PA Consulting Group’s Stephen Brooks has been quoted in the Financial Times. Stephen, an expert in people management, gives his view on PA and City HR’s survey of senior banking executives on the new FSA Remuneration Code. The article reports on the survey’s finding that only one in three bank executives based in London believes that the Financial Service Authority’s tough new pay code will curb risk-taking.
On the new code, the article says: "But the banking executives who talked to PA were dubious about the impact of the code on the industry as a whole: 34 per cent thought it would have a beneficial effect, and 65 per cent thought it would be negative or did not know."
Stephen, who led the work, gives his view on why there is unhappiness about the rules that let companies guarantee bonuses for new recruits but doesn’t allow current employers do to the same. He said: "It’s a poachers’ charter. Poachers can offer bonuses but gamekeepers can’t."
Stephen goes on to comment that: "Respondents were concerned about a level playing field".
You can read the article in full here.
To find out how PA can help your organisation be fit for the future, contact us now or click here.