supply and upkeep of engines for the services fleet of Sea King helicopters. A spokesperson for Rolls Royce said the job cuts were a necessity because: "...reducing customer demand for aero repair and overhaul services. Although this is a difficult process, we are grateful for the continued support of our employees and are seeking to be as flexible as possible in the long-term interests of our workforce." The cuts were seen to be inevitable after the coalition government's latest round of austerity cuts and there will be more across a number of companies working in the defence sectors. Some will be less exposed than others, if they have overseas defence work, especially in the Middle East and Asia. But for those that rely on UK defence projects, then things could become tough. Rolls Royce is not expecting too much militancy from its workforce on the issue of the job cuts, with workers understanding that defence spending is down and that worker action now would come at a difficult time when the company needs to show a common front to the outside world. The company's investors were initially shocked by the news that the Trent 900 had an inherent fault, but have been reassured by management that it has been corrected and the damage caused to reputation, and more importantly the order book, is minimal. In the case of Rolls Royce, manufacturers insurance is set to figure large over the next few months as the company copes with various issues.
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