The Finance Sector Union (FSU) says the Commonwealth Bank’s latest half-year profit results highlight a stark disconnect between corporate success and growing insecurity among the workers delivering those profits.
As the CBA prepares to announce another multi-billion dollar profit result today, a new FSU survey of more that 1,700 current CBA workers shows they are under significant strain.
The survey shows 72 per cent of workers are worried about their ongoing job security, with offshoring and the rapid expansion of artificial intelligence cited as the primary drivers of uncertainty.
More than half – 52 per cent – said they had considered leaving the bank in the past 12 months because of the pressure and insecurity.
Workloads are also intensifying, with 74 per cent of workers reporting their workload had increased over the past year.
An overwhelming 84 per cent believed CBA needed to do more to maintain and provide genuine job security. A staggering 85 per cent said CBA was a worse employer than it was 12 months ago.
The union says these figures reveal a growing gap between headline profits and the lived experience of workers.
CBA CEO Matt Comyn received a total pay packet of $7 million last year, a 14 per cent increase on the previous year, even as concerns about workforce conditions grow.
The FSU will soon commence negotiations with CBA for a new enterprise agreement and says addressing the issues raised by workers must be central to those discussions.
Finance Sector Union National Secretary Julia Angrisano said:
“While CBA is announcing another massive profit, workers inside the bank are telling us a very different story. Too many workers are worried about what the future holds for their jobs.
“When 72 per cent of workers fear for their job security and more than half have considered leaving, that’s not a healthy workplace.
“Record profits should not coincide with rising workloads and growing anxiety about offshoring and automation. With billions in profit and executives’ pay increasing, CBA can absolutely afford to invest in its workforce.
“These profits are delivered by the people who work there. They deserve job security, manageable workloads and genuine consultation about the future of their work.
“We will be campaigning to ensure workers receive the respect, security and conditions they deserve. Profits are up – now it is the time for CBA to show that its workforce matters too.”
Media contact: Kate Shuttleworth – 0447 418 726
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