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Pay in the Finance Industry is Broken

An article in “The New Daily” (Even Bank Staff are Worried by Banker Bonus Arrangements: Survey, 22 January 2019) highlights the issues FSU members have been talking about for past decade: bonus structures prioritise profit over the needs of the customer.

https://thenewdaily.com.au/money/finance-news/2019/01/22/bank-staff-worried-bonuses/

 

The article picks up directly on the issues talked about in the results of the FSU Big Survey (conducted in late 2018) which saw more than 7000 finance industry workers have their say.


Even the “Sedgwick Review”, conducted by the Australian Bankers Association for the banks themselves recommended changes to bank staff remuneration around sales targets and bonuses. While these changes have been made on paper – a sales at all cost culture still exists in our Industry. Goals that were intended to be behavioural have been turned into sales targets.


Pay in the Finance Industry is Broken. A top down culture of sales above all else, including employees, customers and community standards still exist. The pressure to sell is as strong as ever.
FSU has developed a set of “pay principles” that any new pay model must include. Meetings and teleconferences are being held around the State to hear the details of the pay principles and to provide endorsement for them. FSU believes the solution is an industry wide pay framework that must be based on transparency and fairness.


Keep an eye out for a meeting or teleconference you can attend or email nswact@fsunion.org.au and we’ll put you in contact with an organiser who can provide you with details.


FSU has also taken the step of writing to each of the major players in our industry inviting them to meet and discuss these issues and the results of The FSU Big Survey. All of them have agreed to meet with a delegation of FSU frontline members and Union officials. We will keep you updated on the timing of these meetings and what each of the employers had to say after we meet with them.


In the meantime, I’d love to hear from you about your personal experiences. If you’d like to share your story feel free to email me at nswact@fsunion.org.au


Finally, share this update with your colleagues and if they’re not already a member of your Union invite them to join. Together we can win on pay in our industry for the benefit of staff, customers and the community.

Rebecca Reilly,
Secretary, NSW/ACT Branch

 

 

Contact Details
Finance Sector Union
Ph: 1300 366 378
nswact@fsunion.org.au

Authorised By: Rebecca Reilly, NSW/ACT Local Executive Secretary
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