Bona fide bonuses

The failings of the previous system for structuring bonuses are well-documented. Trying to come up with a workable alternative is another matter altogether.

“No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.”

This timeless vignette was uttered by John Pierpont Morgan and seems wonderfully apposite to the debate about bonuses. How would he have incentivised bankers to work