Since we are going for a 10% operating margin, and we are not there yet, I'd say we have not been short changed with our pay deal. It is unfortunate that the deal was universal across the whole company, because some groups are more over paid than others already. However it has enabled the company to be inflexible with its negotiations, because no one work group can look at another and say we want more because they did.
From the point of view of the staff, the profit we make is meaningless without the operating margin that goes with it. Costs will continue to be driven down until that elusive 10% margin is achieved.
The question is, once we are at that 10% margin, will we start getting some good pay rises? Hmmm.