Wall St. employees threaten to quit

[Mechtaur]

Oh the poor babies.

Hell, I only make 25k a year, max, and I live just fine. How is it someone can make 6 digit figures and be so whiny about having a bonus cut...they're fucking lucky they get one. Hell, my company puts us on layoff so they don't have to pay us a bonus or holiday pay

Walmart has been slashing hours to cover holiday pay, and to keep from losing their bonuses too.

Ours just doesn't run as hard without the old Subway contract, so instead of working skeleton shifts to keep production running, they run the place like a raped ape up till the first week of November, then kick us all and bring us back...the 11th of january this year. that way they can skip Christmas bonuses, and four days of holiday pay...eight days of it if they end up working on the holidays

Yikes. I feel a little lucky right now. Then again, this being south east Kansas, where everybody owns a gun, I doubt the manager would want several disgruntled employees.

and, for some reason, the "raped ape" part made me lose it.

[Sylvana]

You know, I could understand their position if their pay was being cut, but bonuses are completely optional.
I don't think I have ever seen an employment contract that says "you are entitled to a huge fat bonus regardless of current economic conditions."

Although when they say it is a tough time to be an employee they are entirely right. With unemployment high, employers know they can replace any staff member and find someone else who wont bitch and moan and demand unreasonable bonuses.

[DasFuchs]

Oh the poor babies.

Hell, I only make 25k a year, max, and I live just fine. How is it someone can make 6 digit figures and be so whiny about having a bonus cut...they're fucking lucky they get one. Hell, my company puts us on layoff so they don't have to pay us a bonus or holiday pay

Walmart has been slashing hours to cover holiday pay, and to keep from losing their bonuses too.

Ours just doesn't run as hard without the old Subway contract, so instead of working skeleton shifts to keep production running, they run the place like a raped ape up till the first week of November, then kick us all and bring us back...the 11th of january this year. that way they can skip Christmas bonuses, and four days of holiday pay...eight days of it if they end up working on the holidays

Yikes. I feel a little lucky right now. Then again, this being south east Kansas, where everybody owns a gun, I doubt the manager would want several disgruntled employees.

and, for some reason, the "raped ape" part made me lose it.

Wouldn't get very far. All the gates lock and we have security year round posted in shacks by the entrances. Plus the cop shop is a minute's travel time away

[RavynousHunter]

Yeah, times are shitty to be an employee...but Jesus fuck, you little whores are the last people who should be whining.  Hell, I bet I could do their jobs...from my house.  In Arkansas.  On my laptop.  In my underwear.

[Distind]

You know, I could understand their position if their pay was being cut, but bonuses are completely optional.
I don't think I have ever seen an employment contract that says "you are entitled to a huge fat bonus regardless of current economic conditions."

Here's the thing though, bonuses make up a good portion of what they consider their income. A bonus isn't really a bonus to them, it's what they expect adjusted slightly for performance.

I know a few people in the industries involved and it's a remarkably standard practice. To the point most people would probably go bankrupt without them, because they live like idiots.

Personally I'd like to see bonuses limited to some fraction of a yearly salary(if they like you that much they can give you a damn raise), but then CEOs couldn't rake in ten times their meager million dollar salaries in bonuses.

[armandtanzarian]

You know, I could understand their position if their pay was being cut, but bonuses are completely optional.
I don't think I have ever seen an employment contract that says "you are entitled to a huge fat bonus regardless of current economic conditions."

Here's the thing though, bonuses make up a good portion of what they consider their income. A bonus isn't really a bonus to them, it's what they expect adjusted slightly for performance.

I know a few people in the industries involved and it's a remarkably standard practice. To the point most people would probably go bankrupt without them, because they live like idiots.

Personally I'd like to see bonuses limited to some fraction of a yearly salary(if they like you that much they can give you a damn raise), but then CEOs couldn't rake in ten times their meager million dollar salaries in bonuses.

Yeah that's pretty much how it is in this industry. Usually the bonuses for fresh-grads and junior associates are about 2-6 months depending on performance, on average, upper-middle managers can earn 6-12 months. Bonuses are given almost every year except for truly terrible years or performances, and are weighted usually on the performance of the Bank, department, division and/or individual, so the bank may perform terribly, but if the credit card department did really well for instance, they're still entitled to a decent bonus payout. The problem is not so much the bonuses themselves, since they've existed all over the world and since the modern banking industry was formulated.

The problem is that bonuses are paid according to an employee's Key Performance Indicators, which may be as archaic and meaningless as preparing 100 customer listings in 12 months (as mine were). I even got paid bonuses based on which training courses I took last year. Things like these have very little overall impact on the bank's performance, but the employee would feel like they've achieved their goals as set out. So if the employee finds out they've not gotten bonuses even as a performing employee, they'll leave. In short, "performance" as viewed by the employee and "performance" as viewed by the Average Joe become totally different things.

But this is still an incredibly stupid attitude, because frankly, where would they go? In this environment all banks perform almost equally, few are hiring, so they leave and face the same tough hiring issues that most Americans face anyway. Best during these times is to just suck it up and wait till the good times (and ridiculous bonuses) come around again.

[TenfoldMaquette]

I know a few people in the industries involved and it's a remarkably standard practice. To the point most people would probably go bankrupt without them, because they live like idiots.

Well, that's their problem; they're idiots. If they can't find a way to make a 6-figure+ salary work, bonus or no, they can go ahead and fuck off. I have absolutely no sympathy for the glutted pig complaining the trough isn't filled as high as he'd prefer when he's perfectly rolly-polly to begin with.

[Distind]

Well, that's their problem; they're idiots. If they can't find a way to make a 6-figure+ salary work, bonus or no, they can go ahead and fuck off. I have absolutely no sympathy for the glutted pig complaining the trough isn't filled as high as he'd prefer when he's perfectly rolly-polly to begin with.

I agree, just detailing why they react like their pay is going to be cut in half. In plenty of cases it would be.

Though it's funny that Armand managed to detail it better than the lot of them I was talking to who were slamming OWS at the time.

[armandtanzarian]

Though it's funny that Armand managed to detail it better than the lot of them I was talking to who were slamming OWS at the time.

Working in a bank helps. Over a quarter of my annual income I get from bonuses; If you look at my basic pay, you'd think I make an amount similar to most people with my level of expertise in other fields. As such, bonuses are an opportunity for me to fund some "luxury" items, like an annual backpacking trip, a guitar setup, etc.

[N. De Plume]

They have no right to complain since, unlike most people, they still have a bonus.

No, this is just as bad as any other argument that you don’t have it bad enough so your problems don’t matter.

I just can't muster up sympathy for a guy making a 6-figure+ wage earning a bonus that's a chunk smaller than it was last year. Boo fucking hoo.

Don’t be. It’s not a sympathetic problem.

[MrsYoungie]

So my story is a bit different from most I see here because I am older.  We retired.  Thought we had enough money to last us.  That was 2008. 
Ha!
Now we are not and never have been top earners.  We worked hard to pay off our house, put our kids through school, and save our money.  Then the market fell apart because of assholes like those who are whining about their bonuses.
They still get 6 figure incomes and a (presumably) outrageous bonus.
Every month my savings dwindle.  Not from my spending.  The funds just evaporate overnight. 
We finally have come back to where we were 3 1/2 years go.  As a result we are terrified that there will be another market drop due to these idiots and our savings will be completely wiped out. 
I don't want to have to be a greeter at Walmart at this point.

I am also the 99%.

[Witchyjoshy]

So my story is a bit different from most I see here because I am older.  We retired.  Thought we had enough money to last us.  That was 2008. 
Ha!
Now we are not and never have been top earners.  We worked hard to pay off our house, put our kids through school, and save our money.  Then the market fell apart because of assholes like those who are whining about their bonuses.
They still get 6 figure incomes and a (presumably) outrageous bonus.
Every month my savings dwindle.  Not from my spending.  The funds just evaporate overnight. 
We finally have come back to where we were 3 1/2 years go.  As a result we are terrified that there will be another market drop due to these idiots and our savings will be completely wiped out. 
I don't want to have to be a greeter at Walmart at this point.

I am also the 99%.

Welcome to the forums.

Unfortunately, I can already tell what the conservative response to your situation would be.

"Stop being lazy and go get a job!  Don't expect government hand outs!  Lazy good for nothing..."

It's sad, really.

Glad you shared your testimony with us.

[MrsYoungie]

So my story is a bit different from most I see here because I am older.  We retired.  Thought we had enough money to last us.  That was 2008. 
Ha!
Now we are not and never have been top earners.  We worked hard to pay off our house, put our kids through school, and save our money.  Then the market fell apart because of assholes like those who are whining about their bonuses.
They still get 6 figure incomes and a (presumably) outrageous bonus.
Every month my savings dwindle.  Not from my spending.  The funds just evaporate overnight. 
We finally have come back to where we were 3 1/2 years go.  As a result we are terrified that there will be another market drop due to these idiots and our savings will be completely wiped out. 
I don't want to have to be a greeter at Walmart at this point.

I am also the 99%.

Welcome to the forums.

Unfortunately, I can already tell what the conservative response to your situation would be.

"Stop being lazy and go get a job!  Don't expect government hand outs!  Lazy good for nothing..."

It's sad, really.

Glad you shared your testimony with us.

Thanks.  My answer to those jackasses would be:  I'm not lazy.  I worked full time for over 40 years.  I'm not asking for a handout.  I'm asking that the powers that be look after my savings a bit better.  I'm not even eligible for any pension til later this year when I will get my early CPP benefit - which is just them giving me back my money!
However, I am calling my old accountant today to see if I can get some part time work. (sigh)

[armandtanzarian]

Hi MrsYoungie and welcome to the forums.

As mentioned I am a banker, though not of any Western country. I chose this field because I'm good at what I do and frankly, the money is good. But sitting in a bank deludes you to certain realities of life. Even sitting in a commercial entity equivalent to Bank of America, you get used to a way of life, and most importantly, access to ways to grow and sustain your savings in ways usually not available to people living below the poverty line, or even the middle class.

A lot of it is just being knowledgable, knowing about insurance and investments by virtue of working in the same place that creates them. Some is also staff benefits; fewer barriers to entry, and you get really good rates as well for loans. Ultimately though its culture. Everyone, forever, expects bonuses calculated in months. Its a way of life. everyone asks you your bonus pay when you get it, and if you answer anything less than 4 months, you're a fucking failure. We're not the 99% in that sense; you can see why, superficially, libertarian thinking seems to be applied in bank pay schemes. I understand that not every place works like this; sadly not all of my peers feel the same way.

[anti-nonsense]

I found the perfect video for this thread
<a href="http://www.youtube.com/watch?v=Bxauqa7rJgI" target="_blank">http://www.youtube.com/watch?v=Bxauqa7rJgI</a>