BOC Hits 5%

[Relax]

So where are all these bonuses everyone keeps talking about here?

Seems like they’re common as hell but not in my world.

All he's saying is that most bonuses at large companies are set in stone, non-negotiable. For example, take a job at my place, you're eligible for an automatic 12% for meeting your goals if you're below a certain "pay grade". Above that, you get into executive compensation, and that's a whole other ball game. The problem is, the Banks underpay, so even with the bonus, you're still making less than elsewhere. The draw is the stability of being in an organization that should be around a while, but that doesn't mean much to those who got laid off recently.

 

[LePhillou]

I'm not saying they aren't out there, just I have little faith in negotiating for them. I conceptually like salary+bonus structure as it allows higher comp during good years without hamstringing businesses in lean years. While employees may not get perfectly stable income, it can help hold a stable workforce instead of boom and bust.

For a few employees ive known they |wont leave until i get my bonus for the year" because even if you hate your job, you usually like money enough to stay for it, and often times in jan-feb is when most bank accounts need the help.

The best "bonus" I got was a '89 EX500.
I've always been self employed, but one of customers decided I was getting a christmas bonus. WHO KNEW?
I got called into her office, she walked me out to the loading dock, where there was a row of 6 new motorcycles. She says "Pick one" (They were 4 small bikes, 200/250cc, a ZX6, and the EX.). I got first pick, the head shipper picked next, he took the ZX6
I'm quite proud of that. Contractors seldom get a "bonus". I rode that stupid thing for 13 years. Betty Boop still has it.

That's probably the best bonus. Cheap commuter that saves you hundreds in gas over all those years lol
Free therapy on two wheels

 

[backmarkerducati]

So where are all these bonuses everyone keeps talking about here?

Seems like they’re common as hell but not in my world.

Large cap companies, private sector, non-union. Some industries more than others.

Bonus is typically based on a combination of the company's performance and your performance. As you move up the food chain the ratio changes and the percentages usually increase.

 

[crankcall]

Sales based commissions, don’t take a job with group bonuses, why hook your wagon to oxen when there are horses . And not company based , who cares how the company does, why should their crappy management affect your pay?
Sales with no cap. And sell big stuff , it’s more effort to sell a bass boat than a refrigerator. But it’s more fun, pays better.


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[Mad Mike]

All he's saying is that most bonuses at large companies are set in stone, non-negotiable. For example, take a job at my place, you're eligible for an automatic 12% for meeting your goals if you're below a certain "pay grade". Above that, you get into executive compensation, and that's a whole other ball game. The problem is, the Banks underpay, so even with the bonus, you're still making less than elsewhere. The draw is the stability of being in an organization that should be around a while, but that doesn't mean much to those who got laid off recently.

I worked in banking for a while, my wife and BIL their whole careers. Banks pay relatively well for the work -- few jobs are hard work. A full time bank teller makes $45K a year,for a retail job that's no more challenging than working at McDonalds. A decent telephone bank rep makes $60+, and a retail bank manager is close to $100K -- that's more than the manager of a GAP, Winners or Lowes store with similar staff levels and return on sales.

Why banks may appear to be low is they have a tons of unskilled workers -- armies of customer-facing retail staff and a lot of people managers supporting them. Those are relatively low paying compared to skilled jobs, but bank pay is higher than the equivalent in other retail sectors - a teller will make more than a checkout person, a bank manager will make more than a store manager at the GAP.

For 90% of those working in a bank, it's a 37.5-hour week, with no expectation of a minute more. Excellent benefits, pension, training, job security, all fed-gov holidays, and very accessible to unskilled workers. And it's not hard work.

 

[GreyGhost]

I worked in banking for a while, my wife and BIL their whole careers. Banks pay relatively well for the work -- few jobs are hard work. A full time bank teller makes $45K a year,for a retail job that's no more challenging than working at McDonalds. A decent telephone bank rep makes $60+, and a retail bank manager is close to $100K -- that's more than the manager of a GAP, Winners or Lowes store with similar staff levels and return on sales.

Why banks may appear to be low is they have a tons of unskilled workers -- armies of customer-facing retail staff and a lot of people managers supporting them. Those are relatively low paying compared to skilled jobs, but bank pay is higher than the equivalent in other retail sectors - a teller will make more than a checkout person, a bank manager will make more than a store manager at the GAP.

For 90% of those working in a bank, it's a 37.5-hour week, with no expectation of a minute more. Excellent benefits, pension, training, job security, all fed-gov holidays, and very accessible to unskilled workers. And it's not hard work.

Seems reasonable.

FWIW, a friend is a software engineer at a major bank. He does ok. In an annoying but expected twist, another friend that left the same bank to work at a startup and then came back (after startup bailed) is far higher up the tables. If you stay, you march slowly ahead with no opportunity to jump up rows. By leaving and returning, the other friend was able to start a few rows higher on the table. That is crap imo, but I'm not surprised.

 

[LePhillou]

Seems reasonable.

FWIW, a friend is a software engineer at a major bank. He does ok. In an annoying but expected twist, another friend that left the same bank to work at a startup and then came back (after startup bailed) is far higher up the tables. If you stay, you march slowly ahead with no opportunity to jump up rows. By leaving and returning, the other friend was able to start a few rows higher on the table. That is crap imo, but I'm not surprised.

Yeah the salary increases are ridiculously low

But i've got a golden ball and chain defined benefit pension waiting for me at the end which i probably could make up by making more money and investing, but between a self employed wife and myself, someone has to have a stable retirement solution

 

[Mad Mike]

Seems reasonable.

FWIW, a friend is a software engineer at a major bank. He does ok. In an annoying but expected twist, another friend that left the same bank to work at a startup and then came back (after startup bailed) is far higher up the tables. If you stay, you march slowly ahead with no opportunity to jump up rows. By leaving and returning, the other friend was able to start a few rows higher on the table. That is crap imo, but I'm not surprised.

That happens for a reason. Bank progression is slow and steady through the ranks, learn a job master it, then apply for your next challenge. That is a slow process for ambitious people, but it generally works well for the bank and most employees.

Bank employees generally apply for better roles in a competitive application process. Pure promotions are rare, and generally only done for top performers.

When someone leaves a bank for another company, they often develop skills and experience much faster than they can at the bank. When they reapply at the bank, they do so based on their new skills/experience, not the experience they had when they left. Banks know this, and they often recruit back staff at higher levels because they know those employees built skills and experiences faster than the bank can do it. The bank benefits by hiring an employee who knows the bank culture, has more experience than they could provide, and increases diversity.

 

[crankcall]

I have two friends who’s wives we’re career retail bankers at BMO . The pension is hard to beat and if you take advantage of plans to augment you can make out quite well.
It’s not what your making today , it’s playing the long game .

My son works for the Alberta govt, he’s pretty sure he could make a decent living on the private side and maybe be happier , but that gold plated pension…


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[GreyGhost]

I have two friends who’s wives we’re career retail bankers at BMO . The pension is hard to beat and if you take advantage of plans to augment you can make out quite well.
It’s not what your making today , it’s playing the long game .

My son works for the Alberta govt, he’s pretty sure he could make a decent living on the private side and maybe be happier , but that gold plated pension…


Sent from my iPhone using GTAMotorcycle.com

For better or worse, the banks also offer great stock purchase matching. Without constant effort, your warchest ends up grossly overweight in your bank but it's a great way to build wealth.

 

[GreyGhost]

Macklem slapped JT in a parliamentary committee appearance. Government spending like drunken sailors is making it very hard for BOC to control inflation.

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[mimico_polak]

Macklem slapped JT in a parliamentary committee appearance. Government spending like drunken sailors is making it very hard for BOC to control inflation.

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It's about time he said something.

Hard to do your job when the leader of the country is spending money like a drunken sailor...especially since it's not his money to spend.

 

[Relax]

I worked in banking for a while, my wife and BIL their whole careers. Banks pay relatively well for the work -- few jobs are hard work. A full time bank teller makes $45K a year,for a retail job that's no more challenging than working at McDonalds. A decent telephone bank rep makes $60+, and a retail bank manager is close to $100K -- that's more than the manager of a GAP, Winners or Lowes store with similar staff levels and return on sales.

Why banks may appear to be low is they have a tons of unskilled workers -- armies of customer-facing retail staff and a lot of people managers supporting them. Those are relatively low paying compared to skilled jobs, but bank pay is higher than the equivalent in other retail sectors - a teller will make more than a checkout person, a bank manager will make more than a store manager at the GAP.

For 90% of those working in a bank, it's a 37.5-hour week, with no expectation of a minute more. Excellent benefits, pension, training, job security, all fed-gov holidays, and very accessible to unskilled workers. And it's not hard work.

That may be trued, but I suppose I should have clarified that I was referring to office workers, especially in IT.

I don't know about 90%, but the remaining percentage is absolutely expected to work late and on weekends, and above a certain pay level, there is no additional compensation for extra hours.

 

[Scuba Steve]

Sales based commissions, don’t take a job with group bonuses, why hook your wagon to oxen when there are horses . And not company based , who cares how the company does, why should their crappy management affect your pay?
Sales with no cap. And sell big stuff , it’s more effort to sell a bass boat than a refrigerator. But it’s more fun, pays better.


Sent from my iPhone using GTAMotorcycle.com

OEM sales are good maybe small stuff but the order is for 1000 a month

Sent from the future

 

[nobbie48]

Fine print and definitions

I knew a guy up for a $25 K bonus and the management labeled a huge sale as a windfall which was exempted

Weasels

 

[Mad Mike]

Macklem slapped JT in a parliamentary committee appearance. Government spending like drunken sailors is making it very hard for BOC to control inflation.

BNN Bloomberg – Canada Business News, TSX Today and Interest Rates

Get the latest Canadian business news, TSX updates, interest rates and Bank of Canada coverage. Explore stock market investing and get expert financial insights on investment portfolio strategies.

www.bnnbloomberg.ca

I find this interesting, it takes my impression of Tiffany down a few more notches.

In that article, Tiffany appears to throw JT under the bus for careless spending. Nothing wrong with that, lots of people feel that way... except Tiffany created and filled the dumpsters with cash, then fiddled while JT set the dumpsters on fire. What did he expect JT to do with $500 BILLION of created money?

That's the day Tiffany became a political animal looking out for the good of JT. That's the day the BOC lost its way as an apolitical body charged with looking out for the good of all Canadians without political interference.

Both those men should do the honorable thing... take a queue from David Johnston and step down.

 

[GreyGhost]

Both those men should do the honorable thing... take a queue from David Johnston and step down.

JT has no honor. He seems dumb enough that he may not know he has done anything wrong.

Macklem is obviously smarter but has realized that the path to personal prosperity is on the backs of citizens and he seems mostly happy with his choice.

 

[woot]

I find this interesting, it takes my impression of Tiffany down a few more notches.

In that article, Tiffany appears to throw JT under the bus for careless spending. Nothing wrong with that, lots of people feel that way... except Tiffany created and filled the dumpsters with cash, then fiddled while JT set the dumpsters on fire. What did he expect JT to do with $500 BILLION of created money?

That's the day Tiffany became a political animal looking out for the good of JT. That's the day the BOC lost its way as an apolitical body charged with looking out for the good of all Canadians without political interference.

Both those men should do the honorable thing... take a queue from David Johnston and step down.

I agree with everything here except my opinion has gone up a notch (just one)

+I liked that part about needing to focus on supply rather then more demand. I've never taken an economics class but this seems obvious. At least someone is saying it to the government.
+I like that our economic growth has been flat for the last half a year. Maybe a soft landing is possible? I was sure they would have screwed it up.

-Almost liked that he was shifting blame to Trudeau but then started talking provinces too which in my mind was trying to shift the blame. All of the provinces are dealing with inflation pretty equally no matter who is in charge and their post pandemic spending seems way more realistic then at the federal money factory.

 

[LePhillou]

For better or worse, the banks also offer great stock purchase matching. Without constant effort, your warchest ends up grossly overweight in your bank but it's a great way to build wealth.

Yeah its a thoughtless process. Now sure, the stocks have been hit baaaaaadly so that kinda hurts to look at at the moment, but im not too worried about long term performance

 

[mimico_polak]

Don’t know if I could stomach losing 300k…

Toronto-area buyers are walking away from deposits on new homes — some losing as much as $300,000 — Toronto Star

‘This is just the beginning,’ say experts, noting buyers of new builds further from Toronto are most vulnerable.

apple.news