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(Reuters)   Old and Busted: Taking away bonuses from employees because of poor sales. New and About Damned Time: Taking away bonuses from executives because of poor sales   ( reuters.com) divider line
    More: Cool, General Electric, target bonus, CEO Jeff Immelt, Executive John Flannery, Officer Jeff Bornstein, Innovations Beth Comstock, global growth organization, GE's aviation  
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1261 clicks; posted to Business » on 13 Mar 2018 at 3:05 PM (18 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



17 Comments     (+0 »)
 
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2018-03-13 01:24:42 PM  
And I'm Ok with this, because this has been the scenario for far too long:

Company to Employee: I'm sorry, the management ran our business into the ground, so we'll have to let you go.

Company to Management: Here's your $10 million bonus, for running the company into the ground
 
2018-03-13 02:00:08 PM  
Yes!
 
2018-03-13 02:01:25 PM  
This is so farking un-American I don't even know where to begin. Personal accountability? Taking money out of Executive's pockets? Not using the worthless peasants as the whipping boys they are?

Well good bye freedom and liberty and hello godless communism! I'm going to personally call my friend Donald Trump, someone needs to be jailed for treason over this!
 
2018-03-13 02:10:14 PM  

rcain: This is so farking un-American I don't even know where to begin. Personal accountability? Taking money out of Executive's pockets? Not using the worthless peasants as the whipping boys they are?

Well good bye freedom and liberty and hello godless communism! I'm going to personally call my friend Donald Trump, someone needs to be jailed for treason over this!


Amen. Next thing you know, the ignorant plebes are going to want to have the right to vote, next.
 
2018-03-13 02:28:06 PM  
The last place I worked, the bigwigs took away pay raises because the company wasn't making money...
While the bigwigs were pocketing nice bonuses
 
2018-03-13 03:16:05 PM  

Marco Porno: And I'm Ok with this, because this has been the scenario for far too long:

Company to Employee: I'm sorry, the management ran our business into the ground, so we'll have to let you go.

Company to Management: Here's your $10 million bonus, for running the company into the ground


Last place I worked, every time the stock dropped another $15, the CEO got his options "adjusted". Just him. When I left my $125 options were $108 underwater.
 
2018-03-13 03:16:12 PM  
You can be a good and effective executive and still the company can lose money because of circumstances beyond your control. If any of them were in that camp, they'll be defecting to other companies. Any that weren't ought to be canned, not just have their bonuses trimmed.
 
2018-03-13 04:04:17 PM  
But, how else am I supposed to snort coke off of a hookers ass, if not with money taken away from employees?
 
2018-03-13 04:06:24 PM  
I knew a middle management guy who wanted to fire everyone who worked for him because he didn't get his bonus that year.  I pointed out his boss would fire him because he didn't have anyone to manage any more plus, the higher-ups wouldn't get bonuses either after all the wrongful termination lawsuits got settled so there would be a line to fire him even more.
 
2018-03-13 06:52:18 PM  

jjorsett: You can be a good and effective executive and still the company can lose money because of circumstances beyond your control. If any of them were in that camp, they'll be defecting to other companies. Any that weren't ought to be canned, not just have their bonuses trimmed.


You are correct.  But is it fair for the executives to get bonuses when profitability is down when the employees who are actually creating the product you sell don't get a raise or bonus because profitability is down?

Company I used to work for was famous for telling employees that sorry, we can't do pay raises because market share and profits are down, while at the same time, in their quarterly conference calls with investors they were talking up how well everything was going.  Really sucks for morale when you are being consistently lied to.
 
2018-03-13 07:17:45 PM  
I'll tell you something else that sucks. Being a top producer and getting your bonus cut because they know you can't make that much anywhere else, so just be happy with what you have. Not even kidding, my 4th quarter bonus, paid in January, was cut in half so that they could justify bringing in some "new blood" to corporate. I wonder why turnover is up among your top sales staff?

GD right I'm going to coast for a while now. I'll wait for my new "boss" to tank and will absolutely kill you when you want me back in the saddle. Greedy farkers.
 
2018-03-13 07:26:23 PM  

BizarreMan: jjorsett: You can be a good and effective executive and still the company can lose money because of circumstances beyond your control. If any of them were in that camp, they'll be defecting to other companies. Any that weren't ought to be canned, not just have their bonuses trimmed.

You are correct.  But is it fair for the executives to get bonuses when profitability is down when the employees who are actually creating the product you sell don't get a raise or bonus because profitability is down?

Company I used to work for was famous for telling employees that sorry, we can't do pay raises because market share and profits are down, while at the same time, in their quarterly conference calls with investors they were talking up how well everything was going.  Really sucks for morale when you are being consistently lied to.


sadly it seems the best business schools across America started teaching techniques that would reward the investor and captains of the ship while to hell with all the rest: the working joe, the quality of product and more, since the 1940's. so much for so long that it's the bastards and the biggest businesses run our lives and our government.
 
2018-03-13 07:50:45 PM  

sinko swimo: BizarreMan: jjorsett: You can be a good and effective executive and still the company can lose money because of circumstances beyond your control. If any of them were in that camp, they'll be defecting to other companies. Any that weren't ought to be canned, not just have their bonuses trimmed.

You are correct.  But is it fair for the executives to get bonuses when profitability is down when the employees who are actually creating the product you sell don't get a raise or bonus because profitability is down?

Company I used to work for was famous for telling employees that sorry, we can't do pay raises because market share and profits are down, while at the same time, in their quarterly conference calls with investors they were talking up how well everything was going.  Really sucks for morale when you are being consistently lied to.

sadly it seems the best business schools across America started teaching techniques that would reward the investor and captains of the ship while to hell with all the rest: the working joe, the quality of product and more, since the 1940's. so much for so long that it's the bastards and the biggest businesses run our lives and our government.


Some guy that most people born after the 1970s have never heard of wrote a book about that back in the early 1980s

pictures.abebooks.comView Full Size


/ funny how the Edition on Amazon was published April Fools Day 1984
 
2018-03-13 08:00:20 PM  
Another step by the 0.1%er's to make all of us serfs .
 
2018-03-13 10:12:59 PM  
CSB?
Years ago I worked in support for a small ISP (maybe 10 people). The network engineer who did all the heavy lifting on server was told by the owner "I can't give you a raise this year, gotta pay for the wife's new boobs". He was super pissed and kept complaining loudly that he was paying for them and couldn't even play with them.  He quit and the company ended up folding a couple of years later.
 
2018-03-13 10:52:55 PM  
Let's not get too excited. They didn't eliminate bonuses, they reduced them by a third. So if you were slated for $9 million you now get $6 million.
 
2018-03-13 11:05:17 PM  
No Jelly of the Month Club for anybody this year.
 
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