“CBA cancels staff party after rate hike outcry”
I saw this headline on ninemsn and first thing that came to my mind was Boo (insert explitive here) Hoo. I then proceeded to actually read the story.
Here’s what some of it had to say:
“Commonwealth Bank of Australia has postponed a controversial $100,000 party for 800 staff after details of the event were reported by the media.
The bank was attacked by unions and customers over the party, which was being held just days after the bank raised interest rates on its variable mortgage, adding nearly $220 a year to repayments on a $300,000 homeloan.
The bank issued a statement this afternoon announcing that the party, which was to have had a 1920s gangster theme, had been postponed.
CBA spokesperson Bryan Fitzgerald said the bank acknowledged public concerns over the staging of the party in the current economic envrionment but remained committed to rewarding and recogising the contribuition of its staff.
Mr Fitzgerald added that reports that the party was to have featured Krug champagne and cavier were incorrect adding that the event was “to be of a modest scale with an Australian wine package and mini burgers”.
“The Bank would like to point out that the Financial Services event was a once a year function for staff of all levels in this division in lieu of a christmas party,” Mr Fitzgerald said.”
So why did I change my opinion? Well don’t worry I’m the first to jump up and down at these ridiculous big corporate parties when we’re being hit with interest rate hikes. But, BUT, for some reason, (must be the little event manager in me), I decided to do the maths on the cost of the party. So $100,000 for 800 people works out to be $125 per person.
In reality this isn’t actually THAT expensive in terms of throwing an event these days. Lord knows a wedding per person cost will easily hit that! I’m sure there are plenty of small-medium businesses who throw parties for their staff and could possibly end up spending $100 per person, but because they’re not dictating what our mortgage payments we couldn’t give a toss what they do.
So do you support CBA’s parties or couldn’t really care less?