Westpac Group has today announced changes to short term variable incentives and fixed pay for customer facing roles, in an industry-leading move to simplify remuneration and strengthen focus on service.
From 1 October 2020, more than 4,000 branch and customer care employees will have their current variable reward incentive replaced with a permanent fixed pay increase as part of the new remuneration agreement.
Richard Burton, Westpac Acting Chief Executive Consumer, said the decision was a further step in Westpac simplifying its performance and reward structure.
"Westpac was the first major bank in Australia to remove product-related incentives for branch tellers in 2016 and replace all teller incentives with a fixed pay increase in 2019," Mr Burton said.
"Introducing a fixed pay increase and removing short term variable incentives for more than 4,000 branch and customer care roles will help give our customers confidence that the service they receive is wholly focused on their banking needs.
"We are operating in a fast-changing environment and this decision will provide these employees with more certainty around their remuneration and recognise the individual service they provide to customers," he said.
The new remuneration arrangement will come into effect for Westpac, St.George, Bank of Melbourne, and BankSA from 1 October 2020 to coincide with the Group's new performance year.
