Air NZ top of list re corporate brand reputation
https://www.nzherald.co.nz/business/...ectid=12329996
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Air NZ top of list re corporate brand reputation
https://www.nzherald.co.nz/business/...ectid=12329996
I don’t understand why these positions are paid so much. Sure you need mentally stable and physically fit people but flying a modern jet cannot be that hard. What are the bonuses for. These guys fly from B to A and A to B , no customer interaction no sales forecasts to meet no manufacturing efficiencies to attain no profit targets. A bit similar to my local bus driver. (Ok I have taken that a bit far )
Qantas recently announced they had put 25,000 of their 30,000 staff on leave without pay and can make it through to the end of 2020 without support. Very good effort in my opinion !
Please have a look at page 67 of the 2019 annual report here http://nzx-prod-s7fsd7f98s.s3-websit...567/305893.pdf
What you see here is a systemic issue, (with dozens of pilots earning $400K plus), around the cost of senior pilots that's a FAR bigger issue than the cost of head office staff.
In my view the company has wasted an ideal opportunity to effect a badly needed cost reset of the airline. Cuts of 30% should be permanent right across the board on anyone earning more than $250K. If you don't like it, see you later. I think there's every chance Qantas come out of this in far better shape than AIR and a reinvigorated Virgin with a lean cost structure could cause trouble down the track.
The culture of entitlement within the company fuelled by E Tui union leader "Savage" will put minority shareholders in a very invidious position going forward in terms of its lack of competitiveness.
On another subject. Am I the only one that was surprised it took Buffett until April to sell his stake in the airlines ? Its highly likely the size of his stakes caused a long delay in executing these transactions. A valuable pointer for quick and nimble minority shareholders. Being quick and nimble and having a small stake is a real advantage in certain circumstances.
In case there's any remaining doubt, I think AIR is uninvestable going forward.
I'm happy for them to be paid well when its a decent old Nor Wester blowing in Wellington .
What I don't understand 900 pilots left on the roster and maybe a dozen flights a day,this needed to be cut back more to make the airline viable. You are paying them to sit around and do nothing. How will they keep their hours up ?
I totally agree, surprised to see the SP where it is now. What are people buying, a whole lot of expensive, depreciating assets and huge team of costly, non-productive staff, revenue predictions around 5% of normal and all signs point to no change in that for a very long time.
Meanwhile, the share price is up a couple of cents so far this morning. What a joke.
This neat little negotiation that has been done for the pilots...can the company back track on that later down the track, or do we just have to wait until they are completely driven into the ground? It's really hard to imagine how it is sustainable, and as a tax payer and a customer, I don't want to be paying for it. At least the fares should be high enough to attract some competition back in I guess...going by the ineptitude of management shown so far in this process, they probably haven't even considered the possibility of tough competition though, be that domestic or international.