truman Posted January 30, 2012 Share Posted January 30, 2012 Regardless of the rights and wrongs of this case, and who's to blame, I simply don't undestand the concept of bonuses. My employer gives me a job, and says this is what you get paid to do this job. I do the job and get paid. If I don't do the job I should get the sack. So why give a bonus for just doing your job? Seems the London Undeground workers want extra just for doing their job.. http://www.freshbusinessthinking.com/news.php?NID=12491&Title=Fresh+Olympic+tube+strike+fears+as+RMT+reject+latest+pay+offer Link to comment Share on other sites More sharing options...
alchresearch Posted January 30, 2012 Share Posted January 30, 2012 The government has got a completely tin ear when it comes to understanding what people are feeling A tin ear? Does the guy know what he's saying? What will he say next? "Look before you count your chickens"? Link to comment Share on other sites More sharing options...
FairDooz Posted January 30, 2012 Share Posted January 30, 2012 So why give a bonus for just doing your job? Bonuses are justified when a person exceeds their targets. I haven't read or heard any justification for Stephen Hester having done this. Sure his job can't have been easy - some have said he's been paid for "bomb disposal" - to clean up the mess left by his predecessor. But that's what his alreadygenerous pay package reflected surely? Link to comment Share on other sites More sharing options...
truman Posted January 30, 2012 Share Posted January 30, 2012 Bonuses are justified when a person exceeds their targets. Bonuses are justified when their contract says they get them..aren't they? If you signed up for a job that said your pay was x amount and your bonus was y amount depending on performance then wouldn't you want your bonus if you'd met the performance criteria? Link to comment Share on other sites More sharing options...
FairDooz Posted January 30, 2012 Share Posted January 30, 2012 Bonuses are justified when their contract says they get them..aren't they? If you signed up for a job that said your pay was x amount and your bonus was y amount depending on performance then wouldn't you want your bonus if you'd met the performance criteria? OK essentially we're agreeing (I think). Sorry folks! Move on, nothing to see here ... I guess what I was trying to say was that there are 2 levels of pay - the guaranteed salary for meeting minimum expected level of performance. If you exceed that and meet clearly defined enhanced levels of performance, then any agreed bonus comes into play. However .. I do have a concern about guaranteed bonuses. "Investment banks are exploiting gaps in global pay reforms to persist with some of their most contentious practices, including guaranteeing lucrative bonuses to employees regardless of their performance, industry data show." http://www.ft.com/cms/s/0/ee686396-fa4f-11e0-b70d-00144feab49a.html#axzz1kxIKpKkS (Sorry, link only seems to work once and then registration is required. Hopefully you will be able to view this ... if not, try this ... http://www.finfacts.ie/irishfinancenews/article_1023358.shtml) Link to comment Share on other sites More sharing options...
purdy Posted January 30, 2012 Share Posted January 30, 2012 OK essentially we're agreeing (I think). Sorry folks! Move on, nothing to see here ... I guess what I was trying to say was that there are 2 levels of pay - the guaranteed salary for meeting minimum expected level of performance. If you exceed that and meet clearly defined enhanced levels of performance, then any agreed bonus comes into play. However .. I do have a concern about guaranteed bonuses. "Investment banks are exploiting gaps in global pay reforms to persist with some of their most contentious practices, including guaranteeing lucrative bonuses to employees regardless of their performance, industry data show." http://www.ft.com/cms/s/0/ee686396-fa4f-11e0-b70d-00144feab49a.html#axzz1kxIKpKkS (Sorry, link only seems to work once and then registration is required. Hopefully you will be able to view this ... if not, try this ... http://www.finfacts.ie/irishfinancenews/article_1023358.shtml) I have real concerns that this issue is being driven by a political storm rather than what is best for the bank. I have no idea about the guy, but he was given a contract to do a job of sorting out the bank, and I assume his remuneration was agreed in that package. All of a sudden the media are after the guy for being paid what he is apparently entitled to and what was agreed. I just wonder why they agreed a large salary in the first place if they didn't think they needed to to get the right man. It is worrying to think that Heston might just pack his bags and move elsewhere. Who would want the job if he did? You work a year and then they tell you they aren't paying you what was agreed. Its a great recruiting tool. Lets hope RBS don't need any more senior staff because I can't see them queueing up. Link to comment Share on other sites More sharing options...
FairDooz Posted January 30, 2012 Share Posted January 30, 2012 I have real concerns that this issue is being driven by a political storm rather than what is best for the bank. ... or the country. It's a pity the politicians can't devise and enforce the rules that are seen to be fair by all. Stephen Hester may be taking the hit for all the other fat cats - he may earn less than other chief execs. It still doesn't justify the chasm opening up between those at the top and the rest of us. Link to comment Share on other sites More sharing options...
Sausage Dog Posted January 30, 2012 Share Posted January 30, 2012 So why do salesmen get commission...? Same thing different name.. And have you noticed over the years how many scandals there have been over mis-selling because of the commission culture. IMO it's not a good way to run a business - leads to all kinds of dodgy goings on Link to comment Share on other sites More sharing options...
Sausage Dog Posted January 30, 2012 Share Posted January 30, 2012 Seems the London Undeground workers want extra just for doing their job.. http://www.freshbusinessthinking.com/news.php?NID=12491&Title=Fresh+Olympic+tube+strike+fears+as+RMT+reject+latest+pay+offer Isn't that called negotitation? Link to comment Share on other sites More sharing options...
Sausage Dog Posted January 30, 2012 Share Posted January 30, 2012 Bonuses are justified when a person exceeds their targets. I haven't read or heard any justification for Stephen Hester having done this. Sure his job can't have been easy - some have said he's been paid for "bomb disposal" - to clean up the mess left by his predecessor. But that's what his alreadygenerous pay package reflected surely? Million quid a year should be enough. The guys in the Army who difuse real bombs get a fraction of what Hester is paid. Link to comment Share on other sites More sharing options...
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