More banathon? Professionals asking for OT pay?

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-- More banathon? Professionals asking for OT pay?
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Posted by teufel-man on Oct-30-2008 22:13:

I will be entering the 'financial services' industry next year. I would love it if they banned overtime! That would increase my hourly wage durastically! (ie. same salary divided by less hours)

Posted by devnull on Oct-30-2008 22:43:

as a sysadmin in a Financial services company, i am salaried based on a 37.5 hour work week. Anything over is 1.5times. If i have to do upgrades on the weekend...its OT.

I carry a blackberry for oncall and get paid for carrying and get 1.5hour for each call received. so its pretty sweet if i compare to some stories above...

Ive seen some pple work late at my work and dont seem to claim it...they are trying to get their work done i assume....me, i dont work for free!

once you reach management, you are salaried, no OT, no pay for oncall and you pretty much work >40 hours/week on a constant basis.

Posted by DigiNut on Oct-30-2008 22:52:

I thought we already had very specific regulations regarding overtime pay. WTF?

Posted by Skipper on Oct-30-2008 22:56:

quote:
Originally posted by devnull
I carry a blackberry for oncall and get paid for carrying and get 1.5hour for each call received. so its pretty sweet if i compare to some stories above...

*head spins*

Financial services/corporate banking/equity markets are a totally different ball game. I regularly put in 60 hours and there's no hope of OT. (but I wouldn't ask for it either.)

Posted by Skipper on Oct-30-2008 22:56:

quote:
Originally posted by teufel-man
I will be entering the 'financial services' industry next year. I would love it if they banned overtime! That would increase my hourly wage durastically! (ie. same salary divided by less hours)

Nobody is banning OT, it's a matter of getting paid for it or not.

Posted by teufel-man on Oct-30-2008 23:10:

quote:
Originally posted by Skipper
Nobody is banning OT, it's a matter of getting paid for it or not.

Same difference...

as long as your compensation is proportionate to the amount of work, then its all good!

Its funny how a lot of these financial services jobs offer good looking salaries, but then you have to work double the time of a regular job so the actual hourly earnings are lower than most jobs.

A waitress who worked 80 hours a week could probably rake in like 85k! and you dont need to go through X amount of years of schooling to become a waitress!

Posted by Moral Hazard on Oct-31-2008 13:35:

I would argue that professionals should only get paid OT if their total compensation divided by the total amount of hours worked results in an amount that is below the minimum wage OR they are working in excess of the maximum amount of hours allowed under provincial legislation.

Posted by MarkT on Oct-31-2008 14:56:

this is obviously not unique to finance industry (though it certainly does apply to my office too).

you could even ask a retail store manager if they work their scheduled hours and that's it. doubtful. and they're far from the six figures that investment bankers, senior analysts, mid-level execs, etc. are making on Bay St.

normally, you could go elsewhere...but not when it's widespread in your industry as 'standard practise'.

the problem with these lawysuits, as mentioned, is that if OT has to be paid, the bonuses will simply dry up. so the net earnings for many will probably be the same anyway. management is not so stupid that they won't simply tweak their operations to remain with their compensation budgets. if you don't eanr a bonus and it's just expected that you work beyond normal hours, then less people will be hired or some other mechanism will ensure that the company isn't suddenly paying out more.