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Is a bonus necessary just to do your job?

T

tm37

Lifer
Is a bonus necessary just to do your job?

I love how they are comparing the kid at blockbuster to a "professional"

If he was to get a bonus for making certain benchmarks and he did I think that he may change his tune a bit when they say they can not pay those bonuses because yjr company can not afford them.

What if walmart decided to cancel store bonuses to the employees at profitable stores to offset the losses at unprofitible stores?
 
Originally posted by: tm37
Is a bonus necessary just to do your job?

I love how they are comparing the kid at blockbuster to a "professional"

If he was to get a bonus for making certain benchmarks and he did I think that he may change his tune a bit when they say they can not pay those bonuses because yjr company can not afford them.

What if walmart decided to cancel store bonuses to the employees at profitable stores to offset the losses at unprofitible stores?
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When they don't pay the bonus, they call it the bone us.:laugh:

 
Originally posted by: compuwiz1


When they don't pay the bonus, they call it the bone us.:laugh:
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LOL. I remember that someone gave me a "fake" flyer with the company logo on top stating "If you don't like our policies, call 1-800-2-bone-us" and let us know.

As for bonus, I guess it depends on whether the company is making money as a whole. My plant made a profit for the first time in history (tooling plants generally don't make profit) last year, yet I took a 5% pay cut just like everyone else in the company.

Edit: I just realized that my company made a worldwide profit last year, but North America was in the red pretty badly. The rest of the world took no concessions from their pay or benefits, only the NA folks, regardless of individual plant performance.
 
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
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Alot of that has to do with how salary and bonuses are taxed; So it is a bonus in the legal sense however it is part of the salary.
 
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
Click to expand...

If they all quit with the bonuses where would the talent go?
 
If your company is asking for government money to remain solvent, I don't think it's unreasonable to cut back big time on bonuses. I'll agree that it's unfair to productive employees in profitable divisions, but when the company is in such dire straits, everybody should be willing to make sacrifices.

I also don't know if I buy the argument that these employees will go to other banks. Foreign firms, maybe, but the US financial sector isn't exactly in great shape. I couldn't imagine them quitting their job in this economy over something as petty as a bonus.
 
Originally posted by: Chryso
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
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If they all quit with the bonuses where would the talent go?
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My best friend who worked for Goldman just got hired with a Canadian firm.

The Canadian firm is loving these salary caps. Means more "talent" is leaving the US to work elsewhere.

Of course the US GOVT will pay for its greed via diminished tax revenues coming from said bonuses. Not that they care. They'll just borrow more from China/print more money.
 
Base pay on Wall St. isn't that great, especially on a COL and hourly wage basis. Companies pay bonuses for many reasons, taxation, accruing costs vs cash, incentive for performance, among many others.

When that video store clerk has taken 4 years of undergrad, 2 years of grad, his CFA charter, and can negotiate 500 pages of legal docs, understand the intricacies of legal and financial structuring, negotiate and pitch financings to corporate executives, and understand something more than "was this a good movie", while working 80-100 hours a week, let me know.

But alas, this is the current status of this country. Nobody wants to take blame, everybody is looking for a scapegoat, and nobody tries to understand real problems. It's a braindead, knuckle dragging, neandrathal country.
 
Then again, I have no doubt that US firms will simply change the title from "executive" to something else to skirt any regulations.

HR: John, we're giving you the new title of "Janitor First Class." With this new title, we'll pay you $120,000 base with up to $500,000 in bonuses. Executives are so 20th Century!

Any bet all of those "Executive MBA" programs will start inventing new marketing terminology?
 
Originally posted by: Chryso
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
Click to expand...

If they all quit with the bonuses where would the talent go?
Click to expand...

They are already going to sovereign wealth funds and foreign banks. Plenty of people willing to pay a lot of money for people who make even more money than they cost.
 
Originally posted by: tm37
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
Click to expand...

Alot of that has to do with how salary and bonuses are taxed; So it is a bonus in the legal sense however it is part of the salary.
Click to expand...

Are you saying there is a tax benefit for the company to pay money as a bonus and not as a salary? Because for the employee there is no difference.
 
Originally posted by: GTaudiophile
Any bet all of those "Executive MBA" programs will start inventing new marketing terminology?
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I'll take that bet, because there's no reason for them to do that.
 
Originally posted by: LegendKiller
Originally posted by: Chryso
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
Click to expand...

If they all quit with the bonuses where would the talent go?
Click to expand...

They are already going to sovereign wealth funds and foreign banks. Plenty of people willing to pay a lot of money for people who make even more money than they cost.
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Yep. Cutting the nose to spite the face, that's a great idea.

People can't get around the simple fact that the people making bonuses (no matter what industry, but sales is easy for people to understand) is they are the one making the company money.

You can't stop the desire of one to make more money and if you try to they will find another place to use their talents - the talent of bringing in the money. My girl's brother is a VP level international banker, he gives me lots of insight. He had to go back across the pond to get what he was worth.
 
Originally posted by: frostedflakes
If your company is asking for government money to remain solvent, I don't think it's unreasonable to cut back big time on bonuses. I'll agree that it's unfair to productive employees in profitable divisions, but when the company is in such dire straits, everybody should be willing to make sacrifices.

I also don't know if I buy the argument that these employees will go to other banks. Foreign firms, maybe, but the US financial sector isn't exactly in great shape. I couldn't imagine them quitting their job in this economy over something as petty as a bonus.
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It depends on what percentage of your pay the bonus is to be.

I have know ssales people whoose "bonus" was 75% of the actual pay. The salary SUCKED. These are people making 100K-250K per year. So yes they would leave if the bonus was cut. THey would also have a right to sue because the bonus was cut.

It is not just sales people either. Some programmers and even marketing people will take a smaller salary because there is a bonus and the oportunity to make more. Remove that bonus and they will walk and beable to sue for cause.
 
"The reason you work hard, workers and employers in the retail trenches told me, is because you take pride in what you do."

This is the kind of crap my managers and bosses fed me when I worked retail back in college, while they were collecting bonuses if our department did well. They sell this bullshit to you hoping you'll buy it and they can keep their turnover rate down.

When my grandfather still ran his business, he had a motto regarding employee rewards:

"If you can't eat it or spend it, it's worthless."
 
People can't get around the simple fact that the people making bonuses (no matter what industry, but sales is easy for people to understand) is they are the one making the company money.
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Except when they're not.
 
Originally posted by: ja1484

"The reason you work hard, workers and employers in the retail trenches told me, is because you take pride in what you do."

This is the kind of crap my managers and bosses fed me when I worked retail back in college, while they were collecting bonuses if our department did well. They sell this bullshit to you hoping you'll buy it and they can keep their turnover rate down.
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THe reason they work hard is they want to be the managers!

Listen I think that when you take a job you should o your best. If I hire someone I expect that they work as best they can, take some pride in what they do and do a good job. I do not receive a bonus yet we are all graded on how the department does. I for one think that people all to often have a job they dislike and decide that "I only make 8 bucks an hour so I am going to do 8 bucks worth of work"

I literally was laughing at this article because the workers were all loyal and hard working, I just must be missing them when I go to rent movies or buy something at the mall.
 
I just must be missing them when I go to rent movies or buy something at the mall.
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Hey man, I went to Walmart, took a giant shit in one of the aisles, and the old geezer greeter came running over to pick it up, wipe my ass, and give me a sandwich. I don't know where you're shopping.

EDIT: OK, that didn't really happen.
 
Generally speaking the base salary is below the comparable position, which is why without bonus most people will bail.

Junior analysts in investment banking do 80-100hour weeks to get comped at around 150K in the bulge bracket in NYC. Base salary is only about 60K and the bonus covers the rest... good luck trying to find someone doing those hours for just the base salary.
 
The bonuses that piss people off are for executives and upper management who feel entitled to lavish perks and bonuses as they run the company off the proverbial cliff (see John Thain, Ken Lewis, etc.).

edit: bonuses for Circuit City executives so they won't jump ship during the liquidation of the company they killed are another example.
 
Originally posted by: shortylickens
Originally posted by: Chryso
Originally posted by: loki8481
wall st. pays weird, with like fixed bonuses and such to hold onto their top talent.
Click to expand...
If they all quit with the bonuses where would the talent go?
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Europe and Asia.
Maybe even South America.
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Middle east also, MER is losing a ton of people to sovereign wealth funds.
 
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