Gold Buyers at the Mall

  www.goldbuyersatthemall.com
  www.goldbuyersatthemall.com
There are newer employer reviews for Gold Buyers at the Mall

 

Great Idea, Poor Execution - Won't Be Around Much Longer

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Manager
Current Employee - Manager

I have been working at Gold Buyers at the Mall full-time (more than an year)

Pros

It can be a fun job if you like the mall setting --especially if you get a storefront vs a kiosk to run. As a manager you'll get opportunity to win some extra cash with daily contests and you can usually hire a decent staff --may take some trial and error due to the large turn over rate of the part-timers, but eventually you'll find a couple people to click.

Cons

You will get little to no support from senior management --especially in larger districts where the District Manager is constantly running from store to store. The only advertising available is in flyer form, which the company blindly thinks is the answer to all your problems: don't have enough people coming in with buys? Flyer more! Doesn't always work since the malls really tend to be dead during the weekdays, and only really pick up Fri-Sun.

The company also doesn't offer direct deposit, as they cannot keep a large enough cash balance on hand to cover such a service. Instead employees get their paychecks on the weekend, and get to wait two days for the balance to show in their accounts after deposit.

The biggest con however has to do with the way this company is run. At one point, corporate bragged at having over 200 locations across the country - now the number is around half that amount. This is a business that doesn't forgive growing pains very easily. If a store has a good year, and a good profit margin, it's expected goals will go up the next year. Those goals will steadily go up until they reach a point that the store cannot meet those goals. Also, if a store with a proven track record starts failing due to poor management, common sense would dictate that you replace that manager with a better one and let them turn the location around. Unfortunately, the company (or I should say, the president) has no patience with these kinds of business basics. Even if the location in question is beginning to recover, it will most likely be shut down under the new manager due to the actions of the previous one.

This is a young company run by a young, inexperienced president who doesn't seem to understand basic business principles, or the concepts of growth and investment - and it shows. A basic Google search can pull up any number of lawsuits in regards to the company's business practices and labor violations. I predict that this company will continue to fail as the economy starts to recover. At this point most pawn shops and coin dealers can already beat their prices, and Gold Buyers doesn't have second-hand sales to fall back on when people stop bringing their gold to them.

Advice to ManagementAdvice

One of the company's many mantras is "Lead from the front" --basically stating that it's management's responsibility to lead & inspire the workers into performing better. Well, how about actually doing just that folks? So far what I've learned from this company's "leadership" is that they only care about how much money the handful of the people at the top can make at the expense of those that work for them. Their full-time workers barely make a living wage and have little to no benefits with no job security. Maybe if their president had some real-world job experience when it comes to actually managing people, there wouldn't be such a high turnover rate at the managerial level. Basic economics & people skills would go a long way here.

Doesn't Recommend
Negative Outlook

13 Other Employee Reviews for Gold Buyers at the Mall (View Most Recent)

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  1.  

    Very Good Learning Experience About the Gold/ Jewelry Industry

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Sales Associate in Babylon, NY
    Former Employee - Sales Associate in Babylon, NY

    I worked at Gold Buyers at the Mall part-time (less than an year)

    Pros

    - Friendly Staff- Where I worked

    - Mall environment based (Lunch was a short walk away)

    -Treated in a professional manner. Duties included many managerial tasks, good communication between managers and staff

    - Very Educational/ Sparked my interest in a career in Precious Metals

    Cons

    - Hourly Pay vs Company Profits

    - Commission structure not very appealing

    - You do work in a mall

    Recommends
    Positive Outlook
  2.  

    Very Unbusiness Like People Running This Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Team Member in Monaca, PA
    Former Employee - Team Member in Monaca, PA

    I worked at Gold Buyers at the Mall part-time (less than an year)

    Pros

    You will almost certainly get hired if you apply! They are very desperate for people and have a huge turnover. If you are looking for a title jump you may get it here. I was with the company for three days and offered two different store manager positions.

    Cons

    In my store you are treated like a child. I personally have been in retail management for over 10 years now and did not appreciate this. There is very little that is organized, there are almost no procedures. You kind of fly by the seat of your pants and guess at what your doing half the time. The training is almost laughable. My "manager" seemed to make up the rules as she went along. My workplace was also very disorganized, no filing system, papers everywhere. Kind of makes you wonder when we are making copies of peoples licenses and collecting personal information. I would guess if they got audited they would not pass. I was also told by my manager that we are there to please the company, they are not there to please us. Believe me when I tell you that is true. They make no effort at all to better accomodate employees. If you like an well organized workplace this is not for you.

    Doesn't Recommend
    Negative Outlook
There are newer employer reviews for Gold Buyers at the Mall

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