Executives at Chinese telecoms kit maker ZTE have agreed to take a whopping 50 per cent pay cut until the beleaguered firm claws its way back into the black. The Shenzhen-based tech giant, which is the world’s fifth largest smartphone maker by shipments, earlier this week predicted a 260 per cent, or 1.75bn yuan (£174m), drop in …
This is 14th ZTE article in the past 10 days. Most of them copy pasted from each other. Now if El Reg can apply the same approach to all other companies and not just ZTE and Apple, we'd be getting hundreds of new articles daily. I'm sure the readers will love it. You go El Reg!
Never happen here in the UK, take half pay voluntarily, for their performance.
Nope, here the CEO will want a pay rise, then take the bonus while denying any culpability. Then save money by introducing redundancies for the lower paid.
Unless pressured by the Government or a non deniable failure is found, in which case they take their bonus, take the shares, healthcare package, retirement fund and huge severance package and retire. Two months later they they come out of retirement, get a job on the old boys network and do it again.
Here they never lose out.
damn... you beat me to it!
As we all know you have to pay top dollar to get quality execs.... must be the thin air at those high levels that give the suits these weird notions. In a few respects.. the Chinese have it right... culpability of management is one!
Well of course... denying a crisis, excusing failure and generally turning those downs into ups is a skilled art and deserves a big bonus.
Then once that has placated shareholders - a "bullshit success" bonus on top is always welcome. Gotta pay for that quality execuspeak
Re: You forgot the bit
"Nope, here the CEO will want a pay rise, then take the bonus while denying any culpability. Then save money by introducing redundancies for the lower paid."
You forgot the bit where they pocket an additional bonus for meeting a savings target by cutting headcount (while conveniently forgetting the company takes a huge hit in the next quarter, for all the redundancy pay outs, thereby triggering further headcount reduction, cost saving bonuses and so on). This did happen at the last place I worked.
Anon because...... Do I really need to explain?
Setting an example for Fred the Shred and other Bankers everywhere
That the bankers would follow these examples.
Of course, (Sir) Fred Goodwin needed extra money to keep the bed warmer happy.
How is Susan Bor, still Senior VP of Talent Acquisition at SAP?
Re: Setting an example for Fred the Shred and other Bankers everywhere
Even in Fred's absence, RBS are still dodgy, still trying to hide stuff.
C'mon RBS, what about the "Global Restructuring Group", eh? Has John Cresswell done anything that you might be wanting to sweep under the carpet? Surely not.
I've always thought
it would be nice if CxO pay could be legally capped to a maximum based on a formula which accounts for the company's average employee salary and the lowest full time pay issued. But then they'd just fudge the numbers with subsidiary companies, part time and contract workers etc. As for bonuses, they should be paid based on hard numbers and objectives being set and met, none of this how the board 'feel' a certain suit has provided 'value' to the company.
Maybe if they took all the backdoors out of their products they might sell? :)