Westpac replaces all incentives for tellers with pay rise

Source: Westpac

In an industry leading move, Westpac Group is making changes to the incentives and fixed pay for its frontline tellers to help deliver an exceptional service to customers.

The current teller incentive will be replaced with a $500 fixed pay increase under a new fixed pay only remuneration arrangement for 2,300 customer-facing employees across Australia.

The changes will simplify remuneration by removing all teller incentives, ensuring they remain wholly focussed on continuing to deliver great service. The changes will come into effect from Monday 1 April 2019.

George Frazis, Westpac Group Consumer Bank Chief Executive said: “Westpac was the first bank in Australia to remove product-related incentives for branch tellers in 2016, in a move to provide our customers assurance they are being served over-the-counter based on their banking needs, not sales outcomes.

“A simple fixed pay only model takes us a step further to reinforce the importance of putting the customer first and providing our 2,300 tellers with more clarity and fairness around how their work is remunerated.

“Our focus remains on putting our customers at the heart of everything we do. We believe these changes complement our ongoing focus on helping our people deliver an exceptional customer experience,” Mr Frazis said.

The current teller incentive is based on several customer satisfaction measures which can be influenced by a range of factors, such as product features and branch location, which were separate to customer service.

The new fixed pay increase will ensure tellers are recognised for the individual service they provide to customers.

Westpac Group is working with the Finance Sector Union (FSU) and employees on implementing the change.

The new remuneration arrangement for tellers will come into effect for Westpac, St.George, Bank of Melbourne and BankSA tellers across Australia from Monday 1 April 2019.
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (0)

Featured job
All Jobs »