Royal Mail/CWU/MRM profit target bonus conspiracy theory

[redneck]

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

See point 4.1

It's down in black and white there, we have definitely been shafted, only receiving half of our entitlement according to an agreement. What is going to be done about it?

[buntin]

no wonder people are leaving the union left right and centre is it.

[hubbahubba]

no wonder people are leaving the union left right and centre is it.

Then more fool them.The Union is far from perfect,but t&cs would be a whole lot worse without them.

[tinkerdil]

I hope the union's priority is the MTSF review, not the very short term incentive bonus.

[k979aaa]

I hope the union's priority is the MTSF review, not the very short term incentive bonus.

Seconded we need to safeguard our terms and conditions for the long term not some targets that were agreed without our say in it anyway money is money but we should all have more but management will take more than their fair share of it without earning it!.

[albebb]

found the missing video today, its still on your wtll tvs in the office.watched it but no mention of a 500million target, however it did, seemingly incorrectly, state a profit before transformation of 740million

[k979aaa]

Another FX scandal which bank was it or was it insider trading "The profit before incentive payment and at the budgeted foreign exchange rate was £628 million," not content with not paying overtime now Foreign Exchange scams too next we will be paying for their houses!

[OnAFlyer]

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!

See this kind of thing is where we get ripped off. Where in the agreement did it mention anything about 'budgeted foreign exchange rate?'. When have you even seen that mentioned ever before when reading about profits?

The profit before transformation was £740m, meaning we should have got £60m, half the amount over the target. That would have been around £450 each and an actual, real incentive instead of staff feeling scammed every time RM roll out one of these schemes.

[wannabeek]

Scammed is the word and I feel massively de-incentivised after it (if that's a word).

Don't know if it's a coincidence but I'm usually one of the few office clearer-uppers of the leftovers and recently I just can't be bothered now. My OT only just paid my union subs this week, I reckon I may keep it that way...