26-year-olds earning $500,000 are putting banks at risk

[oracle]

Read an interesting article today.

Bendigo and Adelaide Bank managing director Mike Hirst warned that the banking industry was too often putting their futures in the hands of young investment managers who fail to think about the long-term

"There's no attention to what's the strategy or how long it takes to play out (or) what does it mean in terms of value to the organisation,'' he said.

''It's a frustration - I just sit there, take it, and hear what they've got to say and walk out shaking my head."

Read full article here

It's the age old debate of which is better, experience or intelligence at the expense of experience. I think the latter are prepared to take on more risk than the former.

I believe when it comes to investing it's better to have experience. But for business I am not so sure which is better.

Thoughts?

Cheers,
Oracle.

 

[gottabespotless]

Am I correct in assuming that an employee's experience, along with loyalty and long-term solid work ethic are not looked on as an asset these days?

Unfortunately this has been the case for us. Although not in finance, my husband has been working the same job for the same organisation for over 23 years (since age 19); would have to be on death's door before taking a 'sickie'; is always prepared to still work the crap shifts (shift worker) and has numerous courses, etc, under his belt. However, whenever he applies for promotion or a coveted position he (along with many other employees with similar experience) are usually knocked back in favour of someone with less than 5 year's experience because, according to HR, 'they have more merit' (pleeeeeeease!). What this has resulted in is a mass exodus of highly experienced and competent employees leaving feeling disillusioned and bitter -and management can't understand why!

I might add that, although I can't say this is always the case, many of these less experienced employees soon leave for 'greener pastures' anyway - whether it be a completely new career (bored with the old one - been there, done that...next) or wanting to have a 'change' from the 'same old, same old' that they've been doing for, what seems like, all of five minutes!

 

[Aaron Sice]

don't be irreplaceable in your current position. it makes it impossible for management to promote you.

 

[Brett IP]

don't be irreplaceable in your current position. it makes it impossible for management to promote you.

OR, in turn, makes it easy to get rid of you as you are replaceable & have lost value.

 

[skater]

Am I correct in assuming that an employee's experience, along with loyalty and long-term solid work ethic are not looked on as an asset these days?

Unfortunately this has been the case for us. Although not in finance, my husband has been working the same job for the same organisation for over 23 years (since age 19); would have to be on death's door before taking a 'sickie'; is always prepared to still work the crap shifts (shift worker) and has numerous courses, etc, under his belt. However, whenever he applies for promotion or a coveted position he (along with many other employees with similar experience) are usually knocked back in favour of someone with less than 5 year's experience because, according to HR, 'they have more merit' (pleeeeeeease!). What this has resulted in is a mass exodus of highly experienced and competent employees leaving feeling disillusioned and bitter -and management can't understand why!

I might add that, although I can't say this is always the case, many of these less experienced employees soon leave for 'greener pastures' anyway - whether it be a completely new career (bored with the old one - been there, done that...next) or wanting to have a 'change' from the 'same old, same old' that they've been doing for, what seems like, all of five minutes!

Yes, experience with the last few places that Hubby has worked at that if you stick around you either get passed up for promotion for someone either useless or with no experience, or if you do get a promotion they don't offer you the $$ that they offer the new people coming on board from outside the Business.

In order to rise up the ranks you virtually have to move to a different job, with a different firm, in order to get the promotions AND the $$.

It just does not pay to stay loyal to any Company nowadays.

 

[Deltaberry]

Maybe they do have more merit?

 

[Aaron Sice]

It just does not pay to stay loyal to any Company nowadays.

learned this doosie early in life. 7 builders in 7 years.

 

[Jamie M]

If you're good enough, you're old enough. Age shouldn't be a factor.

Cheers

Jamie

 

[coastymike]

The truth is age discrimination is alive and well. They just don't tell you it is because of your age they say something nice like "we decided that it would provide more opportunities for Brian since he is starting out in his career" or "with a young family we knew the travel would not be ideal for you". Older people have a wealth of knowledge and experiences to share but unfortunately once you hit 45 (i'm only 5 years away) employers don't really want to know you.

 

[Aaron Sice]

If you're good enough, you're old enough. Age shouldn't be a factor.

Cheers

Jamie

amen. if i have to interview one more junior upstart professing to know it all, then i'll break out las pistolas y los agujeros de golpe en la cabeza.

 

[Aaron Sice]

unfortunately once you hit 45 (i'm only 5 years away) employers don't really want to know you.

that's crap - i would leap at the chance for a 50 year old draftie or project manager.

 

[coastymike]

Really Aaron. A sample size of one person sounds representative. But good to hear there is one.

 

[rugrat]

The whole article is a bias load of rubbish. Honestly, how many 26/28yr olds do you even know who earn such high incomes? Age can be a problem for ALL age groups - people have their steriotypes and personal bias for all age groups. The truth is if you are good at what you do, honest, hard working, etc, you will succeed - even if you do experience some setbacks. If you are a self entitled twit, it doesn't matter what age you are either. Plenty of very smart reasonably experienced people in their 20's. just like any age group. Plenty of losers in all generations too.

 

[vbplease]

definitely depends on the industry.. the latest recruits at our company are 45-60yrs young... no discrimination here - age, gender, ethnicity, appearance (good looking or not) = no problem

 

[jaycee]

definitely depends on the industry.. the latest recruits at our company are 45-60yrs young... no discrimination here - age, gender, ethnicity, appearance (good looking or not) = no problem

what do you do ? (your post sounds to me like what you do plays a role)

 

[Marty McDonald]

He was talking about stock analysts. Stock brokers who rate companies for their institutional clients such as all our super funds. All listed companies pander to them so they put buy ratings on their stock (and the CEO then gets his fat bonus!!). He wasn't taking about people he employs.

 

[vbplease]

what do you do ? (your post sounds to me like what you do plays a role)

Engineering. One of the few jobs where appearing young is a disadvantage..

 

[gottabespotless]

Maybe they do have more merit?

They rarely do. By the way, I'm referring to a Govt department that employs almost 20 000 people. Ever wondered why so many govt department's are slow, their workers seem disinterested and the people running them couldn't organise a r**t in a brothel? Well, let me refer back to my post and you'll find the answer.

 

[Aaron_C]

They rarely do. By the way, I'm referring to a Govt department that employs almost 20 000 people. Ever wondered why so many govt department's are slow, their workers seem disinterested and the people running them couldn't organise a r**t in a brothel? Well, let me refer back to my post and you'll find the answer.

Don't get mad - get even...

 

[gottabespotless]

Don't get mad - get even...

That's the problem, Aaron. Many of these older, experienced workers DO get very mad - so mad that they take advantage of the plethora of benefits won by their unions and go off on sick or stress leave for weeks, months, years, thus costing the tax payers millions.