Nick Buckles, the embattled CEO of G4S, was interviewed by the BBC’s Bottom Line programme in June 2012. In that interview, he explains how saving client money – and reducing your company’s income – can actually be a good thing.
Specifically, he talked about the time he was called into the Cabinet Office to find ways of reducing the costs of its contracts.
Yesterday it was revealed that G4S would be unable to supply the 10,000 security officers it was contracted to provide for the Olympic Games. This in spite of the £289 million price tag for the job.
The scope of the services that G4S was contracted to supply is unclear, but on a rough calculation, that works out to £28,900 per security officer, or nearly £3000 per week per guard.
The amount to be paid to guards? £8.50/hr.
Now, that’s what I call savings!