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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a combination of qualitative sentiment analysis (Glassdoor) and quantitative workforce data to support the thesis.",
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      "text": "Spruce Point estimates that after a period of growth, WSP's organic employee headcount was flat to down in 2023.",
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      "text": "Top Review Highlights by Sentiment: Excerpts from user reviews, not authored by Glassdoor",
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      "text": "Organic Hires: (25)",
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      "text": "Spruce Point estimates that after a period of growth, WSP's organic employee headcount was flat to down in 2023. Recall that commentary on a previous slide indicated that the biggest industry challenge was finding and retaining human talent. Glassdoor reviews frequently reference WSP's low pay structure.",
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      "kind": "quote",
      "text": "\"Low salary compared to competitors and you have to jump through hoops to get any sort of rise.\" — Glassdoor Reviewer",
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      "text": "Source: WSP Annual Reports, Glassdoor (1) According to WSP's 2022 ESG Report, headcount peaked at 67,300 at April 1, 2023",
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      "text": "Analysis of WSP's Workforce: 2021, 2022, 2023 (1) | Beginning Employees: 47,000, 55,300, 66,200 | Additions: Acquired Companies: 7,670, 7,351, 1,725 | Additions: Organic Hires (Departures): 630, 3,549, (25) | Less: Louis Berger Divestiture: 0, 0, (1,400) | Ending Employees: 55,300, 66,200, 66,500",
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      "text": "WSP Appears To Be Having Challenges Attracting And Retaining Employees",
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