30 Nov WTF: WFH DOUBLE DIPPING; PROXY ADVISORS CALL FOR MORE LTI OVER STI
WTF: WFH DOUBLE DIPPING
The academic who coined the term Great Resignation to describe the trend of the large numbers of employees resigning from their roles during the COVID pandemic has now warned of the continuing trend of ‘double dipping’.
The University College London School of Management’s Associate Professor Anthony Klotz told the Financial Times of concerns that large numbers of remote workers could be quietly working two full-time roles without the knowledge of their employers. “It is one of the main three questions that comes up,” Klotz told the FT about the discussions with companies about workers taking second jobs on the sly.
The FT article also cited recent research by the management consultancy firm McKinsey, which estimated that around five per cent of the workforce was double dipping without the knowledge of their employers.
According to McKinsey, one solution was not mandating a return to the office but instead focusing on why employees are motivated to take a second job in the first place. “Inadequate total compensation and a lack of career development and advancement opportunities emerge as the two key motivators for this group,” it said.
PROXY ADVISORS CALL FOR MORE LTI OVER STI
The AFR reported during the week on calls from the leading proxy advisory firm Glass Lewis for boards to better align executive bonuses to long-term returns and performance.
“That does not give a lot of opportunity for executives to see share price appreciation as a really large motivator of their behaviour,” Glass Lewis’ Phillip Foo told an AFR summit. “I see some movement in the right direction, but I am looking for more skin in the game at of executive pay structures.”
This thinking is not new but continues the discussion on the push for companies, as Glass Lewis said in a submission to a Productivity Commission inquiry into executive remuneration in 2009, “to adopt remuneration policies which inherently encourage long-term thinking by the important executives”.
WORD OF THE YEAR
The award for Macquarie Dictionary’s word of the year goes to… cozzie livs, the colloquial word for cost of living.
The dictionary’s editorial committee chose the word because of the cost of living’s impact on all Australians and “when something is very serious, we do love to make a colloquial term that [makes it] easy to discuss things in a more light-hearted manner,” said Victoria Morgan, the Macquarie Dictionary’s managing director.
The runners-up for the award were blue-sky flood (floods in low-lying areas caused by the flow of flood water, which has made its way from the higher ground after substantial rainfall) and algospeak (a form of coded language used on digital platforms to replace words relating to things such as sex or violence, that would trigger a site’s moderation rules to remove a post).
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