Italy: Ideals are the third zero on my paycheque

Fabio Salviato, president of Banca Etica
A bicycle instead of the company car. And a pay cheque that is not more than 5 times the salary of the bank?s newest employee. Fabio Salviato, who used to work in the for profit, as manager for eyewear firm Safilo, today leads Italy?s ethical Banca Popolare Etica and earns 70 thousand euros a year (gross), with which he supports his wife and three children. And which places him far behind in the ranks of the high earning bankers. Because while Banca Etica?s rule?s state that top managers can only earn up to five times what the least paid member of staff is paid, in other Italian banks managers earn up to 40 or 50 times more.

?These are the conditions for Banca Etica workers?, explains Salviato, ?we are certainly not a monastic order, our contract is regulated by labour agreements. So we earn enough to live respectably, but our statute ensures that there be an ethical equilibrium between all the salaries. Which contributes to the banks overall management as well: low staff costs mean greater efficiency?. ?Besides?, continues Salviato, ?our clients, who are mainly social cooperatives and of small enterprises, don?t have big salaries, even though they are the healthiest sections of the country?s economy. Take, for example our loan default figures, which are below the 0.5% mark?. According to Salviato the choice to clock-in at Italy?s ethical bank is ?a choice in favour of freedom, and freedom is priceless. Our managers could earn a lot more, more than 30% their present salary, if they accepted offers from other banks. But they don?t because they have chosen to work for the third sector?.

Andrea Olivero, president of the Christian association of Italian workers
Acli?s recently re-elected president, has a gross income of 75 thousand euros a year. But this figure must be disassembled piece by piece, because Olivero?s salary is weighted down by the income he is awarded for being a member of the board of directors ? sum that he gives back to the association and so should be deduced from his income.

?Gratuity is a decisive aspect of choosing to work in the not for profit sector, but we must be careful not to demean the work that non profit managers carry out. Too much difference between the profit and non profit sectors damages us, because sooner or later the best talents go away?.

Which is why the range should be reasonable, at least: ?Social enterprise is an enterprise that accepts the challenges of the market. It?s not a place for good people, it?s a place where a different model is created?.

Michele Candotti, WWF Italy?s chief executive
WWFìs top executive has a taxable income that, when added to his wife?s, is 115 thousand euros. ?My wife and I share the 115 thousand ? my contribution being 55% of the total? he explains. Then there are the other interesting figures: Candotti heads an organisation with an annual 21 million euro turnover, which has 120 employees and 80 collaborators, that manages 30 thousand hectares and has 700 thousand partners and supporters. Anywhere else it would be called an empire.

Had he chosen to work in the for profit world he would certainly be earning four times more, and have uncomparable benefits. But: ?I am absolutely happy of the choice that I have made? he says, ?My income here is value based, and no salary can make up for that?. But, like Olivero, Candotti warns against taking their jobs at money value: ?Just because we don?t earn huge wages doesn?t mean our work is not worthwhile. The skills we have are not so different to those that are employed in the profit sector. The same professionalism is needed, but it can not be considered coldly as it is in an enterprise. Professionalism in a value based system that requires continuous confrontation is a great challenge?. So? ?I?m happy, I wouldn?t go back for anything in the world. But we have to communicate the value of the work we are doing well?.

More info

• www.bancaetica.com
• www.acli.it
• www.wwf.it