Finance Sector Unions Skewers Banks Over Staff Treatment

Via Banking Day this morning comes news that Finance Sector Union National President Fiona Jordan has taken aim at finance industry employers for the shoddy treatment of their workers.

In the FSU’s annual report, Jordan says:

Finance sector members are again suffering the constant pressure of:

  • Obscene increases to targets;
  • Constant lack of staffing;
  • Micro management to the extreme that is clearly an Occupational Health and Safety issue;
  • Threats of jobs going off-shore;
  • A culture of meeting 100% of target is no longer acceptable – 130% is the new benchmark;
  • And increases to targets up to 40% with no justification.

Never before have I seen so many members under constant pressure and stress. This is not acceptable.

Of course this is only one side of the story but in a low credit growth environment, it seems credible to expect that finance sector employers might be trying to squeeze their employees and customers a little harder to make ends meet.

The FSU’s criticism comes as major banks face major class action lawsuits over fees. The ABC on Friday posted excerpts from internal ANZ documents that outlined the bank’s concern over income streams.

FSU National Assistant Secretary Geoff Derrick blasted employers for “short-sighted decision making, greed an executive excess” in the annual report, arguing that staff were forced to choose between meeting remuneration targets and the best interests of their customers.

Here’s what he said:

Our employers have largely forfeited the right to shape the industry and the jobs of the future with their short sighted decision making, greed and executive excess.

Too many employers have imposed conflicted remuneration models on workers in our industry where every day our members are forced to choose between the best interests of their customers and clients and the directive from their employers to meet product and income quotas that have no connection to the customers’ needs.

There’s more in the FSU’s report.

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