What is an Office Syndicate

Many workplaces have the traditional office syndicate where everyone chips in a few dollars every week to buy a Gold Lotto entry.  No one expects to win but shock horror you actually win a substantial prize.  This is where things can turn ugly and there are lessons to be learned.
We were recently involved in such a case.  8 staff were in an office syndicate for Gold Lotto.  They won $250,000 however one member was on holidays at the time and hadn’t paid their money.  The “leader” of the syndicate and a few others then argued that the holidaying employee wasn’t entitled to a share of the prize because she wasn’t paid up.
Don’t think it could happen at your workplace? Well think again.  Where money is involved, especially a substantial sum, people have a habit of reacting in an unusual and sometimes nasty manner.  So my advice is:
1. Have some clear cut rules as to membership and eligibility of the syndicate.
2. Make sure someone is responsible for running the book on who has paid and who hasn’t and what the rules are around payment and more importantly non-payment of dues.
3. Post your rules on the noticeboard or on the fridge in the staff kitchen or some other prominent place at work where everyone has access to them.
4. Register a syndicate with Golden Casket.
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