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In a show of what finance workers can achieve when we stand together, Home Lenders at Westpac have successfully pushed back against unreasonable targets that were causing members unnecessary stress and anxiety.

At a time of rising interest rates and at the peak of any realistic market share, Westpac decided to increase its sales targets for all home lenders outside South Australia and the Northern Territory.

Concerningly, not only were these unrealistic targets tied to bonuses, staff feared that their job security would be impacted if they struggled to meet them.

FSU members reached out to the union and came together to decide what could be done to force Westpac to see sense.

Specifically, FSU members expressed concerns about Westpac’s lack of consultation, professionalism and respect for the hard work of home lenders, and the inconsistent way in which targets were being adjusted.

As a group, members agreed to put several demands to Westpac management, including an expectation that Westpac would commit to proper and professional consultation around changing targets, and that Westpac would adjust their targets downwards to reflect policy and market constraints.

This prompt and united response was enough to give Westpac pause. In a huge win for members, Westpac has now agreed to review targets for each individual home lender. Westpac has also told the FSU that they expect a significant number of those targets to be adjusted downwards – and importantly, adjusted retrospectively.

This is a win that demonstrates the power we have as workers to push back on unreasonable demands... even if those demands come from an employer as big as Westpac. Remember, if finance workers are prepared to come together through our union and demand safe and fair workplaces, we have far more power than you may think!

Westpac reverses 'humiliating' reporting requirements

At the same time that these unfair targets were being imposed, Home Lenders were also being told to post their performance numbers in a group chat.

With staff seeing a 20% reduction in lending applications due to market conditions outside their control, staff described these new reporting requirements as "humiliating" and "anxiety inducing".

Members told the FSU the group chat served as a leaderboard-style ranking system where all lenders could see who the top and bottom performers were, effectively creating a culture of competition.

Through direct member representations, our union made it clear to Westpac that such requirements may be considered a psychosocial hazard and that management should consider alternative reporting methods that did not pose a negative impact on workers' mental health.

Fortunately, management acknowledged the risk and soon advised all Home Lenders that they were no longer required to post their performance figures in the group chat.

Remember, your psychological health is just as important as your physical safety, and employers have a legal duty to eliminate or minimise psychosocial hazards as much as reasonably practicable. You can read more about this here.

If you believe you are experiencing a health and safety issue at work – including to your mental health – contact the FSU today on 1300 366 378.