Royal Mail/CWU/MRM profit target bonus conspiracy theory

[POSTMAN]

Link to the RMC FB page here...
https://www.facebook.com/photo.php?fbid ... =1&theater" onclick="window.open(this.href);return false;

You'll have to excuse me as my brain is not what it was,but i'm sure the FB'rs on there and the CWU one will be able to fill you in more on here.

Crux of it is...
Royal Mail profit targets target were said to be £500m but becaue we made a lot more it has been diddled,which means less bonuses paid out.
Does anyone rem a RMTV session which states the said profit target wa £500 as one guy is adamant there was one.

The target profit figure was given to the union but as this is business sensitive, it remained a secret

There is a missing RMTV...


And all hell is breaking loose,it could all be nothing,but beats moaning about D2D's...

[POSTMAN]

Sat May 23, 2015 7:29 pm

Asked today and apparently the target was £500m ( If the profits were over that) according to my manager anyway

[albebb]

anyone on a night shift near a RMtv and can check if its still on there?

[Decky Boy]

Some of you guys need to keep up to speed... some of us watch RM TV at home here
https://www.myroyalmail.com/rmtv" onclick="window.open(this.href);return false; .... there does appear to be an episode missing

[POSTMAN]

We know the internet one,but what about the 'intranet' one?

[OnAFlyer]

I'm positive the profit target was 500m too. When we first heard the details from RM I remember working out the two different methods they gave of calculating the bonus, and at 500m profit they both paid £100. The calculation that paid the most would be paid out, and as we were well over the target we should have got the £100 plus any extra from the amount we were over.

I'm 100% sure we've been had.

[POSTMAN]

June 2014: http://www.royalmailchat.co.uk/communit ... 3&p=652156" onclick="window.open(this.href);return false;

Cost cutting and revenue growth are expected to increase the adjusted earnings at Royal Mail to about £500m in the year ended March 2015.

The news story in Teebs link has been edited a year later to factor in the recent profits announcement.

[hammer69]

Oh dear, looks like a FIFA type cover up, get the FBI on the case #MoyaOut

[gand]

Must be true :-)

[suz67]

No matter what the profit was the most rm we're going to pay out in bonus was 15 million,they are paying out 8 million

[focusbf]

https://www.myroyalmail.com/sites/defau ... ntives.doc" onclick="window.open(this.href);return false;

See point 4.1

[Chelseablue]

Give US Our moneyyyyyyyyyyyyyyyyy

[Rumple]

Shafted

[OnAFlyer]

https://www.myroyalmail.com/sites/defau ... ntives.doc

See point 4.1

Well it's there in black and white. According to that RM must have only beaten it's profit target by £8m, because that's all we got and we were promised the first £15m.

Now I'm pretty sure nobody in here believes RM only beat the target by £8m, so why hasn't someone from the CWU simply confirmed it for us? The calculations aren't hard, RM told them the target so there should have been absolutely no way to wangle their way out of it if we exceeded it by some margin.

[wannabeek]

But CWU have confirmed it for us, this is taken from their statement:


The results of the scheme for 2014/15 are as follows:

1. The company operating profit target for incentive payments in 2014/15 was £620 million before transformation costs.

2. The profit before incentive payment and at the budgeted foreign exchange rate was £628 million, meaning that the over achievement pot created to share amongst employees was circa £8 million.


So they (CWU & RM) are saying that the agreed profit target was always £620 million, the £500 million was only ever a rumour or a guess. I'm sure they were always being very cagey about what the profit target actually was and I don't believe for a second they'd have put that info out so publicly on a 'missing' RMTV, mostly because if I'd ever seen that confirmed figure I would have worked out ages ago what the expected bonus was going to be.

Having said that, I can believe that they never actually agreed a profit target, just waited until the profit was announced and then put out a joint statement that the target had always been the first round number below that figure. This gives them all a good fat bonus themselves and is the traditional RM way of cooking the books!

It could be worse - if the profits had been £631 million we'd have even less to split between us!