Thursday, 26 February 2009
A Good Win For A Bad Loss
Forgive me if I am confused. Sir Fred Goodwin gets a pension worth £693,000 per annum because he negotiated a contract that said he was entitled to this sum regardless of performance.
This means that he knew he was 'feather-bedded' from the moment he took on his job. His pension was, in effect, a long term bonus by any other name. What sort of incentive is that to do good job? This is a soothing tropical breeze compared to the icy blasts being experienced by many people are suffering as a direct consequence of commercial ineptitude.
The pension sum is extraordinary in relation to that expected by the majority of people, who are ruthlessly measured and controlled in the managerial panopticans that are the love of senior managers like banking leaders (sic) and who subscribe to the mantra of Kaplan and Norton that 'what you measure is what you get'.
The bit that is missing of course is, that "I'll measure you but you don't measure me!"..."I'll make sure you don't measure my performance and in that way you won't get any performance from me!" Nice One Fred More Money into the black hole.
This is gullibility.