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Have your say! Opportunity to build a better finance industry should not be missed
Tuesday, 28 July 2009

Post your comments on our online forum, below.

What should government and the industry do to ensure we don’t miss the opportunity to build a better finance sector? How can we promote genuine competition while building sustainable finance sector jobs?

Your comments

Remove short term incentives (options) for senior executives.
In my opinion, the most appropriate way to align employees, shareholders, & managements interests, is to have long term incentives. If shares are granted, it is easy enough to put restrictions on them that require them to be held for at least 5 years.
This would incent management to make decisions ensuring the long term viability not stretch for a one year target to maximise their personal income from options & put employees jobs & shareholders money.

Posted by 1036416 at 29/07/2009 3:26:19 PM
Post submitted by member without internet access:

I'm still amazed even with all our objections the banks are still offshoring there jobs after watching a tv show which one of the contestants who worked for St. George Bank lending service dept commented that their jobs are being off shored. Why are we not organising a mass rally showing our disgust to the banks and goverment allowing this to happen? The feeling around these changes is unsettling for both employees and customers, the general manager only see profits based on bank employing a minimum of employees, which seemed to be based at the lower end of the scale eg teller. and personal bankers which generate a lot of the sales and profits. as we are trying to encourage customers to buy Australian made products. This should also refer to our banking industry.

Posted by lshingles at 29/07/2009 3:38:31 PM
What is astonishing is the abject lack of union representation in so many finance companies. What ends up happening is a lack of "us vs them" culture between the staff and management where management has a united front and the remaining staff are divided.

There are so many issues of bullying, victimisation and harrassment that have gone unchecked in the numerous finance companies I have worked for and not only is this exacting a cost on the workforce, but it has the absurd effect of actually working against even the companies' own best interest.

And this is a day-to-day ongoing problem. Under-representation that really needs to be addressed.

Ilijas.

Posted by 1073555 at 7/08/2009 11:38:39 PM
My concern is with the ANZ trying to impose Market Based Pay and directly linking performance and pay rather than a fairer across the board payscale that is linked to CPI. The danger with performance related pay is indiscreminate lending/selling and other undesirable behaviours due to staff 'needing' to perform in order to get a decent wage. Also, if pay is calculated against the 'Market' - what, where and which 'Market'?

Posted by 223225 at 16/08/2009 11:06:45 PM
It is interesting that the FSU has not expanded its membership to include people working in the internet services sector when many of the roles that are currently being performed by the workers in the finance sector will migrate to the internet. Should the Finance Sector Union be renamed the Finance and Internet Services Union and the FSU proactively start to seek membership from internet services workers including those that work in small business (even to the extent of sole traders) as there is clearly many benefits that internet workers could receive from being members of a Union. It takes little imagination to see that this would result in major changes and growth in the FSU. What do other members think of this possible change?

Posted by 364345 at 23/09/2009 5:19:37 PM

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