Comments on: On Wall Street, big paychecks do not replace corporate culture http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: davidarnaud http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47582 Wed, 20 Jun 2012 14:43:53 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47582 I agree with the basic premise of this article. Smart firms make it be about more than just money. If they show they stand for something, they are far more likely to attract talent, especially at the lower levels.

That said, I wonder if the 18.7% pay raise that Wall Street employees have seen over the last year could be considered hazard pay for all the abuse these employees have had to put up with from the general public who doesn’t understand their jobs, think banking and trading are the same thing, and don’t comprehend what a 70-hour workweek feels like.

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By: PeterAG http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47505 Wed, 20 Jun 2012 12:51:13 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47505 How do you balance the employee’s need to belong and feel at home in the organization with the equally real need on the part of the organization for the employee to perform and deliver results? How do you accomplish both of those things?

It also seems to me that organizational leaders and managers face a challenge in that this need to belong and be at home may be more important than ever, and yet the days of the 30-year company man are nearly over. More and more often, “this job” is just a stepping stone to the “next job” which is a step or more away from the “dream job”. Are career mobility and the need to belong antithetical?

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By: DanielBhutan http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47481 Wed, 20 Jun 2012 11:55:16 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47481 My experience as an executive and entrepreneur are fully consistent with the views expressed by the author. This seems to be true across cultures – I have operated in 20 countries on 3 continents. The challenge is how to effective engage and motivate one’s team. The challenge is greater in markets and industries that are largely populated by “carrot & stick” corporate cultures. I find that people need a sense of meaning, a sense of belonging, and a sense that they can influence outcomes. There is an important interplay between feeling valued by the organization and the feeling of self-value.

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By: janeww http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47138 Tue, 19 Jun 2012 06:49:19 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47138 Imagine going to work everyday at a place where you regularly experience contributing to some common goals bigger than merely your self interests that are challenging and yet inspiring? On top of it, you know that the company policies and procedures actually take into account your all around well-beings. As long as the salary and compensations package is fair and sufficient, chances are you’d want to focus on doing good work and thinking of ways to do even a better job each day, just because… (you may or may not want to say it out loud) the good feelings that come with overcoming the challenges and living with the inspirations, especially when it’s with teammates, working under, above, and with you… even when some of them exhibit such talents that provoke embarrassing jealousies in you! Money? What money? Ah, Yes! the figures used to keep the scores.
Would you be looking around to go somewhere else? And at the end of the day/week/month/quarter/year, do you think the company financial statements would look pretty or ugly?

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By: mktmaker http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47119 Mon, 18 Jun 2012 16:13:39 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47119 I think the premise under which Ms. Bina writes is true, although I think the trending and realization of companies that accomplish this differs by city/region and industry. I believe many companies who have legacy cultures and people who presume to be entitled … are afraid of risk and innovation in many cases, and money becomes the retention. In companies that have a more diverse employee bases, remain fresh and understand that a better carrot is always — enjoying the work and feeling the reward from it — they sustain string middle management that mirror the value of the senior leadership. Meritocracy takes a shift. Rewarding for creativity, change and positive directional influence is worthwhile – not just the bonus from bottom-line results. They could simply be results that are typical and standard not extraordinary. In fact we see some companies reward people when the bottom line is way off kilter – and nothing innovative has happened. They spend months of time doing spreadsheets and power points to convince the board to understand why bonuses for poor performance are needed at senior levels – because no other carrot exists other than personal extravagant spending and lifestyles that rely on money, not longterm organizational excellence.

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By: arbitus http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47114 Mon, 18 Jun 2012 14:42:20 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47114 Unless and until corporate America abandons the flawed “Shareholder Value” model there will be no change in the workplace dynamic, and little hope for the US economy.

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By: financialguru http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47113 Mon, 18 Jun 2012 13:47:58 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47113 While it’s clear that individuals need more from their company than compensation, I believe the above under estimates the economic dynamics that are driving the discontent. The gap between the “haves” and “have nots” grows larger and as such there is only so much integrity, value and purpose that can bridge that discontent. The general work force has witnessed wage freezes, and low bonuses for those eligible. We are in a period of workforce unrest, in which the leadership dynamic needs to shift to leading by example in addition to words. The cynic in me cannot help but note that, Mr Smith’s letter while powerful did not include a returning of the bonuses he accrued, even his most recent. As well I cannot help but think that those jumping ship, are doing so for a more stable economic environment, as well as a happy place to work. Leadership would be staying and creating change and possibility at GS.

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By: carlrosin http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-47075 Sun, 17 Jun 2012 16:46:53 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-47075 Should be must-reading for anyone who believes that profitability is an end in itself; in fact, as this post shows, treating people well is not only humanistic and ethical but sound business. Some who claim to carry the mantle of capitalism are in fact distorting what is good about market-driven decision-making by reducing it to that which is easily measurable in the short term…to the detriment of the real health of the organization (and, it could be argued, of capitalism itself).

Bethany Maclean and Joe Nocera’s book “All the Devils Are Here” showed how dangerous an orientation toward short-term results was in the run-up to the 2007 crash and recession. Shideh’s column looks to me like a healthy reinforcement of the need for decision-makers to be alert to the dangers of perverse incentives, not to mention the (eventually) measurable value of moderation and decency within any organization.

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By: akmangalick http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-46995 Sat, 16 Jun 2012 05:56:54 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-46995 So well written!

Not everyone in an organization is after money. Some want personal fulfillment from a job well done, others from supporting their colleagues “behind the scenes”. Organizations MUST be able to foster the contribution of a wide variety of people, each with different personal interests and agendas. Otherwise, the pool of talent shrinks immensely, since it would only include those who are after money.

But if an organization only values the bottom line, then those non-monetary interests are dishonored. People know this, even if they don’t or can’t articulate it. They then become jaded, complacent and resigned. The end result is lackluster performance.

The best organizations need to honor, foster and reward all types of personal interests, so as to get the best out of everyone.

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By: Gup http://blogs.reuters.com/great-debate/2012/06/14/on-wall-street-big-paychecks-do-not-replace-corporate-culture/#comment-46968 Fri, 15 Jun 2012 19:58:41 +0000 http://blogs.reuters.com/great-debate/?p=13116#comment-46968 Very interesting… Imagine what the performance of the financial industry could be if Wall Street started to seriously take on looking into integrity, values and purpose. These brilliant people could generate so more value if money what not the beginning and the end of their game.

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