no profit share this year!!!
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High fuel prices were the key problem last year and escalating fuel costs made a huge dent in our profits of the second half. Our fuel expenditure increased by a massive 67.2 percent above 2004. The fuel surcharges that we collected in no way offset the additional costs we had to bear.
Is that so......
Is that so......
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You are right Baywatcher. It's just that the achievments attained in 2005 make it a little harder to swallow, especially for employees that are not paid as well as the flight crew. 
It is also hard to believe that the fuel surcharge did not help. You certainly notice it when you pay for staff tickets. You would think it would be enough to offset some of the cost. They need to request that the fuel surcharge be matched to the price of fuel, cause it is only gonna go up.
Sq (shocked, but not disgruntled)
It is also hard to believe that the fuel surcharge did not help. You certainly notice it when you pay for staff tickets. You would think it would be enough to offset some of the cost. They need to request that the fuel surcharge be matched to the price of fuel, cause it is only gonna go up.
Sq (shocked, but not disgruntled)
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Baywatcher
What planet are you on?
Yes under the formula not enough to trigger a profit share, but still a "NICE" amount of profit despite the 67% increase in fuel costs. To say that the fuel surcharge "in no way offset" the increased fuel cost is utter B*ll***S. (Mind you it could be the "language" used as english is not the first one.) It offset some of it but not all. We have still managed to buy a DC3, no doubt a stealth bonus for the Board as they did such a sterling job in getting us the airline of the year award. However, there should have been at least a special payment of say 5000HK$ to all staff, not much to us, but a GREAT incentive to the much lower paid staff, especially as they were told in the next breath we have to keep working harder!
I sometimes wonder about the upper "management" as they seem to have no idea how to manage people.
What planet are you on?
Yes under the formula not enough to trigger a profit share, but still a "NICE" amount of profit despite the 67% increase in fuel costs. To say that the fuel surcharge "in no way offset" the increased fuel cost is utter B*ll***S. (Mind you it could be the "language" used as english is not the first one.) It offset some of it but not all. We have still managed to buy a DC3, no doubt a stealth bonus for the Board as they did such a sterling job in getting us the airline of the year award. However, there should have been at least a special payment of say 5000HK$ to all staff, not much to us, but a GREAT incentive to the much lower paid staff, especially as they were told in the next breath we have to keep working harder!
I sometimes wonder about the upper "management" as they seem to have no idea how to manage people.
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I quite concur.
PCs speech and letter rave about the efforts "the team" has made plus:
Airline of the Year (2yrs in a row...albeit different awards)
20% increase in revenue
Record passengers
Record cargo
and...yield?....did also surprisingly increase! (no one expected that)
It was the perfect time for a "Discreationary Bonus". A token gesture to say "thanks, job well done". Its a huge blunder by the company.
Will an extra HK$3-5000 make a difference in my life? No....so, dont give it to me.
But to all the locals, office staff and cabin crew who toil away for only 2 times that per month, its huge!
These staff by the way have managed to reduce costs (ignoring fuel) by a massive 2% (thats huge and Im not taking the p1ss) They, quite rightly, must feel deflated. They get very excited by the profit share.
Last year they gave an extra bonus to the lower paid staff. I wish they would again.
Management have missed the chance (at very little cost to them) to unite the entire workforce for what are going to be some interesting years ahead. (China, LCCs, Expansion & Bird Flu?). Its going to be hard to motivate them to keep cutting costs if they see the benefits of their labour going into the pockets of the executives.
Sick rates will increase, esp amongst the frontline (the cabin crew)...who will simply say "why do I bother?" and the standard of superior service, which the new Chairman stated in his 1st speech as his top goal, will suffer.
Its management 101 and they have dropped the ball. (In my humble pilots opinion)
By the by: can anyone explain why PC quoted the total pre tax revenue to be HK$50billion whilst PNL quote HK$41billion? (Maybe I wasnt paying attention at school?)
*If you read the fuel surcharge quote it could actually read that surcharges didnt cover all the fuel increases. Its could also be a translation thing? My 1st reaction was wtf?! but upon closer inspection I dont think its a big deal.
PCs speech and letter rave about the efforts "the team" has made plus:
Airline of the Year (2yrs in a row...albeit different awards)
20% increase in revenue
Record passengers
Record cargo
and...yield?....did also surprisingly increase! (no one expected that)
It was the perfect time for a "Discreationary Bonus". A token gesture to say "thanks, job well done". Its a huge blunder by the company.
Will an extra HK$3-5000 make a difference in my life? No....so, dont give it to me.
But to all the locals, office staff and cabin crew who toil away for only 2 times that per month, its huge!
These staff by the way have managed to reduce costs (ignoring fuel) by a massive 2% (thats huge and Im not taking the p1ss) They, quite rightly, must feel deflated. They get very excited by the profit share.
Last year they gave an extra bonus to the lower paid staff. I wish they would again.
Management have missed the chance (at very little cost to them) to unite the entire workforce for what are going to be some interesting years ahead. (China, LCCs, Expansion & Bird Flu?). Its going to be hard to motivate them to keep cutting costs if they see the benefits of their labour going into the pockets of the executives.
Sick rates will increase, esp amongst the frontline (the cabin crew)...who will simply say "why do I bother?" and the standard of superior service, which the new Chairman stated in his 1st speech as his top goal, will suffer.
Its management 101 and they have dropped the ball. (In my humble pilots opinion)
By the by: can anyone explain why PC quoted the total pre tax revenue to be HK$50billion whilst PNL quote HK$41billion? (Maybe I wasnt paying attention at school?)
*If you read the fuel surcharge quote it could actually read that surcharges didnt cover all the fuel increases. Its could also be a translation thing? My 1st reaction was wtf?! but upon closer inspection I dont think its a big deal.
Last edited by petitfromage; 8th Mar 2006 at 13:34.
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Management 102 however....is to announce a discretionary bonus tomorrow.
Pick them up when theyre down and you earn lots of respect points.....as they'll see you're doing something you really do not have to do!!
I wont hold my breath for there are none so blind as those that refuse to see. (I read that somewhere?)
Pick them up when theyre down and you earn lots of respect points.....as they'll see you're doing something you really do not have to do!!
I wont hold my breath for there are none so blind as those that refuse to see. (I read that somewhere?)
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we get paid better than most, have good job security
petitfromage - very well said indeed.
I find the whole thing very demotivating, why should I now bother! I also find it very patronising and morale sapping. I think a little (HKG$5000 or equivalent) would go a long way in boosting what is at the end of the day an exceptional work force, then again pigs might fly!
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The fuel surcharge comment by our CEO could be a language problem or he is not talking from the same sheet as the Chairman. The chairman correctly states that the fuel costs were very high but that the fuel surcharge went someway in reducing those extra costs (not his exact words).
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3.3B profit and it's not enough? This company continues to lose good will with it's employee group. Sure it's a reatively secure and good paying job but what about loyalty to your employee? Are they expecting us to show solid loyalty first? I think we have over the past year we have been doing our best to conserve fuel and help the bottom line but that may change.
They should have paid something to the employees even just one week and $6000HKD. No, I believe CX just made a big mistake with it's employees and I wouldn't be too surprised if the efficiency of operation starts to decline a little and the fuel costs slowly begin to rise.
Oh, I get a kick out of the CEO reporting a profit of $3.298B as $3.2B. I wonder if he calls a $298 dinner bill $200? Sounds like my wife shopping!
They should have paid something to the employees even just one week and $6000HKD. No, I believe CX just made a big mistake with it's employees and I wouldn't be too surprised if the efficiency of operation starts to decline a little and the fuel costs slowly begin to rise.
Oh, I get a kick out of the CEO reporting a profit of $3.298B as $3.2B. I wonder if he calls a $298 dinner bill $200? Sounds like my wife shopping!
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Meh, the rules on profit sharing are pretty transparent and easy for anyone to find. Better than leaving it all up to "discretionary" bonus from management on an annual basis IMHO.
Of course, given y'all's theory that loyal employees are motivated by money and nothing but, you are giving your maids (those of you lucky enough to afford them) discretionary management bonuses...
Actually, giving a bonus would be no cost to management... but to the shareholders.
Of course, given y'all's theory that loyal employees are motivated by money and nothing but, you are giving your maids (those of you lucky enough to afford them) discretionary management bonuses...
Actually, giving a bonus would be no cost to management... but to the shareholders.
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Your are still expected to do what you can to save money for the company, whether it is reducing fuel below CFP, using discretion, reducing the cost index, or anything else for that matter.
If you do not everything you can, the company will look unkindly at this and there will be consequences. Please be guided accordingly.
The bonuses will go to the manager heads for all they have done and “Yes” they expect solid loyalty.
Remember who you work for. The fuel price is a perfect excuse not to pay profit sharing whether we made $3.2B or $4.2B. I am very surprised they didn’t take the 13th month, but that will be this year.
We all know how much Cathay values “Goodwill”. Has everybody forgotten the last 10-15 years?
If you do not everything you can, the company will look unkindly at this and there will be consequences. Please be guided accordingly.
The bonuses will go to the manager heads for all they have done and “Yes” they expect solid loyalty.
Remember who you work for. The fuel price is a perfect excuse not to pay profit sharing whether we made $3.2B or $4.2B. I am very surprised they didn’t take the 13th month, but that will be this year.
We all know how much Cathay values “Goodwill”. Has everybody forgotten the last 10-15 years?
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Mr Bloggs
"Your are still expected to do what you can to save money for the company, whether it is reducing fuel below CFP, using discretion, reducing the cost index, or anything else for that matter.
If you do not everything you can, the company will look unkindly at this and there will be consequences. Please be guided accordingly."
Surely all of the above is what your are paid for in salary?
If you don't like it try elsewhere. Of course you won't as there is no better!
"Your are still expected to do what you can to save money for the company, whether it is reducing fuel below CFP, using discretion, reducing the cost index, or anything else for that matter.
If you do not everything you can, the company will look unkindly at this and there will be consequences. Please be guided accordingly."
Surely all of the above is what your are paid for in salary?
If you don't like it try elsewhere. Of course you won't as there is no better!
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I reduce fuel below CFP, use discretion, reduce the cost index, or anything else for that matter because I like to think we are at the top end of the scale in avaiation and it is our job to do the best we can - We are after all professionals aren't we?
In my case Profit share does not come into it - being as professional and effecient as I can does!
Having said that I do feel that some token gesture would have been nice, purely to just keep the troops on side but I shall not become bitter because of it as life is way too short
In my case Profit share does not come into it - being as professional and effecient as I can does!
Having said that I do feel that some token gesture would have been nice, purely to just keep the troops on side but I shall not become bitter because of it as life is way too short
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Off topic
"I reduce fuel below CFP"
Why? Do you ever get any thanks for it? If you end up diverting because you are short on gas will they look back and say "Oh it's ok, he reduces below CFP"?
They put a figure on a flight plan for a reason. If you have a sound operational reason for carrying more, then do so.
<Edited for crap spelling>
Why? Do you ever get any thanks for it? If you end up diverting because you are short on gas will they look back and say "Oh it's ok, he reduces below CFP"?
They put a figure on a flight plan for a reason. If you have a sound operational reason for carrying more, then do so.
<Edited for crap spelling>
Last edited by jtr; 10th Mar 2006 at 13:03.
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Originally Posted by jtr
"I reduce fuel below CFP"
Why? Do you ever get any thanks for it? If you end up diverting because you are short on gas will they look back and say "Oh it's ok, he reduces below CFP"?
They put a figure on a flight plan for a reason. If you have a sound operational reason for carrying more, the do so.
Why? Do you ever get any thanks for it? If you end up diverting because you are short on gas will they look back and say "Oh it's ok, he reduces below CFP"?
They put a figure on a flight plan for a reason. If you have a sound operational reason for carrying more, the do so.
When I reduce fuel below flight plan it's not so much at dispatch it's been due to a tech problem, going back to the gate etc and I have not put on more fuel. I have reduced below Total Fuel at that point but as long as I have had Fuel Req'd I have gone.
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Originally Posted by coded_messages
I reduce fuel below CFP, use discretion, reduce the cost index, or anything else for that matter because I like to think we are at the top end of the scale in avaiation and it is our job to do the best we can - We are after all professionals aren't we?
In my case Profit share does not come into it - being as professional and effecient as I can does!
Having said that I do feel that some token gesture would have been nice, purely to just keep the troops on side but I shall not become bitter because of it as life is way too short
In my case Profit share does not come into it - being as professional and effecient as I can does!
Having said that I do feel that some token gesture would have been nice, purely to just keep the troops on side but I shall not become bitter because of it as life is way too short
I should have clarified so apologies...
When I reduce fuel below flight plan it's not so much at dispatch it's been due to a tech problem, going back to the gate etc and I have not put on more fuel. I have reduced below Total Fuel at that point but as long as I have had Fuel Req'd I have gone.
When I reduce fuel below flight plan it's not so much at dispatch it's been due to a tech problem, going back to the gate etc and I have not put on more fuel. I have reduced below Total Fuel at that point but as long as I have had Fuel Req'd I have gone.
Your a very difficult man to follow...good thing your at the "top-end" of the scale in aviation and not a communicator or teacher!
