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29-10-2014, 12:10 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
[Regressive PAP High Pay and Performance Bonuses culture.
2014 Noble prize winner in economics science, Prof Jean Tirole published a thesis
that financial incentives can skew how workers approach their jobs, with undesirable
consequences.
Perhaps, our PM Lee can learn a thing or two from this Nobel laureate and improve by humble learning.
Firstly too much reliance on performance pay blinds and shifts their efforts from the long term National social
interests ( Like the widening income gap, social cohesiveness and the well being and general happiness of the population)
The Ministers and also his ministries then concentrate on boosting their figures and pay packages thus neglecting the
welfare of its people.
We can draw a parallel; and a look at our SMRT will illustrate the case in point.
Our SMRT for the last 5 years see a myriad of retail outlets springing up along and under the train tracks.
Instead of looking after congestion problems and paying heed to operation safety and maintenance, the CEO grows the
retail business to bring the crowd into the stations instead of moving the crowd out. A less crowded station enhances safety.
We have witnessed some members of the public turned into human pulps by jumping onto the tracks. We have to
wait till a train runs over a young Thai girl legs then they decide to put up the safety barriers. Both the CEO and the Transport
minister are benched-marked by how they grow the business, performance based on revenue numbers thus moving their tasks
towards more easily quantifiable and short-term oriented ones.
The undesirable consequences: Train breakdowns and delays, unbearable congestion, higher fares and ultimately resulting in
taxpayers paying billions of dollars for the overhaul ( adding new buses and new tracks)
This is what the prof meant by short-termism, how workers approached their job with undesirable consequences.
They only need to justify and meet their short term measurable criteria.
Not surprisingly, both were sacked.
PM Lee has also to take responsibility. He is the one who wants to grow the numbers.( be it GDP, millionaires and billionaires)
Clearly, the PAP culture of high pay and performance bonuses undermines good work ethics.
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?192919-Regressive-PAP-High-Pay-and-Performance-Culture&goto=newpost).
[Regressive PAP High Pay and Performance Bonuses culture.
2014 Noble prize winner in economics science, Prof Jean Tirole published a thesis
that financial incentives can skew how workers approach their jobs, with undesirable
consequences.
Perhaps, our PM Lee can learn a thing or two from this Nobel laureate and improve by humble learning.
Firstly too much reliance on performance pay blinds and shifts their efforts from the long term National social
interests ( Like the widening income gap, social cohesiveness and the well being and general happiness of the population)
The Ministers and also his ministries then concentrate on boosting their figures and pay packages thus neglecting the
welfare of its people.
We can draw a parallel; and a look at our SMRT will illustrate the case in point.
Our SMRT for the last 5 years see a myriad of retail outlets springing up along and under the train tracks.
Instead of looking after congestion problems and paying heed to operation safety and maintenance, the CEO grows the
retail business to bring the crowd into the stations instead of moving the crowd out. A less crowded station enhances safety.
We have witnessed some members of the public turned into human pulps by jumping onto the tracks. We have to
wait till a train runs over a young Thai girl legs then they decide to put up the safety barriers. Both the CEO and the Transport
minister are benched-marked by how they grow the business, performance based on revenue numbers thus moving their tasks
towards more easily quantifiable and short-term oriented ones.
The undesirable consequences: Train breakdowns and delays, unbearable congestion, higher fares and ultimately resulting in
taxpayers paying billions of dollars for the overhaul ( adding new buses and new tracks)
This is what the prof meant by short-termism, how workers approached their job with undesirable consequences.
They only need to justify and meet their short term measurable criteria.
Not surprisingly, both were sacked.
PM Lee has also to take responsibility. He is the one who wants to grow the numbers.( be it GDP, millionaires and billionaires)
Clearly, the PAP culture of high pay and performance bonuses undermines good work ethics.
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?192919-Regressive-PAP-High-Pay-and-Performance-Culture&goto=newpost).