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in December 2017 I joined a shipping company and during the interview I was told by the CFO that the business risk is minimum (company sustainability) according to the budget set for the next 5 years.
Apart from accepting the offer due to given more exposure into financial accounting despite only a 3% increment where normally people would expect a 10%-20% salary jump.
During last year in 2018 I felt dissapointed when learned about company’s massive selling off of income producing assets to provide liquidity to reduce it’s gearing ratio. Loss of earnings was 6-7 times higher than in 2017. Unusally high staff turnover across other regioinal offices. and Altman Z-score <1.3 the last 2 years (those studied APM knows what i’m referring).
At this financial state, the budget on entertainment expenses remained unscrutinized, yet the emphasize from my colleague on the frequent lost of supporting receipt on those loose spending was ignored by the management.
Environment wise the hygiene wasn’t well maintained (carpet not fumigated since last 20 years). Management was reluntant to confront the lazy purchasing team for unapproved suppliers invoices over dued since 2016-2017, across department people just love to push the blame and responsibilities shifting.
During Annual Performance Appraisal, most of my peers and I was given the SAME medicore score ratings e.g 2.5/5. There wasn’t specific pin-point of areas for improvement directed to my job scopes, apparently the appraisal exercise was done just to get pass the day.
i felt misled to joined this company, but unsure on how to pen down my reason for leaving to my prospective employer, as I doesn’t want to sound too negative. I like to know if any of the reason above a valid point for “reason for leaving”. Thanks
Which country are you in?
In the UK I wouldn’t refer to any of the above to a new employer. None would come across as convincing – and some would sounds pretty soft.
You’ve been there nearly 18 months – just say you want to new challenge/ to progress your career/ have a broader and more challenging role.
Your employer being in financial difficulties is a perfectly valid reason to leave your job. You don’t need to go into details, just say that and most employers would take that at face value.
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