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Bank Booklet Admits Year Zeroists Talking Rubbish
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Date: 2nd Feb 2005
According to the Year Zero fundamentalists, the Bank doesn't need to get Bands 8-6 into the 'market' zone until April 2006, and Bands 5-2 until April 2007.
Underpinning the Year Zeroists' apparent folly is a degree of manipulation not seen before in the Bank. We know that of the Bank's 3.5% pay pot, up to 2.54% of that will be needed just to keep staff in the same position they are now relative to the market. That leaves just 1% of the pay pot to honour the Chief Executive's commitment to get up to 13,342 staff from the 'primary' zone to the 'market' zone this year. Not only that, but some of that 1% would also need to be used to provide those in Bands 5-2 currently in the 'primary' zone with significant increases to enable them to move into the 'market' zone next year.
And if that wasn't enough you still have 24,428 staff currently in the 'market' zone some of whom, in theory at least, are entitled to salary increases over and above market movement to progress them towards the market rate for the job.
The Year Zeroists realised that it would be a mathematical impossibility for a 1% performance pot to achieve all those commitments so it invented the Year Zero argument in order to delay some of those commitments until next year and the year after.
However, what the Year Zeroists couldn't take for granted was the fact that not everyone on the Bank's side would agree with their arguments. In the Bank's recently published pay booklet, again endorsed by Eric Daniels, it says on page 6, "We've seen real movements of people through the zones within the first year.” So the Bank's own booklet confirms that the Year Zeroists are talking rubbish, that last year was the first year of the new pay system and therefore this year must be the second year.
Mark Brown, Assistant General Secretary, said “The Chief Executive's commitment to his staff was crystal clear. Everyone understood what he was saying and if future commitments are to be believed then Mr Daniels must sweep aside the Year Zeroists and ensure that those staff who were in the bottom zone last year are moved to the middle zone this year regardless of cost. If he doesn't, then not only will he have been responsible for introducing an approach to pay management which alienates and demotivates the most experienced staff but one which also delays the salary progression of staff new to the organisation.”
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