Workers at leading wealth manager Insignia have gained significant benefits including a trial of a four-day work week, more flexible working hours, protections for human engagement in Artificial Intelligence (AI) and a lift in pay, through a new Enterprise Agreement that has been supported by staff in a ballot.
In an industry-first Insignia has agreed to trial a four-day work week for staff, to be negotiated with the FSU (the specific language in the agreement that facilitates this trial is included below).
This agreement also delivers clauses to protect workers rights in the use of AI. It ensures that while AI can be a factor in decision-making process a human must always be the one to make the final call. This greater level of transparency on how AI is used- through full disclosure by Insignia- comes on the back of the new Cbus Enterprise Agreement which also contained clauses on AI.
FSU National Secretary Julia Angrisano said:
“This agreement is a testament to the strength of FSU members at Insignia. An earlier vote was pulled by management after members said they’d be voting no. This risk brought management back to the table resulting in many improvements to the offer including improvements to workplace flexibility including the removal of an expectation of 60% attendance in the office to be considered a ‘role model’.
“This EA didn’t just deliver improvements in conditions but also wages. There’s a $1,200 payment alongside a 9.5% pay increase over three years starting with a 4% annual pay increase for workers earning below $115,000 (base salary plus super).
“Workers consistently tell us that they value workplace flexibility, and this agreement delivers significant improvements and will allow workers the ability to work in ways that suit them- including more time at home if that is their desire.
“The acknowledgement by Insignia that a four-day week is an emerging trend and ought be trialled is an important step forward and win for Insignia workers. It will allow them to play a meaningful role in the evolution of workplace flexibility in our sector.
“At a time when workers across the sector are rightly scared about the impact of AI on their jobs, we are pleased to have secured a second major agreement that provides real involvement for workers on issues that affect them.
“Workers will not only benefit from the conditions they’ve achieved but can be proud in setting a standard for others in the finance sector. AI and flexibility are important to our members and employers should be aware as they prepare offers that these clauses will become industry standards.”
Four-day work week pilot
11.1 Insignia Financial acknowledges that a four-day working week is an emerging way of working that ought to be explored to identify its suitability for Insignia Financial.
11.2 Insignia Financial commits to piloting a four-day work week during the nominal life of this Agreement (that is, before the nominal expiry date).
11.3 The design and parameters of the pilot will be determined by Insignia Financial after we have consulted with the FSU, noting that such discretion will be exercised within the parameters of the consultation process in regard to major change under clause 73.
11.4 Notwithstanding any other term of this clause 11, if you are within the scope of the pilot, you may choose to opt out at your discretion.
Media contact: David Imber – 0413 274 204
