Mad Mike
Well-known member
Non revenue generating staff go first. Techies, support/clerical, and marketing are the low hanging fruit.
They are also the easiest to recruit if needed.
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BOC Hits 5%
- Thread starter Mad Mike
- Start date
They are also the easiest to recruit if needed.
I did it and I don't screw up as often as the clerks at the bank.
Wow...yet another F-U from the government to home owners coming up on renewal.
Canada’s bank regulator says it won’t relax stress test on mortgage renewals
OSFI says on its website that ‘the new lender must do its own due diligence as it will own the credit risk for an uninsured loan’www.theglobeandmail.com
Let's say I have a mortgage with MCAP (which I do), and their interest rate is 1% higher than, say BMO. I can't go to BMO without a stress test (only for renewal) because now I have to stress test at 9-10%....
I'm ok with keeping stress test for new mortgages, or adding to a mortgage (i.e.: refinance). But for simply continuing on your mortgage...seems like this is a great way to NOT have banks compete to keep your business.
'Oh you don't like our 1% higher than BMO? Go ahead and try to get approved with them in today's environment'.
OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches - Mortgage Rates & Mortgage Broker News in Canada
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week.
www.canadianmortgagetrends.com
Sent from the future
Well I guess an even bigger F-U to those that were able to have a larger deposit.OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches - Mortgage Rates & Mortgage Broker News in Canada
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week.
Sent from the future
Idiots.
Just waiting for when the govt helps out ‘struggling’ property owners that have over leveraged themselves with their multiple properties.
Real estate agent friend told us last night how screwed things are…agents are going to have to disclose the defects they’re aware of on properties and their officer lawyers is thinking up ways of how to get around the requirement….effing hell. This country is pooched.
About time on the defects they lie to your face about everything then just shrug and say well I am not a expert.
Sent from the future
But I thought they said people shouldn’t be getting raises so that we can tame inflation…
apple.news
As inflation pressures grow, Bank of Canada execs take home millions in bonuses: CTF — National Post
Documents uncovered by the Canadian Taxpayers Federation show that all but two of the BoC's 82 executives received 'performance pay' in 2022
apple.news
Relax
Well-known member
But I thought they said people shouldn’t be getting raises so that we can tame inflation…
As inflation pressures grow, Bank of Canada execs take home millions in bonuses: CTF — National Post
Documents uncovered by the Canadian Taxpayers Federation show that all but two of the BoC's 82 executives received 'performance pay' in 2022
Bonuses aren't raises - a raise would be an increase to your base salary which is permanent, whereas a bonus is typically a % of your base salary based on your performance for that particular year. I'm a huge supporter of both - ideally everyone should be getting a raise to match inflation, otherwise you're technically making less each year. Then the bonus is an effective way to motivate everyone equally for their performance.
If 98% of your managers get bonuses in a year where you epically failed at your only job as a company, they are not bonuses for performance. That is just pushing money around in the paperwork.
Relax
Well-known member
I was directly responding to the distinction between raises and bonuses and my personal take on them, not specific to the BoC.
That said, without knowing their individual goals, how can we judge? And isn't inflation going down, and who's to say it couldn't be worse?
I’ll agree. But giving away millions while stating that salaries should be curtailed is a bad look.
If 98% of the managers meet goals that make them eligible for >10% bonuses, the goals are set wrong. They are bonuses in name only and really part of base salary as they are almost guaranteed.
Relax
Well-known member
But that's 98% of managers, not employees. If managers aren't meeting or exceeding their goals, their entire departments aren't. You can look at the bonus as part of their salary if you want, but it has to be earned every year - it's not guaranteed like a base salary increase. Another way of looking at it is that if they don't do acceptable job, then that percentage of their income can be clawed back. Some may call this semantics, but I'm a stickler for correct terminology.
I sure hope so, starting a new role on Monday that is salary and bonus based
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AllistonGT
Well-known member
Also a way of business owners having some control over costs. Times are good, here's a bonus. Times are tough, sorry not this year as we can't afford it.
Relax
Well-known member
Yup. On top of the fixed percentage bonus each employee is eligible for based on their individual performance, there's also an overall business performance factor that gets applied. If the company does well, it's more than 100%, if not, then it's less. I think we had an overall of 70% during one of the COVID years. So if you were eligible for a 20% bonus, you only got 14%.
The company lost $500 million and I got a $5 million dollar bonus because if it wasn’t for me the company would have lost $700 million. I saved them $195 million. Applause graciously accepted. Now off to our executive retreat in Tahiti.
Mad Mike
Well-known member
Look at inflation and interest rates. BOCs foray into politics put the hundreds of millions in cash out there. Root cause of inflation, too many dollars chasing too few goods.
Is this epic failure ok because other govts failed too? And do they deserve rewards for cleaning up a mess they created?
Kinda like letting firefighters set buildings on fire, then bonusing them for dousing the flames.
That’s a pretty good analogy.
The bonus conversation in the private sector is pretty hard , the years you make bags of cash , things are easy all around . When you have to curtail bonus is usually the years staff could use it most.
There is nothing more painful than listening to an employee that spent money that had not yet been calculated. But but , we got it last year….. new goalie pads for Jimmy ….. whaaaaa.
Sent from my iPhone using GTAMotorcycle.com
The bonus conversation in the private sector is pretty hard , the years you make bags of cash , things are easy all around . When you have to curtail bonus is usually the years staff could use it most.
There is nothing more painful than listening to an employee that spent money that had not yet been calculated. But but , we got it last year….. new goalie pads for Jimmy ….. whaaaaa.
Sent from my iPhone using GTAMotorcycle.com
A chemical plant in Mississauga was run for years letting people run up big overtime. They got big mortgages based on their T-4s. Then head office stepped in and banned overtime. Ouch.
Then they closed down.
I do like bonuses. I remember writing a 6 figure check to CRA......
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