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CBA to backdate remuneration changes

CBA to backdate remuneration changes

The Commonwealth Bank has announced remuneration changes in an effort to meet the recommendations of the Sedgwick review by 2020.

On Friday (13 October), CBA announced further changes to the way it pays frontline staff, increasing the focus on customer service and rewarding branch staff for delivering better customer outcomes over financial outcomes.

The nation’s largest bank and branch network will move approximately 2,000 tellers to a new remuneration plan focused on the individual’s contribution to provide superior customer service. Any links to financial measures have been abolished.

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“This change will reward our tellers for continuing to provide superior service to the millions of customers we serve around the country," CBA executive general manager Angus Sullivan said.

“We have been listening to our customers and this is another step to ensure banking is fairer, simpler and more transparent. Customers can be confident that our tellers are not being paid to sell them products.

“The new remuneration plan will support and encourage our teams to have better-quality conversations with customers, understand their needs and provide the best possible service.

“This will further strengthen our customer focus and align the way we reward our people with industry standards and community expectations.”

The new measures will be backdated to 1 July 2017, the start of the current CBA performance period, removing all financial measures from individual performance.

In addition, close to 200 Bankwest branch tellers will also move onto a customer-focused remuneration structure from 1 October 2017, the start of the Bankwest performance period.

CBA said that it has already made a number of changes moving away from sales-based incentives and recognition programs towards values-based rewards.

Mr Sullivan said that this is another example of our commitment to implement all Sedgwick review recommendations ahead of the 2020 deadline.

“We understand that there is always more to do, and we have been actively participating in the independent review by Mr Sedgwick and the Australian Bankers Association.”

CBA to backdate remuneration changes
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