It might not be the best strategy in the long run, it might not be safe, and it certainly isn't the most dignified way to boost your compensation package, but old-fashioned whining is certainly a tool in the kit, and when the time is right, it is can work. Apollo Global Management employees will reportedly be offered an additional approximately $200,000 as a special off-cycle bonus if they stay with the company at least through September 2022.
Business Insiderreported yesterday that Apollo is offering its employees first, second and third year retention bonuses of $100,000, $150,000 and $200,000 respectively. This follows the announcement thatseven of Apollo's 30 New York employeesquit after 3 months complaining of 20 hour days and lonely nights working alone at 3am.
Apollo's departures do not appear to be related to lack of funds. A former colleague toldBusiness InsiderHe concluded that the lifestyle was just too toxic: "I was like, 'I don't want to spend my time on this. I don't care how much you pay me.'" Still, the company appears to have doubled its salary under the new CEO.Marc Rowan: First-year employees who previously received $450,000 now receive $550,000 instead.
Wage increases mark a change of tone compared to last week. Then was the top of the Apollobraggingthat "some of those who resigned were worse" and did complicated calculations to show that the turnover was not unusual. Apparently, after a thorough analysis, they realized that the problem was real and that they risked losing the people they wanted to keep.
According to insiders, not all employees have been offered money — or at least not yet. That could mean they focus on the people they want to keep, or it could mean the program is rolled out in stages -- it appears Matt Nord and David Sambur, co-heads of Private Equity, are making the call personally . They are likely to take the opportunity to have a 'we don't care' style conversation, as a large part of the problem seemed not so much physical discomfort as the growing feeling among co-workers that no one respected them Time.
What is interesting, however, is that Apollo offered money and nothing moreweekendSchutz,shorterpresentation books,PelotonBicycles or a very special mindfulness podcast. Multiple messages are sent. Most obviously, it's Flex. It's easy to say the business is great and give enthusiastic interviews about the scope of the company, but when you're able to handle the problems of your junior staff by giving them a few million dollars, that's a far more credible signal.
It also puts little pressure on private-equity competitors, which may have significantly larger participant classes and may have promised their shareholders cost cuts. There has been excitement in the industry since the bonus packages for 2020 were announced. CEOs across the industry try to convey to one audience that work has never been better, while telling another audience reading the same newspaper that they're looking forward to mediocre pay. If Apollo shares the fortune, should we be looking for more generous contributions in the first quarter accounts?
But most importantly, the money sends a message to the employees who receive it. That message says that the stuff about sleeping and disrespect to bosses and spending time with family was mostly for show. If you can be bought by your late 20s for a whopping six-figure sum, you've made a decision - there's no point talking about work-life balance or ESG ten years later: people will just assume you want to be bought for seven-digit numbers. Anyone who lands one of the most coveted positions in the financial services industry has made a deal with the devil; Apollo distributes the money mainly to remind them that the contract does not provide a mechanism for getting one's soul back.
Elsewhere, juniors at Goldman Sachs are notoriously competitive, and he's beginning to feel like he's a part of that spiritslip into job interviewswhich they give to journalists. Everything becomes a littleMonty Python– “You had Zoom calls at 11pm? We weresanI get a 256-page presentation book to format at midnight on Saturday. On every third holiday I was allowed to close my eyes for ten seconds. If there was no agreement about it.
Here's the real point. If, as these new anecdotes claim, someone has lost five pounds and gone days without showering while living in their own home, it's not because they've had too many DCF models that they literally didn't have time for. It is much more likely that it is an early symptom of a mental health problem. And it's worryingly likely that something like this will go unaddressed at this point because there's no one in the office and no co-workers to notice someone smelling something unpleasant. The problem here isn't necessarily the absolute amount of work, or even how it's distributed - the fact is that communication from the lowest levels of the org charts up is only through anonymous questioning of the whole group, not through individual and informal interactions between them people.
In the meantime…
After major cutbacks in 2019 in the initial phase of the business plan, Deutsche Gesellschaft is now back in the Asian ECM recruitment market; A headhunter works with them to hire up to a dozen of them. However, it doesn't appear to be about rehiring the people you fired - the revamped franchise will focus on SPACs and technology, the Germans' two specialty sectors. (Bloomberg)
Bored or upset? Not comfortable with a wellness app? Are you angry with your boss? Why not make all your company's misdeeds public? The FCA launched a promotional campaign to encourage more whistleblowers; Apparently they expected reports to increase as telecommuting developed, but in fact the opposite happened. (financial news)
The UBS lawyer in the French tax case wants to make it clear that the money is not at stake, although they are also appealing the fines. It is "primarily a defense of the honor of those who work and have worked there". (Bloomberg)
Citi's internship program will be virtual again this year (Business Insider)
For some people, the hedge fund dream job includes the chance to earn the admiration of the sales side for working for a company with a large amount of assets under management. But there's also some merit in being an international man full of secrets, with a company that only has an eight-person board of directors, if most of that is you and your partners, and if you're well connected enough to bring mega-gamers in Your activist shops. Marco Taricco even had his daughter name the fund "Bluebell," which is admittedly cool. (FT)
Sip tea to exude a "Zen-like calm," and don't worry if your pet Labrador intrudes on your online job interview, according to one job search coaching expert. (WSJ)
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