Ann: Quarterly Activities Report & Placement Announcement/App 4C, page-47

This is what happens when a company has poor corporate culture (or I guess the millennials call it great corporate culture because everyone can work from home, get paid $130k-190k per year, and have no KPIs nor accountability).

That culture seems to permeate throughout this organization starting from the top. Kate’s own comp is $700k+ and she earns that regardless of success or failure.

A high base salary is a company killer UNLESS it has top notch corporate culture, forged for years and perhaps even decades, of WINNING.

Almost all organizations I have watched will fail if they combine high wages with overstaffing and no performance culture.

Exceptions are
- Investment banks like Macquarie, but they have a corporate culture of winning. Great for shareholder returns.
- The big miners, but they are essentially monopolies.
- Governments and public service, but they can’t get sacked.

Announcing staff cuts and belt tightening would send a positive signal to the market. But Kate and her senior team would be too afraid to do that. It goes against the softies of this current generation and I am sick of it.

ps: I’m a millennial myself, so I can call all this shit out