Profit Share
Thread Starter
Joined: Jun 2009
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From: az
Profit Share
I am assuming that we collectively are involved in the profit sharing formula for this years profit? Seeing that the relevant managers are shoring up the policy in detail at the current time, there is no reason that we shouldn't all see at least 6 weeks pay for profit share; and that is being extremely conservative!
Any detail on Yammer yet?
Any detail on Yammer yet?
Joined: Dec 2005
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From: Hong Kong
Don't forget the 6 beers as well
Not forgetting of course that the managers deserve a much bigger slice of the pie because they work so much harder than the rest of us, and are sooo much more important to the overall profit of the company
Not forgetting of course that the managers deserve a much bigger slice of the pie because they work so much harder than the rest of us, and are sooo much more important to the overall profit of the company
Joined: Nov 2012
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From: Home
If you watch Bloomberg you would have seen the analysts talking about our fuel hedge blunder. We're starting each financial year at minus $6billion hkd and we go from there. It is possibly the worse fuel hedge miscalculation in the history of aviation in dollar terms.
The last 3 months have changed analysts predictions in that they now see the cost of oil staying cheaper for longer. Another3 or 4 years.
What CX is doing at the moment is the equivalent to operating with a massive debt load.
Other airlines are killing us if you look at rpks etc, I'd love profit share but I'd just be happy to make it through to 2018 without SLS.
All the new planes in the world won't make a lick of difference if we can't get seats filled at a price that covers fuel hedging. And our competitors know this.
The 1980s CX everyone sobs about and misses with its huge profits and no competition wouldn't last 6 months in a 2016 operating environment.
The last 3 months have changed analysts predictions in that they now see the cost of oil staying cheaper for longer. Another3 or 4 years.
What CX is doing at the moment is the equivalent to operating with a massive debt load.
Other airlines are killing us if you look at rpks etc, I'd love profit share but I'd just be happy to make it through to 2018 without SLS.
All the new planes in the world won't make a lick of difference if we can't get seats filled at a price that covers fuel hedging. And our competitors know this.
The 1980s CX everyone sobs about and misses with its huge profits and no competition wouldn't last 6 months in a 2016 operating environment.
Joined: Mar 2008
Posts: 1,542
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From: London
SLS...haha. Really? Remember, it is 'voluntary'. The fact they were petty and vindictive the last time round (only returned 90%) ensured that I will NEVER again give them a penny of my hard (and fatigued) earned $$. Further, the fact they have basically cheated us out of profit sharing for the past several years is yet another reason they can go pack sand.
Joined: Dec 1999
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From: Planet Earth
Is there even a 'current' profit sharing formula? I thought last year end they announced that the formula would be extended to cover that year end implying that this year the formula has expired. If there is a decent amount of profit they will just change the formula and if profit is bad they will graciously and generously extend the formula to cover this year too.
Joined: Aug 2007
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From: sydney
You have to love fuel hedging. In the case of Qantas they use call options so when the price of fuel fell they only lost the call premium. This meant they got all the downside. They have been doing this for nearly 15 years but it doesn't stop the current management from claiming it was there brilliant strategy and therefore getting their snouts in the trough for millions of dollars of bonuses .
Joined: Dec 2010
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From: Here ---> X
there is no reason that we shouldn't all see at least 6 weeks pay for profit share;
My kids still believe in Santa Claus, but even they know we're not getting squat this year.
It doesn't matter how much money they do or do not make or how much money they do or do not lose on ridiculous bets, they'll always find an excuse.
Corporate greed has long taken care of profit share in CX.
We live in a World where share holders who do absolutely nothing for the company are more important than all those who actually do all the work.
Eidolon
Joined: May 2001
Posts: 2,244
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From: Some hole
Is there even a 'current' profit sharing formula? I thought last year end they announced that the formula would be extended to cover that year end implying that this year the formula has expired.
Thread Starter
Joined: Jun 2009
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From: az
I guess my point is, that we should all be expecting at least 6 weeks profit share for our efforts.
If we do not get a minimum number, say two weeks, then we as a union should have a policy put in place PRIOR to the announcement (i.e. Soon) of PS that encourages the entire company to contribute 100% of profit share to the sunny side club....... and challengre all senior management to give the same. We could have a big PR campaign to highlight the good work of the organization, and also name the senior manager(s) that come through for the SS club, and portray the others as greedy. AT and above managers only. Nobody else on the 3rd floor is even close to being a senior manager. It would be easy to say, that we would all get at least two weeks.
If we do not get a minimum number, say two weeks, then we as a union should have a policy put in place PRIOR to the announcement (i.e. Soon) of PS that encourages the entire company to contribute 100% of profit share to the sunny side club....... and challengre all senior management to give the same. We could have a big PR campaign to highlight the good work of the organization, and also name the senior manager(s) that come through for the SS club, and portray the others as greedy. AT and above managers only. Nobody else on the 3rd floor is even close to being a senior manager. It would be easy to say, that we would all get at least two weeks.
Joined: Oct 2007
Posts: 231
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From: Hong K ong
Swire fiddling the books
Swire's make money from our planes even when they don't fly.
The fact that they do allows them to make more.
When they make too much money. It's give them more opportunities to milk the system. To ensure Prof Margin
stays below a certain threshold.
This fuel hedging stratergy has been a brilliant move on their part. One loss is another's gain.
The fact that they do allows them to make more.
When they make too much money. It's give them more opportunities to milk the system. To ensure Prof Margin
stays below a certain threshold.
This fuel hedging stratergy has been a brilliant move on their part. One loss is another's gain.
Joined: Nov 2012
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From: Home
Shep69 & Trafalgar, I wasn't suggesting SLS was a good thing, just saying that if you have a lookout the financials, all our operating fuel savings amount at the very best to about 6% of what the hedging has cost us. Is costing us. Every year. Every little bit helps but we have such a mountain to climb before we even start making money.
I also would have loved to have been on the other side of the trade when the market was bracing for a drop to $50 oil and we were all alone (with SIA) rushing around getting options at $90.
Gift horse, mouth.
One could argue we took a huge gamble and it failed.
I also would have loved to have been on the other side of the trade when the market was bracing for a drop to $50 oil and we were all alone (with SIA) rushing around getting options at $90.
Gift horse, mouth.
One could argue we took a huge gamble and it failed.
Joined: Mar 2008
Posts: 1,542
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From: London
So, AnotherDay, you are suggesting that somehow I should feel 'sorry' for our inept, corrupt and incompetent management? Hmmmm, no. What I do feel for them is utter contempt. Myself and 3000+ other pilots DO our jobs professionally, day in and day out. No exceptions, EVER. Our management however lurch from one fiasco to another, and then seem to have no trouble justifying taking it out on the hard working and competent front line staff. They can all get F@%$ed. OUR efforts DESERVE at least 6-8 weeks of PF this year. If there is anything less, I can suggest that they haven't really as yet seen the full effect of CC...but they will. We'll know in March. Until then, there are 3 more months that our illustrious leadership can find several other aspects of our operation to royally screw up.
Last edited by Trafalgar; 27th December 2015 at 16:52.