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Everyone is finding ways to cut back these days. Some of the money-saving methods are easy and others are true sacrifices. But we’re all doing what needs to be done. Businesses are getting into the act, too. Employees are likely to see - if they haven’t already - decreased benefits. If you’re accustomed to certain perks from your company, don’t be surprised if these are taken away within the next few months.
The average worker will certainly feel the effects of their employer’s cost-saving measures, and in some cases, this will lead to real financial struggles. This isn’t the story that’s been hitting the news lately, though. What seems to be more important, as far as the media is concerned, is the fact that business executives are likely to see an end to their mega-bonuses.
For years, these top business executives have taken home huge cheques for their annual bonuses. These are, allegedly, for jobs well done. It seems that this yearly ritual has gotten out of control. Many of these bonuses are larger than the salaries some of the company’s workers bring home in a year. It’s a little difficult to muster up sympathy for someone that will no longer receive a cheque - in addition to an enormous salary - that most Australians would gladly accept to sustain their families for twelve months or so.
It is questionable whether these executives should have ever received these astronomical bonuses in the first place. It’s true that their positions come with huge responsibilities, but their salaries are scaled to include everything their positions entail, including the accountability and stress.
It’s a wonder that this restriction on executive bonuses wasn’t implemented years ago. Surely top management could see how these bonuses affected the company’s bottom line. And they should have certainly realised that the real champions of their businesses were the workers who came in day after day to perform the jobs necessary to manufacture the products or provide services to generate revenue - that made it possible for the executives to walk away with outrageous bonuses every year.
We can only hope that these executives aren’t expecting us to feel sorry for them. They might not be able to afford the newest luxury model automobile this year. Or perhaps they won’t be able to take that ten-day cruise for their holiday. These executives might have to actually join the real world and make conscious decisions regarding their money and do without some of their “necessities.”
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