The Finance Sector Union of Australia (FSU) believes the ANZ Bank’s new “Reimagining Reward” scheme is a step in the right direction.
FSU members have campaigned strongly for changes to remuneration at ANZ for many years after exposing countless examples of bad culture driven by conflicted pay models.
“The FSU was actively promoting the need to overhaul pay and conditions for frontline staff and managment during the recent Banking Royal Commission and we welcome the ANZ’s move to reform the conflicted remuneration model at the bank and its toxic sales culture,” said FSU National Secretary Julia Angrisano.
“Putting sales targets before the interests of customers was at the core of the ANZ’s problems,” she said.
“The Royal Commission identified the need for major changes in remuneration models in the financial services sector and it is hoped the changes at ANZ will be a positive step forward for the bank and its staff.”
“The Royal Commission demonstrated the negative outcomes of short-term incentives and the corrosive impact that these incentives had on culture and work practices. The ANZ’s pay announcement begins to address this issue.”
Ms Angrisano said the FSU believed the only system of remuneration in the financial services sector should be one in which workers are paid for their skills and experience rather than the current model that relies on targets and bonuses.”
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