09 Jul CEOs TAKE A PANDEMIC PAY CUT; WHAT TO EXPECT FROM A POST-PANDEMIC BOOM
Welcome to this week’s business and media intelligence update.
WHAT TO EXPECT FROM A POST-PANDEMIC BOOM
In the surest sign yet that the Australian economy is recovering from its post-pandemic dip despite the NSW lockdown, the Reserve Bank of Australia (RBA) announced this week that while interest rates would stay at 0.1 per cent, it would be tapering its bond buying program from $5 billion to $4 billion from September this year.
In a statement explaining its decision, the RBA noted that while pandemic restrictions led to short term dips in economic activity, the Australian economy bounced back very quickly once the outbreaks were contained. In other words, look out for the coming economic boom.
What else can we expect from a post-pandemic economy? Well, if history is any guide, look out for spending sprees, political upheaval, and creative solutions to stubborn economic problems. Pitchfork Economics spoke to The Economist’s Senior Economics Writer Callum Williams, who had some ideas.
BELIEVE IT OR NOT: CEOs TAKE A PANDEMIC PAY CUT
A joint report by Aon and the Governance Institute of Australia reveals that no one is immune to the effects of the pandemic, with C-suite pay packets all falling victim to COVID-19 last year.
The report analyses the executive remuneration packages of 413 companies, including those in the ASX 300, and found that only a quarter of Australia’s most senior executives were given a pay rise last year. For those that did see a pay rise, the size of the increase was 1.4 per cent, compared to the two per cent rise enjoyed by executives in 2019.
There was also a ten per cent reduction in the number of ASX 300 companies providing bonuses, with only 64 per cent of executives receiving a bonus.
Read the full report here.
BATTLE OF THE TITANS: WALL STREET AND SILICON VALLEY DUKE IT OUT OVER WFH POLICIES
While Australians grudgingly lock themselves back down in a bid to stamp out the latest COVID-19 variant, over in the United States, a schism is opening between Wall Street and Silicon Valley over whether employees should be allowed to continue working from home.
Wall Street titans Goldman Sachs and JP Morgan have told their employees to return to the office five days a week, with Morgan Stanley CEO James Gorman bluntly telling employees, “If you want to get paid New York rates, you work in New York,” at a conference last month.
Meanwhile, technology giants such as Facebook and our very own Atlassian are proudly trumpeting their flexible or hybrid work policies, with Slack CEO Stewart Butterfield telling his fellow executives to focus on building virtual headquarters instead of physical ones.
PUBLIC SPEAKERS ARE MADE, NOT BORN
For most of us, having to speak in front of a room full of strangers is the ultimate nightmare.
While at the more extreme end of the scale, the recent controversy over international tennis star Naomi Osaka’s refusal to attend required news conferences at the French Open, is an example of just how debilitating fronting the media, or any public speaking situation can be.
The business world is no different – successful leaders are expected to be able to do more than just run a company. Being able to get your message across to clients, investors, employees, and regulators is seen as a “must have” for business leaders.
But the reality is that good communicators are made, not born. So, what can we do about it?
We discuss four helpful tips to help build your public speaking skills here.
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