@geness - just as Dilbert is every engineer, PHB is every boss. Some of them ARE capable of being better but constrained by !$%*!$%*!$%*! I've worked for one like that. When he moved to a competitor because they promised to let him do it right, half the department followed him. You have to remember that PHB isn't just one boss. That's why he ranges from the ridiculous to the sublime. Mostly ridiculous, because most bosses substitute vanity and wind for ability, but occasionally sublime. Like today.
Considering the second panel, I'm surprised that, dealing with Catbert, he doesn't have the level of inconsistency required to claim that he thinks that his people are good. Of course, that would preclude the joke :-}