No more bonuses for failing SOEs

Jabulani22

Expert Member
Joined
Feb 11, 2017
Messages
3,464
The bonus will just be renamed to something else and paid anyway , its friends signing off on friends income.
 

hj007

Senior Member
Joined
Aug 30, 2006
Messages
652
Now watch the income statements being manipulated!
That's already happening. Eskom shows loss of R20bn, but the accounts owed by Soweto, at R40bn is a debtor and an asset. If it were written off as bad debt as happened in the past, Eskom would be a R60bn loss. To me, it isn't a recoverable debtor as residents cannot pay.
 

cguy

Executive Member
Joined
Jan 2, 2013
Messages
5,716
So now all the people that are left that actually know anything will simply leave for greener pastures
That’s my concern as well. Blanket policies almost never make sense. Even with R400B debt, there are likely employees that actively prevented this going down to R800B. Those people should still be paid.

One of the reasons I left my previous company was because they would occasionally apply blanket policies. E.g., one year they said, the company didn’t do that great, so no increases to anyone. Fine... except that I did do exceptionally well, and I was still playing catch-up income wise to those who were hired in the dot-com boom. One year, they also said that managers were overpaid, so no managers are getting increases. Makes sense if this was true for all versus true on average.

I know it can be hard to believe, but there could easily be some people standing between massive debt and whole new level of disaster, that may quit over this.
 

Nicodeamus

Executive Member
Joined
Sep 20, 2006
Messages
7,849
Why is Eskom not cutting of Soweto? Who is responsible for this?
It will cause a riot of note. This f-up is the consequence of the ANC giving people free stuff from the beginning.

I don’t see a soft landing in any of this. Eskom’s infrastructure is declining by the day. Money injections isn’t going to fix it over night.
 

Vrotappel

Bulls fan
Joined
Feb 22, 2005
Messages
18,275
The ANC seems to be still stuck in their silent diplomacy mode.

Time is running out for real action. The longer it takes the bigger the price people will pay.
 

Acid0

Expert Member
Joined
Feb 10, 2009
Messages
3,973
its time we start running these SOE's as normal private sector companies.

In other words what would a private company do if they under performed or stare bankruptcy in the face?
 

Ponderer

Expert Member
Joined
Jan 8, 2019
Messages
3,471
Thieves are punished.
Unless of course you are an ANC "comrade/cadre", in which case you get promoted.
 

Ponderer

Expert Member
Joined
Jan 8, 2019
Messages
3,471
This simply cannot go on for much longer.
Sooner or later, something is gonna give in.

Whatever happens, I'm staying.
I have nowhere else to go.
This country is as much mine as any other citizen, irrespective/regardless of skin colour.

I foresee "groot k*k" if violence erupts.
I hope it never comes to it, but I am quite prepared to bleed for what is rightfully mine.
 

Ancalagon

Honorary Master
Joined
Feb 23, 2010
Messages
16,652
Hopefully this means some execs resign of their own accord. But we can dream right? They still get great benefits and big salaries. And the private industry won't pay them overinflated salaries for doing nothing unless they can promise tenders going the way of the business.
 

Ancalagon

Honorary Master
Joined
Feb 23, 2010
Messages
16,652
That’s my concern as well. Blanket policies almost never make sense. Even with R400B debt, there are likely employees that actively prevented this going down to R800B. Those people should still be paid.

One of the reasons I left my previous company was because they would occasionally apply blanket policies. E.g., one year they said, the company didn’t do that great, so no increases to anyone. Fine... except that I did do exceptionally well, and I was still playing catch-up income wise to those who were hired in the dot-com boom. One year, they also said that managers were overpaid, so no managers are getting increases. Makes sense if this was true for all versus true on average.

I know it can be hard to believe, but there could easily be some people standing between massive debt and whole new level of disaster, that may quit over this.
I don't really think there is a good answer to this. I mean yes, blanket rules cause exactly this kind of problem. Some highly skilled managers will leave. But Eskom is not burning, it is in nuclear meltdown. They have to control costs. Controlling costs should be the highest priority.

They should be retrenching, but we know they won't do that. Eliminating bonuses is at least something.

If they said that bonuses would be paid depending on employee performance, I guarantee it would be *found* that all employees performed equally well and thus everyone deserves bonuses.
 

Nemus

Expert Member
Joined
Oct 12, 2012
Messages
1,239
A step in the right direction. Now place only candidates with PROVEN experience in leading the biggest corporations into those positions. Even IF you pay them those exorbitant salaries, do so when the candidate justifies it.
 

Hellhound105

Expert Member
Joined
Jun 5, 2018
Messages
4,034
About time, I cant understand people that can accept a bonus for severe under performance.
Management - Those people that step out after a few years of parties that expect to be payed R50K. Same people that expect these bonuses.
 
Top