M&S cuts 1,000 jobs as fashion sales dive

Old_Slaphead

Airwolf1 wrote: »

The following article is dated 11/07/2007, and it says,

"The chief executive Stuart Rose received £3.6m in salary and bonuses last year, up 68 per cent on a year ago, after a resurgent 12 months for the firm, whose annual profits increased by 28.5 per cent."

http://www.independent.co.uk/news/business/news/mamps-defends-pay-and-bonuses-as-growth-slows-456799.html

Why should people be given a bonus simply for doing their job? Surely their pay is commensurate with their ability and presumably that's why they were offered the job in the first place.

In Stuart Rose's case I suspect that he has relatively little impact on increasing profit, that's down to the wealth and confidence of the population in general, in pretty much the same way as he will not be able to do much to obviate the profit slowdown at M&S over the next few years.

sportbeth

Old_Slaphead wrote: »

Why should people be given a bonus simply for doing their job? Surely their pay is commensurate with their ability and presumably that's why they were offered the job in the first place.

In Stuart Rose's case I suspect that he has relatively little impact on increasing profit, that's down to the wealth and confidence of the population in general, in pretty much the same way as he will not be able to do much to obviate the profit slowdown at M&S over the next few years.

Ah! A classic argument that many staff have regularly. I get paid a bonus every time I do a deal. It's not quite the same as an annual bonus but I get them quarterly as long as I sell above my targeted numbers.

He gets that salary and an annual bonus as that is the nature of the job. If you are in the top position as a high flying CEO you are paid an annual salary and then a bonus for hitting targets. Otherwise he could sit back on his fat salary, keep the investors smiling and then fail miserably when the annual results come in.

The bonus is there to motivate the person who is in the frame to do the numbers. And without offering the bonus commensurate with the market rate you cannot attract someone of the right calibre to do the job.

In my business if I just got paid a salary and no bonus for sleepless nights, late nights in the office and stressful days I would come in and do the bare minimum. The prescence of a bonus means I can double my money.

If you look at other large international companies like M&S their Chair persons are all on similar salaries, its the market force, and I think SS Rose not taking a pay rise is exactly a pay drop.

If he wasn't worth his weight in gold for the money they wouldnt be paying it in my opinion. Lets not equate the M&S empire to the worth of an MD of a chain of four corner shops, he's the bottom line man of a global empire.

BettiePage

neverdespairgirl wrote: »

Bracknell is horrible. With a slooooow train from Waterloo to get there!

So you've been there too.
I lived there for nearly 4 years and my Nan and my Aunt still live there.

WTF?_2

Flickering_Ember wrote: »

They are now trying to make it appear that they do budget foods; I saw an advert poster for their budget bangers and mash for £1.99. That's still a lot more pricey than most budget ranges and besides which, I can MAKE it from scratch for a lot less. They're starting to try and go in the right direction but not going far enough....

I don't think that 'budget' is the right direction - their whole image is built on being a luxury brand.

There are plenty of existing retailers who can do budget much better than M&S ever can.

IMO what they need to do in the current climate is 'affordable luxury'.

Oblivion

sportbeth wrote: »

Ah! A classic argument that many staff have regularly. I get paid a bonus every time I do a deal. It's not quite the same as an annual bonus but I get them quarterly as long as I sell above my targeted numbers.

In my business if I just got paid a salary and no bonus for sleepless nights, late nights in the office and stressful days I would come in and do the bare minimum. The prescence of a bonus means I can double my money.

Whatever happened to the old and trusted concept that if you perform well and meet targets you earn your basic salary, and if you don't you are out on your ear?

The whole ethos of inflated bonuses is one of the contributary factors in the economic bubble that has now burst. It has also been instrumental in turning people who should be looking after consumers' interests into people who are only looking after themselves. We need to get back to some old traditional values.

Dave.

sportbeth

Oblivion wrote: »

Whatever happened to the old and trusted concept that if you perform well and meet targets you earn your basic salary, and if you don't you are out on your ear?

The whole ethos of inflated bonuses is one of the contributary factors in the economic bubble that has now burst. It has also been instrumental in turning people who should be looking after consumers' interests into people who are only looking after themselves. We need to get back to some old traditional values.

Dave.

I think its unfair to generalise that across all industries. In finance and banking maybe, however the prescence of bonuses in finance was contributionary only in some times of city banking practises.

The first ethic that you mention works well across most of UK industry as it should, however if you want risk takers and high performers as most CEO's/MD's/Chairpeople are, you have to pay the market rate. I don't see why anyone should knock that. I bet your bum if you were in his job with his salary you'd appreciate the bonus, anyone would.

mean_momma

sportbeth wrote: »

.... If you are in the top position as a high flying CEO you are paid an annual salary and then a bonus for hitting targets. Otherwise he could sit back on his fat salary, keep the investors smiling and then fail miserably when the annual results come in.

Like the bankers, you mean?

ThinkingOfLinking

Lotus-eater wrote: »

What sort of idiot buys a bangers and mash ready meal anyway

Ughh.

I see in Asda they have "ready made" mashed potato for sale for about a squid. And ready made chopped up veg for you. People really have had too much money.

I buy those meals for work, IF and only IF they're reduced (eg yellow sticker) to £1 or less. I've also had chopped up casserole veg at 20p for a generous bag in the Tesco reductions, which is cheaper than buying the veg whole in the first place. But to pay full price; people who do that have more money than sense and deserve to be ripped off. It's not that hard to cut a carrot, is it? And if it is, surely you'd have a support worker or something? (NOT a dig at disabled people, please do not take offence)!

Oblivion

sportbeth wrote: »

The first ethic that you mention works well across most of UK industry as it should, however if you want risk takers and high performers as most CEO's/MD's/Chairpeople are, you have to pay the market rate. I don't see why anyone should knock that. I bet your bum if you were in his job with his salary you'd appreciate the bonus, anyone would.

I'll have you know that my posterior regions are not for wagering madam :rotfl: . Besides, I'm a little behind in settling my gambling debts

Seriously though, I have no problem with the concept of paying the market rate of salary to attract the suitably talented person to a particular job. I do have a problem with bonuses that are tossed out like so much confetti regardless of the actual performance achieved. This has been rife in recent years and needs to be brought under proper control.

Dave.

neverdespairgirl

mean_momma wrote: »

I like the cashmere, although the quality is not great. I have returned the odd one in the past. One customer services lady said that 'bobbling' is in the nature of cashmere, but not the quality Scottish cashmeres that I remember. Still, the styles are quite nice.

I've got a nice cashmere V neck from M & S my mother gave me, and it's not bobbled at all. I've worn it quite a lot, too.