The Melbourne Herald Sun has seen this:Tellers at one major bank must offer customers new services, including loans and higher credit card limits, once every five hours. If they fail to meet the target they miss out on performance bonuses of 2-6 per cent.
Staff at another major bank have to make seven referrals a week or miss out on bonuses of 2.5 per cent. Workers who fail to meet targets can cause whole branches to miss out.
Lending staff at a third bank must complete $7 million worth of loans a quarter or lose about $12,000 in bonuses a year.
Per employee, the figures are not excessive and the bank is not exactly ordering staff to do this but still - it doesn't take much thought to realize which employees would be smiled on and who would not. Interesting also that the media is running a story like this now which they would not have some years back.
Over and over this blog says - get out of debt, get rid of your cards, live within your means, even if that entails severe lifestyle changes.
Wow...
ReplyDeleteyou mean banks act just like other businesses... o.O
Who'd thunk it.
It's criminally stupid.
ReplyDeleteIts absolutely obvious that banks don't operate like any other business.
ReplyDeleteCurrent lending practices are fraudulent at best, and you know it.
Haven't you noticed whats happening in the real world.
Is that "normal?"
Problem is they know the taxpayer will end up as the bag-holders.
Time for severe sanctions against directors, rather than golden parachutes.
There has to be severe moral hazard.
Those bstds know the score!
No James, it's not; that's actually me pointing out that the banks you spotlighted are acting normal.
ReplyDeleteJust like any other business that asks employees to make more money for the business.
If anon wants to be taken seriously, he/she/it will be someone and not just a drive-by quip without any belonging.
Since when does the message fail because of the messenger?
ReplyDeleteStop being an idiot.
Instead of insulting me, which was the intention, you choose to show your lack of intellect to everyone?
Shucks.