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I was afraid this was going to be some story about top-level management cutting jobs in the harsh economic climate, and then rewarding themselves (only somewhat

by sgrove 18y ago

I was afraid this was going to be some story about top-level management cutting jobs in the harsh economic climate, and then rewarding themselves (only somewhat handsomely) with bonuses. I'm glad to see an uplifting story instead. From the perspective of the purchasing company, I wonder what effect it would have on employee retention. The article mentions that life hasn't changed much in the interim, but it was also unexpected. Some employees may find this a good opportunity to strike out on their own, or retire just a bit earlier. I would be curious to see if the aggregate effect is one of employee loyalty or loss.

fallentimes 18y ago
I had similar thoughts ("great, investment bankers & traders perturbed their six figure bonuses are only going to be five figures this year") upon seeing the headline. Glad I read your comment and checked out the article.
Prrometheus 18y ago
It's a somewhat hard life being a financier because your pay is so variable. You might mock the I-banker who got "only" a 5-figure bonus, but what if he took out a mortgage in 2004 with his new wife on the premise that he would be making six figures? Variation is a cost of the lifestyle, and a stressful one at that. It is hard to make any long-term plans. On that note, it's rare to find bankers without family trouble, due to both the work hours and the financial issues.
- Retric 18y ago
  Plenty of people with highly variable pay save most of their income in the good times to deal with this. Dumping 80% of that 100k bonus into savings might not feel glamorous, but it's going to help your home life more than you might think. And down the road you can transition to a lest intense job and have enough savings to top off your lifestyle. PS: Then again spending more than you make seems is far more common among the highly compensated.
- gaius 18y ago
  what if he took out a mortgage in 2004 with his new wife on the premise that he would be making six figures? I would have to wonder why he felt himself qualified to offer financial advice to anyone else.
ks 18y ago
It can also have a positive effect. If the workers think the new owners will cutting job, they will start looking at alternatives. With a $33k check they don't have to worry about it as much.

by sgrove 18y ago

fallentimes 18y ago

I had similar thoughts ("great, investment bankers & traders perturbed their six figure bonuses are only going to be five figures this year") upon seeing the headline. Glad I read your comment and checked out the article.

Prrometheus 18y ago

It's a somewhat hard life being a financier because your pay is so variable. You might mock the I-banker who got "only" a 5-figure bonus, but what if he took out a mortgage in 2004 with his new wife on the premise that he would be making six figures? Variation is a cost of the lifestyle, and a stressful one at that. It is hard to make any long-term plans. On that note, it's rare to find bankers without family trouble, due to both the work hours and the financial issues.

Retric 18y ago
Plenty of people with highly variable pay save most of their income in the good times to deal with this. Dumping 80% of that 100k bonus into savings might not feel glamorous, but it's going to help your home life more than you might think. And down the road you can transition to a lest intense job and have enough savings to top off your lifestyle. PS: Then again spending more than you make seems is far more common among the highly compensated.
gaius 18y ago
what if he took out a mortgage in 2004 with his new wife on the premise that he would be making six figures? I would have to wonder why he felt himself qualified to offer financial advice to anyone else.

ks 18y ago

It can also have a positive effect. If the workers think the new owners will cutting job, they will start looking at alternatives. With a $33k check they don't have to worry about it as much.