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(UPI)   CEO of UK's biggest department store gives his $3.6 million bonus to employees. Or as American CEOs call that, stark raving insanity   (upi.com) divider line 45
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1983 clicks; posted to Business » on 20 Apr 2013 at 8:59 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-20 08:35:11 AM  
A whopping $158 each.
 
2013-04-20 09:27:45 AM  

ReapTheChaos: A whopping $158 each.


This is why we can't have nice things.
 
2013-04-20 09:39:45 AM  
It still surprises me how so many companies simply see employees as a cost and not an investment. Many companies do not want to take the time, effort, and expense to train employees and only want to hire experienced workers. If no one is training workers, where are all these experienced professionals supposed to come from?
 
2013-04-20 09:42:34 AM  
He gave it back because it was too small to keep.
 
2013-04-20 09:44:53 AM  
I love the union boss' gracious response of flinging it back in contempt as 'charity'.
 
2013-04-20 09:50:04 AM  

ReapTheChaos: A whopping $158 each.


Hey man, that's a lot of smokes and lottery tickets.
 
2013-04-20 10:05:32 AM  
That's $158 more than they had before he gave up his bonus.

It's a nice gesture and probably very much welcome by most of his employees.

Also, it's rude to complain if you think a gift isn't up to snuff.  Even if he'd only given them $20 each, it's still $20 more than they had before the giving.  Appreciation and gratitude is generally the proper reaction.
 
2013-04-20 10:26:27 AM  
Considering it was money out of his own pocket, that's damn spiffy of him.
 
2013-04-20 11:22:05 AM  

ReapTheChaos: A whopping $158 each.


I'd be insulted too, tear up the cheque and toss it in the bin.
 
2013-04-20 11:50:21 AM  

ReapTheChaos: A whopping $158 each.


So you're okay sending me 158 dollars of your own money, right?

That's a pretty good gesture he made toward his employees however big or small.
 
2013-04-20 11:57:52 AM  
$158 may not be much, but it's a start. I am sure he's much better liked by his employees than most CEOs.

It's a start.
 
2013-04-20 12:12:09 PM  
in 'murica he'd still get a 1.5 million dollar tax bill

/well maybe?
 
2013-04-20 12:24:47 PM  

ReapTheChaos: A whopping $158 each.


Funny how these bonus figures work. When it's the bonus for an exec it's " a huge obscene sum!" but when it's split up evenly and given to every worker it's suddenly "a pathetic small sum!"

Critics should recognise that the original bonus is actually a modest sum when you consider the size of the company, the number of employees and the effect that exec can have on the company.
 
2013-04-20 12:29:04 PM  

Flint Ironstag: ReapTheChaos: A whopping $158 each.

Funny how these bonus figures work. When it's the bonus for an exec it's " a huge obscene sum!" but when it's split up evenly and given to every worker it's suddenly "a pathetic small sum!"

Critics should recognise that the original bonus is actually a modest sum when you consider the size of the company, the number of employees and the effect that exec can have on the company.


Let's not grant sainthood to the motherfarker, okay?
 
2013-04-20 01:17:05 PM  
Read up on the backstory. He's going through a divorce and trying to keep his bonus from his future ex-wife.

/not really
//a genuinely nice CEO? Wtf?
 
2013-04-20 01:19:08 PM  

DoomPaul: It still surprises me how so many companies simply see employees as a cost and not an investment. Many companies do not want to take the time, effort, and expense to train employees and only want to hire experienced workers. If no one is training workers, where are all these experienced professionals supposed to come from?


One of my former employers. (Oshkosh Corporation) has an incredible internship program. Good pay (but no benefits, can't have it all I guess), good hours, good environment, and fantastic learning. The joke is that they treat interns better than regular employees.

Put the hard work in and they'll bust butt trying to find you a place. The worst case, if you work hard, is that you get paid decently and have large (multinational) company experience.
 
2013-04-20 01:23:04 PM  

cig-mkr: ReapTheChaos: A whopping $158 each.

I'd be insulted too, tear up the cheque and toss it in the bin.


You're probably being facetious, but that would be literally the same thing as a worker writing the CEO a check.

I once worked for a place where the CEO mailed every employee a 25 dollar gift card to buy a turkey with for thanksgiving and then a 50 dollar basket of fancy cheeses and chocolate for Christmas out of his own pocket. We didn't send either back, despite the fact he made many millions per year.
 
2013-04-20 01:31:10 PM  
"Working people," says Appelbaum, "do not want charity. They need guaranteed wages and benefits -- the kind that come with a union contract. They shouldn't be forced to hope that their employer will have a momentary impulse -- a munificent impulse -- to share his massive wealth."

Can't anyone happy can you?

Nothing in life is guaranteed and people should stop acting like there is one.  Take personal responsibility for your well being in good and bad times.
 
2013-04-20 01:32:55 PM  
This guy probably earns 1000x the salary of an average worker in that company. But hey, he gave away his bonus, so it's all okay.
 
2013-04-20 01:51:37 PM  

divx88: "Working people," says Appelbaum, "do not want charity. They need guaranteed wages and benefits -- the kind that come with a union contract. They shouldn't be forced to hope that their employer will have a momentary impulse -- a munificent impulse -- to share his massive wealth."

Can't anyone happy can you?


media.avclub.com

/w-what?
 
2013-04-20 01:57:46 PM  

Infernalist: Flint Ironstag: ReapTheChaos: A whopping $158 each.

Funny how these bonus figures work. When it's the bonus for an exec it's " a huge obscene sum!" but when it's split up evenly and given to every worker it's suddenly "a pathetic small sum!"

Critics should recognise that the original bonus is actually a modest sum when you consider the size of the company, the number of employees and the effect that exec can have on the company.

Let's not grant sainthood to the motherfarker, okay?


Where did I suggest that?

And lets not cast as satan execs who earn a bonus for doing a good job either. You can't have it both ways, slam an exec for taking a bonus and rubbish an exec who gives it away.
 
2013-04-20 02:15:04 PM  
FTA: "it works out to about 1% of basic salary."   So, they're making about 15K/yr, on average.
 
2013-04-20 02:16:32 PM  
3.6 million?  Walmart gave out 530 million in 2007.  Obviously this department store is at least 10 times as evil as walmart.

http://www.nbcnews.com/id/17734994/ns/business-us_business/t/wal-mar t- doles-out-bonuses-hourly-staff/#.UXLbQ8pv5bE
 
2013-04-20 02:22:43 PM  

Flint Ironstag: ReapTheChaos: A whopping $158 each.

Funny how these bonus figures work. When it's the bonus for an exec it's " a huge obscene sum!" but when it's split up evenly and given to every worker it's suddenly "a pathetic small sum!"

Critics should recognise that the original bonus is actually a modest sum when you consider the size of the company, the number of employees and the effect that exec can have on the company.


Is a $75 million bonus a "modest sum" as well? What about the $150 million one for the CEO exiting a company during bankruptcy? Is that a reasonable amount?
 
2013-04-20 02:32:20 PM  

jjorsett: I love the union boss' gracious response of flinging it back in contempt as 'charity'.


They shouldn't have to be gracious.. they aren't his royal subjects. I'm sure they work hard, and deserve to be rewarded. If they earn 60,000 a year, then the 1 percent distribution amount would be 600 dollars... divide that by 12, sir. That comes out to a bonus of less than 60 dollars a month. Thanks? It's actually pretty genius. Instead of actually giving people pay raises that amount to something, you get as much good will by giving your CEO a small bonus and having him refuse it. That way you don't actually have to pay your employes that much and still come out looking heroic.
 
2013-04-20 02:54:37 PM  

Princess Ryans Knickers: Flint Ironstag: ReapTheChaos: A whopping $158 each.

Funny how these bonus figures work. When it's the bonus for an exec it's " a huge obscene sum!" but when it's split up evenly and given to every worker it's suddenly "a pathetic small sum!"

Critics should recognise that the original bonus is actually a modest sum when you consider the size of the company, the number of employees and the effect that exec can have on the company.

Is a $75 million bonus a "modest sum" as well? What about the $150 million one for the CEO exiting a company during bankruptcy? Is that a reasonable amount?


What company? What is that $75 million divided by the number of staff and the size of the company?

And this guy got a bonus because the business improved. Bonuses when the business does badly are not okay, no argument about that.
 
2013-04-20 03:33:00 PM  
I can't happy either.
 
2013-04-20 05:44:23 PM  

ReapTheChaos: A whopping $158 each.


I'm amused that no one checked your math and saw the typo.

/It's 3,600,000/19,400 or 185.56
 
2013-04-20 05:49:02 PM  

ajgeek: ReapTheChaos: A whopping $158 each.

I'm amused that no one checked your math and saw the typo.

/It's 3,600,000/19,400 or 185.56


You're both wrong, the UK CEO gave each employee £124.  Stupid yanks :P
 
2013-04-20 06:48:05 PM  

divx88: Nothing in life is guaranteed


Bullshiat. Most CEO contracts are in fact guaranteed. Look at what HP spent to pay off its mistakes at the CEO position.
 
2013-04-20 07:21:05 PM  
I'll take $158. Give it to me right now. I'll dance for it, like a little monkey.
 
2013-04-20 07:28:49 PM  
As one of the bosses of an exceedingly tiny company I can't happy at all ever, it seems.
 
2013-04-20 08:24:45 PM  
If my employer gave me a $150 bonus, I would be thrilled compared to the sack of potatoes I usually get.

This year, we didn't even get the sack. The whole office got a box of potatoes and we were told to grab what we wanted. Not one of us touched it.
 
kab
2013-04-21 12:19:01 AM  

ReapTheChaos: A whopping $158 each.


As opposed to the blistering goose egg a lot of employees get.
 
2013-04-21 12:36:03 AM  
American corporations wouldn't pay the drones at all if it weren't for that "damn 'mancipation proclamation".
 
2013-04-21 12:44:00 AM  
a modicum of class;

why people believe their work is worth thousands times more than others
is umbaliebable


in the first place.
 
2013-04-21 02:02:51 AM  
Slightly unrelated, but I received a $15 payment/gift from my credit union this past January (and so did every member with some sort of account with direct deposit, more if you had their loans/credit card)...because they pretty much made too much money.
 
2013-04-21 03:44:21 AM  
Their own website says that the company employs 54,507 but TFA claims that only 19,400 employees will receive bonuses. What gives? Is the rest of the staff based outside the UK?
 
2013-04-21 09:19:41 AM  
"Public reaction in the U.K. has been mostly positive, but the U.S. Retail, Wholesale and Department Store Union's president, Stuart Appelbaum told ABC News that that people shouldn't have to rely on bosses' charity at bonus time.

"Working people," says Appelbaum, "do not want charity. They need guaranteed wages and benefits -- the kind that come with a union contract. They shouldn't be forced to hope that their employer will have a momentary impulse -- a munificent impulse -- to share his massive wealth."



Oh STFU.
 
2013-04-21 12:05:56 PM  
UK: Tthe bonus was a "gesture of thanks and appreciation from the company for the hard work and commitment you have given to Next over the past three years and through some very tough times."

USA: If you can't get the job done on unpaid overtime and no benefits, we'll get someone who can.
 
2013-04-21 04:08:46 PM  
and American CEO would threaten to fire his employees next year if his bonus is that small again.
 
2013-04-21 04:11:42 PM  
also, it shows how loaded that CEO is if he can afford to give away that much dough.   i give him credit, though, for the understanding of the concept of giving back to a Nation/company that did well for him.  he's got my vote by putting his money where his mouth is.


no American CEO would dream of doing that.   he'd bone a 19 year old, marry her, and then 2 years later she would clean him out of his 3.6 million.
 
2013-04-21 04:14:02 PM  

TheShavingofOccam123: UK: Tthe bonus was a "gesture of thanks and appreciation from the company for the hard work and commitment you have given to Next over the past three years and through some very tough times."

USA: If you can't get the job done on unpaid overtime and no benefits, we'll get someone who can.


the USA Turds can do that because they've send so many jobs overseas that they have a huge pool of under/unemployed workers to choose from. they have the luxury of being able to pick and choose.

Corporate Turds  love high unemployment.  it gives them the edge. it gives them more power/control over employees who fear being unemployed in a tight market.

ain't Freedom great!
 
2013-04-21 04:14:59 PM  

MyRandomName: 3.6 million?  Walmart gave out 530 million in 2007.  Obviously this department store is at least 10 times as evil as walmart.

http://www.nbcnews.com/id/17734994/ns/business-us_business/t/wal-mar t- doles-out-bonuses-hourly-staff/#.UXLbQ8pv5bE



for tax reasons.  not because they are swell guys.
 
2013-04-21 06:47:23 PM  
Well-designed tax policy incentivizes the successful to do this sort of thing, rather than just give the money over to the damn government.
 
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