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Westpac Announce Changes to Variable Reward for Tellers and CSO’s

A Step in the Right Direction

Westpac have announced they will change the way 2300 staff across their retail network who have over the counter telling responsibilities will be paid.  The bank is removing the at-risk variable reward schemes – commonly known as incentive bonus payments for these employees.

The changes will result in Teller and CSO staff moving to a 100% fixed guaranteed pay model as of 1 April 2019 and includes a $500 increase to fixed pay for impacted permanent staff.

More to do

For far too long pay outcomes have been linked to sales targets, secret market data and work practices that put profits ahead of workers, customers and community standards.  FSU and its members at Westpac Group have campaigned for years to have changes made to pay models for all employees.

Whilst this is a good first step towards regaining the trust and confidence of staff and the community, FSU calls on Westpac to go further by removing all forms of conflicted remuneration including variable reward schemes for all staff.  Any changes should not leave staff worse off.

All Westpac staff deserve a pay model that provides certainty, is free from conflict and drives a positive workplace culture.

FSU have developed a set of principles that must be included in pay models across the industry, click here to view them: http://bit.ly/PayPrinciples

Which principle do you think is most important in driving a positive change to workplace culture?

Tell us what you think – We want to hear from you

If you are a teller or CSO impacted by this change we want to hear from you.  Do these changes go far enough? What else do Westpac need to do to change workplace culture?

If you work for Westpac and are not impacted by this change what do you think this means for your variable reward scheme?  Do you think it needs to change?  What does Westpac need to do to change the culture in your workplace?

Email us your feedback here fsuinfo@fsunion.org.au
 

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

Authorised By: Julia Angrisano, National Secretary
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