ANZ recruiting in Philippines as local jobs axed (Part 2 of 2)

Posted to The Age (19/2/2012) on 19/2/2012 at 12:22 PM (Not published by Newspaper)
Commenting on “ANZ recruiting in Philippines as local jobs axed”
http://www.theage.com.au/national/anz-recruiting-in-philippines-as-local-jobs-axed-20120218-1tg3l.html

Just in case some readers are not familiar with the basic accounting equation, profit or loss of a business is equal to income minus costs and expenses. Salaries, wages and superannuation, office rental, utilities, etc are costs and expenses, and since with less people around, the costs and expenses will be drastically cut. The profit will increase even if the income remains unchanged.

Are these CEO’s that smart to come out with these strategies? No, many just spend company’s money to engage consultants to plot against their own people! If part of the CEO’s reward is based on performance, this is the simplest way to make more profit without increasing sales!

How can these people go to bed with a clear conscience every night?

End 2 of 2 Parts

ANZ recruiting in Philippines as local jobs axed (Part 1 of 2)

Posted to The Age (19/2/2012) on 19/2/2012 at 10:26 AM
Commenting on “ANZ recruiting in Philippines as local jobs axed”
http://www.theage.com.au/national/anz-recruiting-in-philippines-as-local-jobs-axed-20120218-1tg3l.html

Whose jobs will be axed next?

For any major restructuring of a large organisation, the axe always starts from the lower rung of the leader. As the number of workhorses diminishes, supervision and management roles of the middle management are reduced, and so will the positions.

Well, you guess it right; once the middle managers are gone, the senior managers will be the next in line. I have come across a very senior manager from an Asian country who strategized the restructuring of the Australian operation received the same treatment after he had executed professionally many of his fellow colleagues.

The saddest thing is the senior managers are too naïve to think that they have done a good job and will be rewarded accordingly. The only ones that reap the benefit will be the CEO and Directorates, who claim the credit of turning the bottom line to show healthy profit.

End 1 of 2 Parts

Ten of thousands of home owners prepared to switch over rates

Posted to Herald Sun (9/2/2012) on 9/2/2012 at 2:58 AM
Commenting on "Ten of thousands of home owners prepared to switch over rates"
http://www.heraldsun.com.au/news/more-news/ten-of-thousands-of-home-owners-prepared-to-switch-over-rates/story-fn7x8me2-1226266201942

It's easier said than done. Furthermore, most people find it too troublesome to keep switching banks - CBA may be higher in interest rate today, but after switching ANZ may take the cake. This is no difference from shopping around for cheap petrol.

In many cases, real interest rates chargeable are not published publicly, and until one sits down to negotiate with the lender, there is no guarantee that the self-proclaimed bargain hunting expert actually wins the day.

Negotiation demands confidence and skills. Many borrowers are unlikely to do a good job when confronted by experienced professional lenders. Compounding this is that negotiation normally takes place at the lenders office, and therefore gives the lenders a winning edge, at least at the psychological level.

Borrowing approval criteria are getting more and more constrained; those whose income has been reduced due to reduced hours of work may not have the same borrowing power as before. Borrowers are stuck, and unable to refinance their loan at the same magnitude.