Recently CBA announced that CEO would take a pay cut, for staff whose salary is less than $100k would get 1.5% increase from July, for rest of them there is no increase. For media CEO has taken pay cut well which would be compensated to him in the form of Bonus, it is the same for other group executives. The problem is people at lower level already paid less salary and performance process is not transparent as it is decided by the business unit not based on individual how they perform!.
Just curious to know they are justifying that due to economic conditions they have decided to cut the increament, fair enough. But at the same time my question to them would be when the economy was doing well did they match their staff's salary with Market? No, I don't think it is fair to reduce the staff salary by justifying the economic conditions with out their feed back. What action union has taken in this regard. Also is union going to negotiate with CBA in regards to new EBA.
Posted by
2618026
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16/06/2009 2:04:33 PM
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Thanks to the contributor of the above post. The FSU has opposed the unilateral 1.5% increase in discussions with CBA and in the media. Negotiations between the FSU and CBA on a new EBA have commenced and members will be kept up to date with the progress of negotiations.
Regards, FSU Communications Unit.
Posted by
lshingles
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16/06/2009 4:23:51 PM
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absolute disgraceful and in poor taste that CEO's are in receipt of such high salaries. How can they possibly know how it feels to live in the real world. Your figures that revealed the number of Customer Service Staff that could be hired for their salary is extraordinary. Keep these bastards honest
Posted by
2603257
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18/06/2009 8:08:14 AM
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I strongly believe some executives and MD renumeration schemes are excessive compared to the rest of the work force.
Also operation staff in CBA do not get the same renumeration (bonus) as front line staff, which is grossly unfair when you take into consideration the frontline need operations staff to process their deals.
Staff employed in operations areas are on the bank's minimum average wage.
All staff are required to meet KPI and targets in order to get a bonus which does not seem to apply to the top executives of the financial institutions.
Posted by
2605087
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18/06/2009 9:56:15 AM
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In the past CEO's were people who had worked their way up through the organisation so therefore had a good understanding of how things operated and real loyalty to the organisation and its staff. Now they simply hawk themselves around to the highest bidder and come into organisations without any grassroots experience of them. Then, with no real understanding of how things actually work, they simply put policies in place aimed at the short term bottom line so that they can receive huge bonuses with the expectation that afterwards they can simply move on and do the same thing with another group. There is a need for the return of CEO's who work there way up through a group. The "cult" of professional CEO's who move from group to group needs to end as is partially responsible for the economic mess that the world is now in.
Posted by
2624056
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18/06/2009 10:31:31 AM
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They require staff to perform at an even higher level with less staff while they sit back and reap increases to their already overinflated salaries.
When will they reward staff that are doing all the front line leg work?
Posted by
1001291
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18/06/2009 10:38:00 AM
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It is an insult to the "human race"... to reward people who continue to destroy the World ... not with guns but with "disonesty". Any opportunity becomes "legal" and "acceptable" ? ... there is no punishment, only rewards...figure that !
Their salaries/bonus are approved by the same disonest ..."friends" ... who's controlling ? They swing from Bank to Bank like monkeys from one branch to another !
Thank you Union for keeping us informed.
Posted by
2805586
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18/06/2009 11:12:29 AM
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Its not just CEO's in the financial institutions, its all CEO's across Australia.There needs to be a huge change across the board, to make Australia a fair place to work in. I do not believe there is one single CEO any where that can stand up and say that their pay package is fair to all working people . Its greed, unacceptable, dishonesty , unfair and should never ever have crept into our system. Its about time that changes should be made and a fairer pay system worked out and it should never be the wages of 200 tellers or the likes to one CEO. You will not be able to make a change unless a new ruling is made and passed and agreed. Once this has been done and then in the future the workers of Australia could always sue a company if found that CEO's have given themselves extra wages out of the guide lines set down. ie never should they be paid more then a handful of workers wages and that the workers are given a bonus first before the CEO. As we all know a CEO is absolutely useless without its workers.
Posted by
2760024
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20/06/2009 11:20:43 PM
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All workers should be treated with the same respect. A decent days work for a decent days pay. When is it ever acceptable for those with more influence, resources and finances to be able to set guidelines that favour themselves to the detriment of others. And it is quite clear that these "managers", "CEO's" and "executives" to cause hardship to others, their own work colleagues, by accepting incomes far in excess of anything reasonable and justifiable. It is not just CEO's in the finance industry, of course, who are to blame. This is a disease that haas spread throughout our whole society, and it is not acceptable for it to continue. I wholeheartedly support any attempt to reign in these cheats and buffoons who have only short sighted goals of self interest and self promotion in mind. Not only should those who are overpaid not get increases, they should take huge pay cuts. They should be brought back to the real world where the only sustainable system is where all paid according to input and ability. To be paid a golden handshake when you are fired for incompetence is just obscene and those who have accepted these should be shamed and outcast from decent society.
Posted by
1032602
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27/06/2009 12:42:52 PM
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How can any instiution justify the salaries and bonuses that are paid to their CEO's when they continualy cutting back staff, sending many of our jobs off shore and continually shifting the goal posts for staff with performance incentives.
CEO's continue to enjoy enormour salaries and enviable bonuses and yet normal staff cannot even be paid overtime.
When are the banks ever going to REALLY value their staff and pay them for the hours which they work. I don't want performance incentives, I want to be paid for the hours I work. If the banks can continue to pay CEO's such enormours salaries they can afford to pay their lowliest workers overtime.
A little honesty and transparency would be appreciated.
Posted by
404366
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28/06/2009 10:00:23 PM
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The biggest insult to Finance Sector staff currently, that despite the Big Corporations having a huge investment in the best legal and industrial advisors in this country, they can still appear unaware of the real issues and devoid of coming up with a better result for workers, other than a CEO to come out of his office with a 1.50% wage increase offer(CBA). The comparison of total executive wage and 'performance' bonus' staggers the imagination, 1.50% as against 167% plus!!!
Posted by
2712748
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29/06/2009 10:33:27 AM
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Could some one assist me to understand how the Managers get their Grade reviewed, get all of their educational expenses paid by the bank, get their salary increased every year. Is there any magic? Also how some people who doesn't have any people management skills become Manager. They say there is always development opportunities available but when we provide the details for any courses the managers doesn't show any interest in approving them. How things work differently when it comes to them and to the others.
Posted by
2618026
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3/07/2009 2:45:59 PM
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