EOH CEO explains why staff take a salary hit while execs score millions

Jamie McKane

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EOH CEO explains why staff take a salary hit while execs score millions

Many EOH employees are angry. They have been told they will not receive their expected salary increases this month and that the issue will only be revisited in August.

This salary freeze followed salary cuts last year after President Cyril Ramaphosa announced a national lockdown. EOH also implemented a payday move where the pay date was shifted from 25 April to 30 April.
 

Corelli

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Not the only company. Many corporates did the same ie quietly retrench staff with stict confidentiality clauses, not award increases and then give themself a huge bonus for savings achieved with a pat on their own backs.
 

R13...

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Excellent article.
And you can see why the employees would be pissed. A better system would be one where all employees benefit when the company survives or does well instead of one where they become the financial sacrificial lamb for execs to cash in. The cash STI is even worse, can maybe understand the share based LTI
 

rvZA

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Yeah no, this is not on. Unfortunately, the reality of capitalism though.
 

richjdavies

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Not capitalism. Its not the owners screwing the employees, its management. If the owners thought it through - they would have to decide which people are worth the money and which aren't.

No idea if the retrenched staff or senior management add any value at EOH though!
 

Bighit

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A better question would be why have no arrests been made for the corruption that took place?
 

Gozzy

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Now I know this is wrong on so many levels, but at least he is not getting a bonus for running the company into the ground.
 

supersunbird

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This article reads like a paid by Ad for Van Coller

Most of the article sounds pretty unflattering, only near the end the CEO explains the why of things, from his view at least. Wonder what preconceived view makes you blind to reality...
 

Murmaider

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Wonder what preconceived view makes you blind to reality...

Old school "White male privilege"

Top managers, for example, must receive good salaries and bonuses to stop them from looking for other opportunities.

So they care if these people leave, but don't give a damn if any of their other employees leave. It must be nice to be part of the little boys club.
 

KleinBoontjie

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Same at my Company, staff hours and pay is cut down to 60% (was 40% last year), while management and up don't cut hours and get 80 to 100% plus pay. Apparently, the business won't stay open if top management isn't working 80% or more....pfftt.
 

Easter Bunny

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luckily i left them 4 years ago, otherwise i'd be super miffed about having gotten a salary cut while they expected me to have the same output and then finding out that the ceo still gets his millions in salary and bonuses when he and his cronies could easily afford to not get paid for a couple months.
 
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