CX profit share
Join Date: Jul 2005
Location: Hong Kong
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Very nice to get one month, but I would rather get an 8% increase of salary, which considering that we got a 3% increase in 7 years , this offer is still way short of where we should be.
Join Date: Mar 2005
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Thank you CX.
Now then:
One month/12months x 100 = 8.33%
My own personal workload has grown by much more than 8.33% over the last 12-18 months.
But in the meantime.
Thank you CX
Now then:
One month/12months x 100 = 8.33%
My own personal workload has grown by much more than 8.33% over the last 12-18 months.
But in the meantime.
Thank you CX
Join Date: Sep 2005
Location: Paradise
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Touche!
Actually Dragon, some guys in this job think that the glass is completely empty, smashed on the bar and then jammed in their face. Miserable sods...
Not me - I'm off to buy a new toaster at Fortress!!! (Can anyone guess my rank!!?!
)
Not me - I'm off to buy a new toaster at Fortress!!! (Can anyone guess my rank!!?!
)
Join Date: Apr 2006
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You are very welcome for your extra half-month of salary that we didn’t have to give. There is no pleasing some.
We like to take this opportunity to thank each and every pilot that helped out on his or her time off to make this kind of profit. It is exceptional. Just a note, 2.46 million USD a day PROFIT and we couldn’t have made this kind of money without your help.
We have made the first gesture of goodwill and now we will need our flight crew to do the same. What we need is flight crew to be flexible with their time off i.e. G days, O days to make The Cathay Pacific Group even more profitable next year.
This payment was about our goodwill, now it is time for the pilot group to show theirs.
Our Management bonus will be a great one this year. Good work to all involved in keeping our labor cost down.
See you at the GALA!
To My BONUS.
The Management
We like to take this opportunity to thank each and every pilot that helped out on his or her time off to make this kind of profit. It is exceptional. Just a note, 2.46 million USD a day PROFIT and we couldn’t have made this kind of money without your help.
We have made the first gesture of goodwill and now we will need our flight crew to do the same. What we need is flight crew to be flexible with their time off i.e. G days, O days to make The Cathay Pacific Group even more profitable next year.
This payment was about our goodwill, now it is time for the pilot group to show theirs.
Our Management bonus will be a great one this year. Good work to all involved in keeping our labor cost down.
See you at the GALA!
To My BONUS.
The Management
Join Date: Oct 2006
Location: Hong Kong
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fac6
Fortunately the profit share formula has also changed as asian aviation has stopped being as lucrative. If the profit share formula that was used when we joined was applied to this profit, our profit share would have been ZERO. So I guess we should be grateful that as profit margins have diminished from 27% in the late 80s to less than 10% today, the profit share formula has been updated with the corresponding fall in relative profitability.
By the way, to get those same 3 months using the early 90's profit share formula, our profit would have been around $20billion this year.
Some people think about profit the wrong way. If a bank said it would give you $1,000 in interest for depositing your money for a year, would you accept it? Depends doesn't it....are you giving them $10,000 or $100,000. The interest RATE is what is important not the amount. Same as the profit on companies. It is the rate of profit on Capital employed. The airline is nearly 10 times the size in turnover and aircraft versus 2 decades ago....you would kinda hope profit didn't stagnate at 1980's levels!
By the way, to get those same 3 months using the early 90's profit share formula, our profit would have been around $20billion this year.
Some people think about profit the wrong way. If a bank said it would give you $1,000 in interest for depositing your money for a year, would you accept it? Depends doesn't it....are you giving them $10,000 or $100,000. The interest RATE is what is important not the amount. Same as the profit on companies. It is the rate of profit on Capital employed. The airline is nearly 10 times the size in turnover and aircraft versus 2 decades ago....you would kinda hope profit didn't stagnate at 1980's levels!
Join Date: Jul 2007
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Let's keep this all in perspective: I don't need to 'thank' CX mngmt for my money....... I earned it. Why do you think TT had to increase the payout? Because to pay anything less would have been an insult. It also demonstrates just how unfair the PS formula is. No, forget the thanks....pay me what I deserve.
Join Date: Jun 2007
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NC another wise insight for us. The fact of the matter is that even with that analysis to make $7.02 billion and only pay 16.5 days, most cabin crew/ ground staff would have been royally p$ssed. Make no mistake, this extra cash was for their benefit as well as ours. With the cabin crew sick rate at all time highs, 16.5 days would have seen many flight cancellations!!! Wise decision by CX but by no means a generous, from the bottom of their hearts thank you....me thinks anyway!!
Join Date: Oct 2007
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Buying Good Will
That's exactly right!
Question is: Give a dog a bone & he wants more... etc.
So how are they going to keep us employee's interested in the future?
(If this is a once off)
Me thinks salaries will need to be adjusted not profit formula's.
So come on CX show me the $ !
Some real permanent changes to salaries adjusted for inflation & increase productivity which as not happened much for the last 15 odd years.
Question is: Give a dog a bone & he wants more... etc.
So how are they going to keep us employee's interested in the future?
(If this is a once off)
Me thinks salaries will need to be adjusted not profit formula's.
So come on CX show me the $ !
Some real permanent changes to salaries adjusted for inflation & increase productivity which as not happened much for the last 15 odd years.
Join Date: Apr 2000
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I have to agree with crewsunite. The "thank you for your efforts" might work with the locally employed office workers but the minimum of an annual inflationary pay rise plus financial recognition of any productivity increases would go a long way to solve the underlying unrest that is prevalent within our aircrew body. Three of my colleagues have left or are leaving - fact, not bar talk - and I know of several who are just looking.
Ever the optimist, there are positive moves within our fleet, and there is less of a tendency to eat one's own young. The fact that we've received the biggest bonus this millennium (thank you) is another positive move. However, the "can't have a pay rise because everyone would need one" mentality won't crew the new aircraft arriving, nor address the impending world-wide shortage of qualified pilots.
CX was built on the entrepreneurial spirit of an exciting Hong Kong and the recognition of the experience provided by imported professional aviators. However, in today's short-sighted quick-fix/quick-buck mentality, the good work done before 1993 has been continually eroded.
As I've said before, one just has to find where one fits in. For me, when three-man ULH starts getting programmed on European flights, I'm off.
BB
Ever the optimist, there are positive moves within our fleet, and there is less of a tendency to eat one's own young. The fact that we've received the biggest bonus this millennium (thank you) is another positive move. However, the "can't have a pay rise because everyone would need one" mentality won't crew the new aircraft arriving, nor address the impending world-wide shortage of qualified pilots.
CX was built on the entrepreneurial spirit of an exciting Hong Kong and the recognition of the experience provided by imported professional aviators. However, in today's short-sighted quick-fix/quick-buck mentality, the good work done before 1993 has been continually eroded.
As I've said before, one just has to find where one fits in. For me, when three-man ULH starts getting programmed on European flights, I'm off.
BB
Join Date: Oct 2006
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New profit share versus old and older profit share formulas
FYI
If we had the PS formula from the early 90s profit share this year would have been zero!
If we had used the PS formula that existed five years ago we would have got about 10days and $6,000.
So the new profit share formula is better at these lower profit levels...lower in terms of 'profit on turnover'. The amount paid out in profit share this year would have been about $850million.
Another interesting snippet...whilst our profit share last year was equal to about 2% of our salary, the DFO received a bonus equal to about 82% of his salary. For the period 2004-2007 his remuneration(salary and bonus) has increased by 5%, 16%, 10% versus the pilot group receiving ZERO each year.
If we had the PS formula from the early 90s profit share this year would have been zero!
If we had used the PS formula that existed five years ago we would have got about 10days and $6,000.
So the new profit share formula is better at these lower profit levels...lower in terms of 'profit on turnover'. The amount paid out in profit share this year would have been about $850million.
Another interesting snippet...whilst our profit share last year was equal to about 2% of our salary, the DFO received a bonus equal to about 82% of his salary. For the period 2004-2007 his remuneration(salary and bonus) has increased by 5%, 16%, 10% versus the pilot group receiving ZERO each year.
Join Date: Apr 2006
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NC,
The DFO has much more responsibility than a mere pilot and deserves his bonus. He has been a very good DFO on his ability to lower contract conditions since his arrival. Good job indeed.
We don’t need to pay the pilots more, ask yourself why would we? Why pay the pilot group more as they will do just as good a job or better, with intimidation, for lower pay? Why give money to the pilots when we can keep it for ourselves?
You should ask your AOA to take a survey, it should help with your cause.
To My Bonus.
The Management
The DFO has much more responsibility than a mere pilot and deserves his bonus. He has been a very good DFO on his ability to lower contract conditions since his arrival. Good job indeed.
We don’t need to pay the pilots more, ask yourself why would we? Why pay the pilot group more as they will do just as good a job or better, with intimidation, for lower pay? Why give money to the pilots when we can keep it for ourselves?
You should ask your AOA to take a survey, it should help with your cause.
To My Bonus.
The Management
