Another Bank gets it's bonuses at our expense.

Ian_Griffiths_Halifax

Honest_Banker wrote: »

I work for the Halifax and strongly believe that we SHOULD be entitled to our bonuses.

I agree that executives at top level who have made wrong strategic decisions should not be paid bonus, but staff at branch level who have exceeded their targets based on branch performance year on year should get their bonus.

Has anyone thought about the potential implications if staff bonuses are removed? There is growing support within the banking sector staff for possible strike action if their bonuses are taken away.

Where would this then leave the economy and the industry?

The bonuses should be replaced with realistic salary levels. If the salaries are already realistic then they shouldn't budge.

It's not just the execs who have ruined the business. How many branch or call centre staff have mis-sold PPI Policies on loans for example, or mis-sold the old Standard Life Endowments back in the day when they wer forced upon people whether they wanted it or not, when they should have had Repayment mortgages?

I'm NOT saying that the entire HBOS (or any entire Banks) workforce is to blame nor that they are bad at their job, nor that they are con men or pressure sales people, but look what's happened to the Banking industy over the last 20 years through mis-selling alone.

I KNOW that there are many good people working for the Halifax as, being in Halifax myself, many of my clients (yes clients who work at the Halifax and could get a staff mortgage), friends, my ex-partner and 3 nieces all work there. I know these personally, and I know them not to be sales people of any description, many of them are in cellars deep underground where they'll never come into contact with the public, but I also know that their bonuses are at the discretion of their managers. It depends on whether they like you or not and how much you kiss 4$$ quite often.

Honest_Banker

I agree that there has been mis-selling of PPI policies etc in the past, but how many people may not have taken PPI policies that would have been sold within regulation due to the bad press it received?

How many people may now be wishing they HAD taken the advice offered at the time, and taken the policy? Isn't it times like these that people might need these policies the most?

Sometimes it does annoy me that people rely too much on press reporting of the mis-selling of PPI, and no stories are ever heard of occasions when PPI HAS helped people during financial hardship.

Our bonuses at branch level are written into our contract, and bonus levels are announced each year with targets. They are certainly not decided by our manager. The big emerging problem is that bank chiefs are now facing pressure from government to cut bonuses paid to staff, while facing increasing pressure each day from unions defending staff. If you were the head of a bank, do you bow to the government and cut bonus, with the risk of alienating staff, or agree to defend loyal staff who have met their 'personal' targets for the year?

Stardust77

Chambta, do you work for RBS? I only ask because being an employee myself this isn't the message I've had. From April, we will receive a 10% increase in the benefit funding aspect of our salary which is the group pension, which is far from a 10% salary increase!! We've NEVER had a 10% salary increase, any pay-rises that occur in April are performance-related, in line with market comparisons and inflation....hence we're not expecting much! Given the current climate, and the daily threat of redundancies at all clerical and appointed levels, pension increases aren't particularly beneficial at the moment. For the record, I'm NOT getting (nor would I expect) bonuses, profit-sharing or shares and the division I work within DID hit all targets, objectives and made a profit compared to last year.

I can't play war games with the big guns on here, I have neither the level of knowledge or the inclination required but just wanted to add that just because someone works for a bank, it doesn't make them a greedy, tax-pinching, bonus-hunting baddun! For some of us we're trying to earn a living, away from benefits and hand-outs to support families and are grateful to still be in employment. Believe me, I'm reminded on a daily basis that my wages are now being paid by tax-payer money, not only by the media spotlight but by customers who don't always understand the lower-ranked staff feel as much shafted as the taxpayer!

chambta wrote: »

People may be interested to know that clerical and 'appointed' RBS group staff will receive a 10% pay-rise backdated to January 1st in place of the former profit share.

In retail at least quarterly incentive bonuses remain unchanged and as far as I can work out will be paid in cash.

Ian_Griffiths_Halifax

Honest_Banker wrote: »

I agree that there has been mis-selling of PPI policies etc in the past, but how many people may not have taken PPI policies that would have been sold within regulation due to the bad press it received?

How many people may now be wishing they HAD taken the advice offered at the time, and taken the policy? Isn't it times like these that people might need these policies the most?

Sometimes it does annoy me that people rely too much on press reporting of the mis-selling of PPI, and no stories are ever heard of occasions when PPI HAS helped people during financial hardship.

Our bonuses at branch level are written into our contract, and bonus levels are announced each year with targets. They are certainly not decided by our manager. The big emerging problem is that bank chiefs are now facing pressure from government to cut bonuses paid to staff, while facing increasing pressure each day from unions defending staff. If you were the head of a bank, do you bow to the government and cut bonus, with the risk of alienating staff, or agree to defend loyal staff who have met their 'personal' targets for the year?

There's no getting around the fact that these people should have been sold Monthly Contribution Policies which were cancellable in the event that they had claimed and were then unable to claim again for the next 12 months for example. There's then also the fact that people were sold policies who were not eligible for the policy in the first place. All for the sake of Targets and Bonuses rather than Customer Needs and Customer Satisfaction.

Antispam

Why, You get paid for doing your job, most other employers dont pay bonuses why should the financial sector be any different?

It was them after all you through sheer greed brought us to the level we are now.

Now the tax payer for many years to come will bail your company and many others out, whilst many small business who have done nothing wrong go to the wall because they cant get credit

lostinrates

I've read this with interest.

DH is a solicitor, they 'expect' a bonus. My father is in another area where a bonus is 'expected'. Both of their employers made profits, yet both took reduced, or more accurately, lower than could be expected bonuses this year.....without complaint. DH's employer expects to remain strong in a challenging time by being flexible, on a firm level, and the employees in the firm too are being flexible. It is fair to point out that they are adaquately remunerated on their salaries, so the bonus is the jam money, not the bread and butter money. The appraoch is making hay while the sun shines. There is no predicted lack of work, but building firm reserves will mean salaries...that bread and butter money, can be met if things should get much tighter than predicted.

It seems sensible, whether a company is in trouble or not in such unpredicatble climate.

wilko10

Stardust77 wrote: »

Chambta, do you work for RBS? I only ask because being an employee myself this isn't the message I've had. From April, we will receive a 10% increase in the benefit funding aspect of our salary which is the group pension, which is far from a 10% salary increase!! We've NEVER had a 10% salary increase, any pay-rises that occur in April are performance-related, in line with market comparisons and inflation....hence we're not expecting much! Given the current climate, and the daily threat of redundancies at all clerical and appointed levels, pension increases aren't particularly beneficial at the moment. For the record, I'm NOT getting (nor would I expect) bonuses, profit-sharing or shares and the division I work within DID hit all targets, objectives and made a profit compared to last year.

My DH has been told that the 10% will be added to the RBS value account and will be backdated to 1st January. It is then up to the individual to decide whether to add the amount to their pension, take lifestyle benefits or take the amount as cash. The amount is treated seperate to the salary element, therefore will not impact on the pension element unless chosen to do so by the individual.

chambta

wilko10 wrote: »

Stardust77 wrote: »

Chambta, do you work for RBS? I only ask because being an employee myself this isn't the message I've had. From April, we will receive a 10% increase in the benefit funding aspect of our salary which is the group pension, which is far from a 10% salary increase!! We've NEVER had a 10% salary increase, any pay-rises that occur in April are performance-related, in line with market comparisons and inflation....hence we're not expecting much! Given the current climate, and the daily threat of redundancies at all clerical and appointed levels, pension increases aren't particularly beneficial at the moment. For the record, I'm NOT getting (nor would I expect) bonuses, profit-sharing or shares and the division I work within DID hit all targets, objectives and made a profit compared to last year.

My DH has been told that the 10% will be added to the RBS value account and will be backdated to 1st January. It is then up to the individual to decide whether to add the amount to their pension, take lifestyle benefits or take the amount as cash. The amount is treated seperate to the salary element, therefore will not impact on the pension element unless chosen to do so by the individual.

My understanding too.

Running_Horse

Honest_Banker wrote: »

Has anyone thought about the potential implications if staff bonuses are removed?

Let me think about those potential implications.

Your company might make less of a loss and have to pay its way instead of picking my pocket again?

Running_Horse

Honest_Banker wrote: »

Has anyone thought about the potential implications if staff bonuses are removed? There is growing support within the banking sector staff for possible strike action if their bonuses are taken away.

Where would this then leave the economy and the industry?

Probably in no worse state than your industry has left the country, but you would be in breach of contract, and as your new employer I would expect you to be fired and replaced, maybe with a grateful Woolies worker.