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New Sedgwick Report, and Pay Transparency in Finance

FSU Response to Sedgwick Update

Stephen Sedgwick AO has released a report into the progress of his 2017 Remuneration Review.

The FSU met with Mr Sedgwick to share the experience of frontline workers in relation to culture in workplaces. FSU members also participated in a further roundtable, where they spoke about the impact of the Sedgwick changes on their working lives.

Sedgwick has identified key areas that need to be further examined, to ensure improvements for finance workers and customers.

They include:

  • The proper role of targets;
  • What constitutes a ‘relatively small’ maximum potential variable remuneration (compared to fixed pay);
  • Customer metrics, including in respect of the outcomes achieved by customers;
  • Discretion and manager capability;
  • Third party remuneration;
  • The interests of shareholders; and
  • Bank culture and the risk of ‘change fatigue’.

 

Genuine reform that improves bank employees’ lives requires management culture to change at the same time as the pay model. This needs to be a priority.

We’ll all have a part to play in getting this right.

I am eager to hear your experiences about pay, management culture, targets, performance measurement, or related issues. You can email me at fsuinfo@fsunion.org.au with “Attention Julia” in the subject line.

Pay Transparency in the Finance Sector

In the lead up to International Women’s Day 2019, the FSU wrote to employers in the banking and insurance section of our industry, asking them to participate in our initiative to abolish pay secrecy clauses in your employment contracts.

We explained that pay transparency can reduce the gender pay gap by as much as 7%.

Here’s how your employer responded to this initiative:

This long list of employers who are not committed to pay transparency demonstrates that the rules are broken for working women. In order to change these rules and achieve fairness for working women, we need to change the government.

If you want to get involved in in a campaign for fairness for working women, click here.

Authorised By: Julia Angrisano, National Secretary
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