Job Title: Loan Officer
Location: Kansas City, MO
Submitted on: 04-May-04
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After 4 months of employment, I understand completely the reasons that
the stock has recently declined by over half its value.
The corporate culture is one of extreme casualness, most members are
clad in jeans and Gap gear. The casualness of their dress perfectly
reflects their attitudes towards their tasks, unfortunately. The
incompetence of the operation starts from the lowest level employees
and is worn like a crown by the Board. Recent Wall Street Journal
articles summarized some recent, major improprieties. I think the
gaffes were due more to incompetence than indiscretion.
This company typifies the negative stereotypes of today's corporate
culture...so many meetings, nothing gets accomplished,few people
understand their responsibilities, responsiveness to team members is
nonexistent, and "one hand doesn't know what the other is doing".
Entrenched hourly wage employees love the atmosphere, those that
generate the revenue and are on 100% commission despise the suffocating
bureaucracy, red-tape, and dishonesty...just recently, we were informed
that we were responsible for not only our share of the Payroll Taxes
(7.6%, which I expect), but we are being assessed an additional 13% of
commissions, which pays THE CORPORATION'S portion, plus additional for
unemployment! Now there's a morale booster!
Opportunities for advancement are terrific, for the company is
experiencing rapid growth; that is to say, NovaStar IS the Peter
Principal. Growth has far outpaced the company's ability to adequately
train, account, and manage the operation. Unqualified individuals are
thrust into positions for which they are not qualified, and the
conseequences have been regrettable at best for the new hires.
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