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  "docId": "019dd923-622c-750b-8b99-7df068ad1ae5",
  "docSlug": "55f4c152cfe0",
  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "pageNumber": 23,
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  "notes": "The slide uses a red bar to highlight the subject company (WSP) against blue bars for peers.",
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      "kind": "callout",
      "text": "WSP leads its industry in at least one metric: the voluntary employee turnover rate. WSP is tied with AFRY at 16%. However, AFRY's workforce (and turnover) is highly concentrated in Sweden whereas WSP's workforce is much more global. A LinkedIn study in 2022 concluded that professional services such as engineering have a high turnover rate averaging 13.4% which is consistent with our analysis.(1) Therefore, we conclude that WSP's turnover rate is abnormally above average.",
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      "kind": "callout",
      "text": "Therefore, we conclude that WSP's turnover rate is abnormally above average.",
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      "text": "2022 Voluntary Employee Turnover Rate",
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      "text": "voluntary employee turnover rate: 16%",
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      "kind": "source-note",
      "text": "Source: Company sustainability reports and other disclosures. Note: Geographic mix by revenues. 1) “Industries with the Highest (and Lowest) Turnover Rates”, LinkedIn, Aug 11, 2022 2) As disclosed on Q1 2022 Conference Call",
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      "kind": "table",
      "text": "Geographic mix table showing Americas vs Europe/Global percentages for each peer.",
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      "kind": "title",
      "text": "WSP Is An Industry Leader In Voluntary Employee Turnover",
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      "evidence": "Comparing WSP turnover against a peer group to establish relative performance.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document repeatedly exposes contradictions in WSP's reporting and operations",
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