“It is not allowed to drive a luxury car (above 1 million), wear a high-end watch (above 150,000), and use a high-end bag (above 50,000) in the working environment” – a securities company “Fixed Income Financing Department Employees” containing the above core content Social Code of Conduct (Trial Version)” has caused a lot of splash in the industry.
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Relevant screenshots show that this “Code of Conduct” comes from the fixed income financing department of a securities firm, which clearly regulates the four aspects of “luxury use, speech and behavior, external publicity, and life style”, and prohibits employees from “showing off their wealth” in many aspects. Avoid showing off wealth, high profile and other behaviors that have a negative impact on the company and even the entire industry. And these guidelines are to avoid giving the outside world the impression of high-profile and luxurious people in the financial industry.
Although the authenticity of the relevant content remains to be verified, the issue of compensation in the securities industry has attracted the attention of relevant departments. The Securities Association of China recently issued a notice to securities companies to investigate the salary management system, in order to investigate the industry’s opinions and suggestions on improving the salary management system.
Four requirements to avoid employees “showing off their wealth”
This nearly 600-word code of conduct covers the use of luxury goods, speech and behavior, external publicity, and life style. It makes clear requirements for the behavior of “showing off wealth” in many aspects, in order to avoid negative effects.
The fixed income department of the brokerage company put forward the general principle of code of conduct, that is, employees within the work scope of the department must pay attention to their words and deeds, and are not allowed to have a sense of superiority due to non-self factors such as family background, and be a good professional banker. “In order to adhere to the social values of common prosperity and in line with the current social situation, the Fixed Income Financing Department has issued a social code of conduct for employees of the department to avoid showing off their wealth, high profile and other behaviors that have a negative impact on the company and even the entire industry.” This statement in the specification , which reflects some of the problems that have occurred in the current industry.
About famous watches, luxury cars and bags
The most eye-catching of the “Code of Conduct” is the relevant provisions on the use of luxury goods. For example, in the working environment (working hours, any occasion where customers are present), you must dress appropriately. You are not allowed to drive a luxury car (above 1 million), wear a high-end watch (above 150,000), use a high-end bag (above 50,000), and use Other out-of-time, luxuriously tailored items.
The requirements for speech and behavior are mainly aimed at behaviors such as “showing salary”, in order to avoid leaving a high-profile and extravagant industry image. For example, it is necessary to avoid discussing any extravagant content when communicating externally; it is not allowed to send screenshots or specific amounts of salaries, bonuses, etc. when using social software and social platforms (public media, including Moments, Douyin, Xiaohongshu, etc.) Content related to high-end luxury goods, high-end travel, high-end food and beverages, and beverages is published on the platform; an application must be submitted to the department before accepting a formal interview, and no comment on industry salaries is allowed when accepting formal or informal interviews (for participating in forums, etc.).
The content of external publicity is also restricted to sensitive information such as “salary and treatment”. In the external publicity and recruitment information, the expression of salary and treatment information shall not be included. Recruitment advertisements are not allowed to label elements such as high salary, high commission, and strong resources. In terms of life style, it is required to treat personal life with a responsible attitude and deal with personal life issues seriously.
Salary is becoming a sensitive topic in the industry
The issue of the salary of financial practitioners has always been a “talk” for the people who eat melons. Once the above-mentioned “Code of Conduct” came out, the issue of the salary of securities industry personnel was once again pushed into the spotlight. Weibo Da V @History’s Jincheng commented, “Don’t swear when you eat meat, there are already brokerage companies that have issued detailed rules, don’t drive a car with a price of more than 1 million, don’t wear a watch with a price of more than 150,000, and don’t wear a backpack with more than 50,000. The package. Don’t post salaries and bonuses on various platforms.”
There are also comments pointing directly at the salary limitation problem faced by the securities industry.
In addition, practitioners complained that they were averaged – “It’s as if we have cars with more than 1 million yuan, watches with more than 150,000 yuan, and bags with more than 50,000 yuan… What is the deferred bonus now? “The average salary hurts the bottom-level workers, and there is a huge gap between the top-level and grass-roots workers in the enterprise, but the industry reduces the salary at all levels.”
The topic of securities industry compensation has attracted regulatory attention
In the past, the chief analyst Xiaohongshu’s salary attracted attention, and later a securities company issued a “code of conduct” to require employees to avoid showing off their wealth.
Although the authenticity of the above incident remains to be verified, the issue of compensation in the securities industry has attracted the attention of relevant departments. The reporter previously learned that the Securities Association of China recently issued a notice to securities companies on the investigation of the salary management system, requiring them to submit feedback before 17:00 on January 17. The notice mentioned that a sound and reasonable salary incentive mechanism is a necessary guarantee for the stable and healthy development of the company, and it is also an important basis for promoting the high-quality development of the industry and preventing and resolving financial risks. In order to understand the industry’s opinions and suggestions on improving the salary management system, a survey was conducted.
In addition, the Securities Association of China recently issued the “Measures for the Evaluation of Cultural Construction Practices of Securities Companies (Trial) (Draft for Comment)” to securities companies, which also clearly requires securities companies to establish long-term and short-term incentives.
It is mentioned that the company should build a long-term incentive mechanism that pays equal attention to incentives and constraints, taking into account both the long-term and the short-term, and pays attention to the unity of effective incentives and accountability and supervision. Including the establishment of a scientific personnel assessment and a reasonable salary management system, incorporating the integrity of practice, compliance and integrity, and the practice of industry and company cultural concepts into personnel assessment and salary management, adhering to both positive guidance and incentives and reverse punishment and restraint. Establish a long-term and short-term incentive mechanism, and form a reasonable and effective long-term evaluation system and income distribution mechanism by appropriately extending the performance evaluation cycle and salary deferral.
In addition, the deduction indicators are also involved. If the salary incentive is too radical and fails to meet the requirements of establishing a long-term incentive mechanism, 1 point will be deducted.
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