What salary increases at the National Bank? Get… Go4more points and you’re welcome!
It seems like this is what the bankers who manage the NGE of fat profits thought and rushed to give points of equal value from 100 to 700 euros, which will be credited in the next few days and redeemed, as is known, in specific businesses.
The Perspective Proposal at the NBG that highlights the issue states in its announcement, among other things:
“It is infuriating and provocative that with 1.2 billion profits in 2023 and 670 million in the first half of 2024, provocative salaries, bonuses, shares, cars, etc. to the members of the Board of Directors, the General Managers, and other senior executives, with such a party of millions to channel managers, contractors, etc., for the employees they have nothing more than “points” of a few euros, which benefits the Bank in the context of agreements with companies” !
The announcement of the Prospectus Proposal at the National Bank
It was heard as a joke by the colleagues at the general assembly of the NBG Employees Association on 19/10, the solemn announcement by the – for a few more days – President of the Association that the previous afternoon (!) the Management announced to the Association that it would finally grant an emergency financial aid. This new “success” once again concerned Go4more points, worth from 100 to 700 euros, which will be credited in the next few days and redeemed as you know in specific businesses. They immediately ran to send a relevant announcement from the Association and an e-mail from HR, which specified the reinforcement.
In the end, the Commanders and both major factions DISYE-DAKE have no imagination at all. And they think that the workers have no dignity either. We expected this time, something in the way of supermarket feeding arrangements or “turkey” before Christmas, or Aegean points which is the new “reward” model. We expected a 500% increase at least, as much as the CEO received in his salary in 2023 compared to 2 years ago, i.e. 5 “turkeys” instead of 1.
But we had completely one of the same, the project of pre-election success was simply played by DISYE, with a little suspense, as it was conveyed to the colleagues that the Administration had initially refused, but apparently changed its mind due to the huge DISYE-DAKE fight. They would calculate it seems that the cost is almost zero.
It is infuriating and provocative that with 1.2 billion profits in 2023 and 670 million in the first half of 2024, provocative salaries, bonuses, shares, cars, etc. to the members of the Board of Directors, the General Managers, and other senior officials, with such a party of millions to channel managers, contractors, etc., for the employees they have nothing more than “points” of a few euros, which benefits the Bank in the context of agreements with companies!
They wonder if we can pay for electricity, tuition with points? The insurance funds do not receive a euro, many colleagues in the province and islands have very limited business to cash out. And yet the Association is celebrating!
Of course, they admit that we have not received substantial increases, especially from the operational contract, that is why they are giving us another extraordinary aid, and they think that the colleagues are eating crap. Colleagues complain about the intensification, the pressure, and of course the low wages!
They want regular pay rises, not begging every 3 and a bit to give us a crumb of their huge profits.
An Association that markets us as “victories” does not suit us in this miserable everyday life that we live. Colleagues should blacken them
“Black and white”, who this time to secure their “chairs” and Presidencies, put colleagues on the ballots without wanting to, or put them in two different factions at the same time, as we saw in the electoral committee.
Let’s all elect a sports union together, to mobilize and organize colleagues, to break fear and terrorism collectively and with games! As a Perspective Proposal, we are every day on the ramparts for labor rights, without any facilitation and with exclusions. It is up to us to turn this situation around and fight together for working rights and real pay rises.
We take matters into our own hands! We are voting on a Perspective Proposal!
2024-10-31 20:48:00
Time.news Interview with Dr. Elena Apostolou, Labor Economics Expert
Interviewer (Editor of Time.news): Good day, Dr. Apostolou, and thank you for joining us to discuss the recent developments at the National Bank of Greece. There’s been a lot of buzz about the bank’s decision to reward employees with redeemable points instead of substantial salary increases, even in light of reported profits of 1.2 billion euros in 2023. What’s your initial reaction to this situation?
Dr. Elena Apostolou: Thank you for having me. Well, my initial reaction is one of concern regarding the growing disconnect between executive compensation and the employee incentives offered at the National Bank. Given that the institution is reporting such high profits, one would expect a more equitable distribution of financial gains across the workforce rather than the measly “Go4more” points.
Editor: Indeed. The announcement made by the National Bank’s leadership indicates a decision to issue points ranging from 100 to 700 euros instead of addressing base salary increases. How do you believe this impacts employee morale and engagement?
Dr. Apostolou: It’s likely to have a negative impact. Employees generally seek recognition that reflects their contributions, and when they see executives receiving substantial bonuses, salaries, and perks while they only get limited redeemable points, it breeds resentment. Workers may feel undervalued and less motivated, which could ultimately affect productivity and retention rates.
Editor: The announcement mentioned in the article also labeled the rewards as “provocative.” Would you agree with that characterization, and why?
Dr. Apostolou: Absolutely. When employees are aware of the vast profits made by their organization and then only receive points as a form of recognition, it comes off as dismissive and shortsighted. It suggests that the management is out of touch with the financial realities of their workforce. This disparity in recognition could create an environment where employees feel undervalued and disillusioned.
Editor: The article references a general assembly where employees expressed their dissatisfaction with the way they are being rewarded compared to the board members. What would be your advice to management in terms of addressing this issue?
Dr. Apostolou: The management needs to foster a culture of transparency and equity. A comprehensive review of compensation structures that includes input from employees could help. Implementing more significant salary reviews alongside performance bonuses, and perhaps even profit-sharing programs, would demonstrate a commitment to ensuring that all levels of staff benefit from the bank’s success.
Editor: There’s also a point raised about the creativity—or lack thereof—of the management in terms of what they offer their employees. How crucial is innovation in compensation packages today?
Dr. Apostolou: Very crucial. The modern workplace is evolving, and employees are looking for more than just monetary compensation; they value work-life balance, career development opportunities, and meaningful recognition. Tailoring rewards to reflect those values—not just numerical points—can significantly enhance job satisfaction and loyalty.
Editor: looking ahead, what do you think will be the lasting implications for the National Bank if they don’t address its employees’ concerns properly?
Dr. Apostolou: If the National Bank continues on this path, they may encounter higher turnover rates, reduced employee engagement, and a damaged reputation. This could affect their ability to attract top talent and ultimately impact their long-term profitability. A strong internal culture is crucial for ongoing success, particularly in competitive financial markets.
Editor: Thank you, Dr. Apostolou, for your insights. It’s clear that how organizations communicate and implement reward systems can deeply influence their workplace dynamics. We hope that the National Bank considers these factors in the future.
Dr. Apostolou: Thank you for having me. It’s an important discussion, and I hope to see positive changes soon.