quote:

Originally posted by Skipper Well if you want to work in financial services, there's no way around it. (I mean in terms of institutional equity sales/trading/research/banking, which is where the plaintiffs worked) I-bankers generally get fairly lucrative bonuses every quarter, but when times are tough (as they are now), they're working those hours on a fairly modest salary and the expectation is that they will be lucky to get anything beyond that. So this is where it gets tricky - should they be paid for those hours regardless of how the business does? because the plaintiff is correct in saying that if you refuse to do the time, you're eventually weeded out. It's ruthless.

Like I said, nothing wrong with going the extra mile if there's a good bonus every quarter or year. But should employees be ripped off when there's a few bad quarters? Rent and food don't cost less when you have a bad quarter.

Banks should just give average salary with smaller bonuses, they just play these dirty tricks to fuck the employees off. There's no way around it.

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quote:

Originally posted by FunkyCrew however if I work 2 hours overtime today, I get to leave 2 hours earlier tomorrow without any notice really

this is really standard with most profesional work environments.

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My god I love overtime pay so much

quote:

Originally posted by malek this is really standard with most profesional work environments.

eh trust me, the place I worked at before, they wouldn't even let me do that

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quote:

Originally posted by FunkyCrew eh trust me, the place I worked at before, they wouldn't even let me do that

i try to avoid working for gulags

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quote:

Originally posted by malek i try to avoid working for gulags

lol
it was Jews actually lol
I'm going to hell for that

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quote:

Originally posted by Skipper Most places don't - that's the point of this regulation. Employers abuse the fact that wages are a fixed rate.

Exactly. When you're on salary, your annual pay amount is (or should be) based on a fixed number of hours.

In the case of my accounting firm, its 1975 hours. If you work more than that, you can either a) be paid out at end of year (like a bonus, I suppose, but not really), or b) take flex time throughout the year to even it out (ie. take whole days or parts of days off so that in the end, you've worked the stated and required 1975 hours.

Here, that's great, bc all the extra hours we accumulate during tax season means we can take days off during the summer whenever you want (and we get a good bit of flexibility generally, as summer is the most relaxed time of the year in accounting firms generally), and it doesnt use up any of your vacation time. Some ppl here just never work Fridays all summer to use up all their flex hours they accumulate during tax season. Its great.

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for my job there are no set hours as we bill our time...sort of like how lawyers do. We get paid a salary and then quarterly bonuses.

Starting next year, if we do work related activities that we cannot bill for our company will pay us an hourly rate based on our salary. So when we have office meetings I will get additional pay for attending the meeting or if I help mentor some of the younger adjusters I will get paid to help them. Its a pretty sweat deal.

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Last edited by Moral Hazard on Apr-26-2011 at 07:48

At my company... OT can be requested by all sallaried workers to a certain job scale level.

As I am considered management level (but not people-manager), I am not entitled to request for overtime.

I work for Catholics... damn crusaders!

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quote:

Originally posted by ChemEnhanced for my job there are no set hours as we bill our time...sort of like how lawyers do. We get paid a salary and then quarterly bonuses. Starting next year, if we do work related activities that we cannot bill for our company will pay us an hourly rate based on our salary. So when we have office meetings I will get additional pay for attending the meeting or if I help mentor some of the younger adjusters I will get paid to help them. Its a pretty sweat deal.

Interesting. We're the same, in the sense that we must bill all our time too, each and every day.

It either gets billed to chargeable time (ie. clients for working on their year-ends, etc.) or to non-chargeable time (admin, PD, IT, vacation, stat holidays, etc)

You must bill it to either a chargeable or non-chargeable time for it to be recognized towards your standard minimum number of hours.

So, interestingly, even though we bill our time too (like you guys, and lawyers), we are still expected to bill a minimum number of hours a year. Furthermore, generally you gotta maintain a certain ratio of chargeable to non-chargeable hours too... around 90-10 (85-15 at the very least).

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I typically work past five with my company just to get stuff done. I'm usually here till 6ish but thats at my own choosing....

(and there good when I walk in at 10am after a late night gig so it works outs)

I think the problem is when the corporate culture dictates you work those extra hours or you won't be accepted into there community. You may get a nice bonus but do you have the option of going home to your family instead? Probably not without getting noticed....

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quote:

Originally posted by malek this is really standard with most profesional work environments.

...well, not really. Going back to the case at hand, the lawsuit was launched by people working in financial services specifically, and they're right to describe it the way they did. In that industry, there's no way you officially get time off in lieu. There's some flexibility, but it's not written in stone that you get x hours for x hours worked.

What would the end result be if banks had to start paying OT? Essentially wages would double, and bonuses would be hacked. There would probably be an implicit pressure to not bill OT where possible, essentially reducing your own salary.