Step forward today the real heroes of The Living Wage!
We’re not talking about the companies that have signed up for the Scottish government’s Business Pledge unveiled this week.
Our Living Wage heroes are far too modest, coy and demure to proclaim their progressive policies in this showy fashion.
I’m talking here about the companies doing good by stealth – and whose Living Wage policies for hard working families help ensure a motivated, well behaved, socially responsible and low abiding workforce.
Yes – step forward the banks, who put the measly Living Wage ambitions of the Scottish government to shame!
Here’s proof positive that the more you pay, the more disciplined, caring and productive your workforce becomes!
Once again, America leads! American banks head the bonus charts with Goldman Sachs paying bonuses up to £50,000 above leading European banks
But don’t just look at bonuses figures: While Goldman Sachs paid the largest bonuses, JP Morgan are the most generous when it comes to overall compensation (base salary + bonus)
Top bonuses usually come with top salaries: in most cases, banks that give the biggest bonuses are also the ones offering best salaries to their bankers.
Here are the latest figures from Emolument.com, the ‘salary benchmarking site’ that’s fast becoming the favourite ‘must visit’ web link as we cram on to that Lothian bus every morning whisking us to the Braveheart Enterprise Park on the edge of town.
So here we go – top banks not just by measly Living Wage but by bonus!
BANK AVERAGE DIRECTOR BONUS
Goldman Sachs 194,000
Morgan Stanley 170,000
Bank of America Merrill Lynch 166,000
JP Morgan 162,000
Citi Group 143,000
Credit Suisse 135,000
Deutsche Bank 121,000
BNP Paribas 113,000
Uni Credit 98,000
Societe Generale 91,000
Says Alice Leguay of Emolument.com, “Continuing a trend established in the last few years, we expect to see base salaries shoot up in order to circumvent bonus cap regulations, especially at Director and MD level where employees expect to see their total comp increase substantially from previous titles.”
And, boy, don’t these Living Wage exemplars make a huge difference to efficiency, productivity and overall good conduct by bank staff!
Here’s a quick rundown of how these generous “Living Wage” bonuses can make towards a more productive, efficient, profit generating workforce:
Goldman Sachs was made to pay between $800 million (£470 million) and $1.25 billion on claims relating to mortgage-backed securities, far exceeding the record-breaking $550 million penalty in 2010 for mortgage-related chicanery.
Bank of America Merrill Lynch has had to pay $6 billion. Citigroup was slapped with a $7 billion settlement.
Has it all stopped? Not at all. Earlier this month Bank of America was fined $205 million for rigging foreign exchange markets, talking total fines for this abuse to $455 million.
UBS was fined $342 million this month, taking the total to $1.14 billion.
JP Morgan was fined $892 million, swelling the grand total to $1.9 billion.
Citigroup was fined $1.27 billion, to make a grand total so far of $2.29 billion.
And our own dear Barclays was fined $2.32 billion.
Remember, all this is before adding in other malpractice and misdemeanours over which those with the Golden Bonuses presided.
The total bill for UK Payment Protection Insurance is now set to hit £26 billion – the compensation payments to millions of customers recycled to provide a lift to household incomes greater than any one-off cut in income tax!
The bill for Lloyds Banking Group alone comes to £12 billion.
See how real generosity on the Living Wage can boost your business – and build customer trust!
So, don’t just sign up to the Government’s Business Pledge with an offer to pay the measly Living Wage of £7.85 an hour.
Pay like a bank, jack up the basic wage, pay out these bonuses- and see how your business can become a model of good practice and social responsibility!