YspeopleExplore tab

Time to fight the fat cat salaries




About DJC

The older I get, the less I know and the more inquisitive I get.

Unfortunately, despite a lifelong search, most of the answers elude me. That said, I love to ask the questions and fuel the debates that will ultimately lead us all to a better understanding of the big issues in life, the universe and everything.

They say that we spend 98% of our lives in our head. I for one would like to use that time as effectively as possible.


As hundreds of journalists hit the dole queues, there is still no evidence that most executives are worth what they are paid - so sack them and create more jobs!

Have you had enough of self-serving fat cats who overstate their worth while understating the value of their workers? I sure have!

Shareholders beware – many of these fat cat executives are taking you for a ride.

Shareholders beware – many of these fat cat executives are taking you for a ride. Picture: iStock

I have also had enough of Fairfax executives, including the CEO, saying that they care about journalistic standards. They may well care about journalistic standards, but not as much as they care about their own incomes.

Today, Fairfax CEO Greg Hywood faced a Senate inquiry into ‘public interest journalism’. In addition to claiming that he valued high-quality journalism, Mr Hywood dodged requests to disclose his salary, which is reported by the ABC to be $7 million per annum.

Mr Hywood cared so much about quality journalism that he made redundant more than 100 Fairfax journalists earlier in the month – and many more in the prior two years.

One could be excused for thinking that Mr Hywood cared more about the $2.4 million that he and his senior executive team, according to Mumbrella, will receive for achieving the $30 million saving widely reported.

One could also reasonably ask: If Mr Hywood cares so much for quality journalism, why not reduce his income to say $1 million (still more than he seems to me to be worth) and spend the remaining $6 million employing journalists?

I suspect the reason relates to greed on the part of Mr Hywood and his senior executive team, who also could have contributed a million or so each to retain journalists at Fairfax.

Mr Hywood suggested to the Senate inquiry that advertising revenue had fallen 50% over the past 12 months. Well may that be but if it is true, shouldn't Mr Hywood take responsibility?

Remember, Mr Hywood has presided over the decline of Fairfax for a number of years. There seem to be few decisions that Fairfax management and its board have made over the past 10 years that have benefitted the business, or its readers and the community.

Now flying in the face of good marketing practise, Mr Hywood is cutting further to destroy the core product even more. What is a business without a product that people want to buy.

If Mr Hywood cannot fix Fairfax on his income, sack him and find someone who can.

If Mr Hywood cannot fix Fairfax on his income, sack him and find someone who can. Picture: Supplied

And it is not just Mr Hywood. Executives around Australia take little responsibility for failing businesses, preferring instead to sack workers. If these senior executives are so good, why are these businesses failing?

I have not met Mr Hywood, but I have met a number of his contemporaries. Let me make it clear, none have been as clever as they think they are, or as clever as their incomes suggest they should be.

Shareholders beware – many of these highly-paid executives are taking you for a ride. You do not need to pay what these people ask to get the results they deliver.

We are increasingly critical of the performance of what we perceive to be over-paid politicians – as we should be. We are increasingly critical of overpaid unions leaders delivering little value – as we should be. Well, I think it is high time to be critrical of Mr Hywood and his mates

If Mr Hywood cannot fix Fairfax on his income, sack him and find someone who can – or pay less and have more journalists contributing to quality journalism. I am not at all sure what Mr Hywood contributes, other than bank fees to the newly taxed banks.

And on the subject of banks, these institutions make a fortune and then complain about a tax they have every intention of passing on to consumers anyway. If your do not think they will find a way to pass this cost on, you are likely sound asleep.

These banks cannot afford to pay more tax, but they can afford to pay senior executives hundreds of millions of dollars a year – all of which is passed on to consumers.

Mike Smith seems to have left a mess at ANZ – and the board's solution is to pay another executive a multimillion-dollar salary. He is now launching a restructuring strategy that he claims will make the bank more efficient, but will almost certainly costs jobs.

These people are just NOT THAT GOOD! Don’t let them con you!

We have to start talking about this and we have to do something about it in the interests of quality journalism, affordable banking, employment and the quality of business in general in this country.

What say you?

Banner 2
| Your rating
No ratings yet


Related stories

Do you have a canny tip for saving money.

Share your money-saving hacks here

Everyone loves to save a dollar or two when they can. Do you have any money-saving tips to share with your YsFriends?

Money
Expand
8 months ago
(Money & Business)
Because you're never too old to pursue your passion.

Your midlife career-switch advice is golden

Have you started a new business or pulled off a major career switch in midlife? We'd love to hear from you.

Money Ageing
Expand
8 months ago
(Money & Business)
Rejuvenate in Retirement.

6 ways to retire from work, not life

 

Are you ready for The Lifestyle Change? Retirement can be a more difficult adjustment than we realise.

Money Retirement Relationships Ageing Health
Expand
8 months ago
(Money & Business)
James Packer: born with a silver spoon in his mouth.

Bring back death duties for silver spooners

Why should the privileged offspring of Australia's elite inherit their billions tax-free? Let's level the playing field.

Money Business Ageing
Expand
9 months ago
(Money & Business)
Retirees have copped a rough time in recent years.

A new approach to retirement planning

I’m going to stick my neck out just a bit and say retirees have had a raw deal over the past couple of decades.

Money Retirement Ageing
Expand
9 months ago
(Money & Business)
Funeral directors prey on the vulnerable.

Funeral directors are blood-sucking leeches

Leveraging grief to up-sell expensive funerals to vulnerable families is a loathsome practise and must stop.

Money Business Family Community
Expand
9 months ago
(Money & Business)
Trickle-down economics my arse.

How big business is giving you the shaft

Are you battling to make ends meet thanks to stagnant wages and lack of jobs? Here's who's to blame.

Money Business Community Social Issues Politics
Expand
9 months ago
(Money & Business)
What impact will the eventual death of Queen Elizabeth have on us in Australia?.

What happens to us when the Queen dies?

 

As a part of the Commonwealth, the impact on Australia will be greater than you think.

Community Social Issues Politics Australia UK
Expand
9 months ago
(Money & Business)
Myer - no Harrods.

Good riddance to Myer's CEO!

And there are plenty more who should follow him. Don't these obscene executive salaries make you furious?

Money Business
Expand
9 months ago
(Money & Business)
New CBA CEO Matt Comyn.

Why 'banker' should start with a W

It's our fault that the big banks treat us with such contempt and arrogance. Time to hit back by taking our mortgages and...

Money Business Community
Expand
9 months ago
(Money & Business)

Message board

Derek, 4 months ago:
I am great
George, 4 months ago:
What's up Thomas?
George, 4 months ago:
Messages are now updated in real time on other browsers.
Thomas, 4 months ago:
Hello
Thomas, 5 months ago:
Great!
DJC, 5 months ago:
Groovy!
George, 5 months ago:
Message board active from June 2018

Have your say!

Your Great Australians

Trending stories
When it comes to great bloggers you can connect with, this list has you covered.

20 mature bloggers worth following

Looking for Australian...

(Entertainment & Culture) Over 1 year ago
Blue Moraine Lake in Banff, Canada.

Some stunning Earth porn to brighten your day

A reminder of how...

(Travel) 10 months ago
This one isn't for the faint-hearted (image uploaded to Reddit by u/JLD58).

Stunning travel photos from around the world

This best-of-the-web travel...

(Travel) 8 months ago
View From Mt.

Tasmania turns it on for these grey nomads

Dave and Ellen Smith get...

(Travel) 8 months ago
Child-sex abuse advocate Anthony Foster will be buried in a state funeral.

Vale Anthony Foster

Child-sex abuse victim...

(Headlines) Over 1 year ago
Weekly Poll
Photographic memories
Hizgg0vzzqvwc9xicknk
It's 35 years since the Ash Wednesday bushfires in South Australia and Victoria claimed 75 lives and more than 2500 buildings.