Banking giant warns of bonus cuts if staff work from home too often
A banking giant has demanded slow to return staff get back to the office - and bonus packages will be cut if they work from home too often
Banking giant ANZ has warned staff their bonuses could be cut if they do not spend enough time in the office, sparking criticism from the sector’s trade body down under.
Leaders of firms including ANZ and peer Commonwealth Bank requested that staff spend at least half of their working time in the office earlier this year, with work from home limited in a post-pandemic world.
ANZ managers in Australia, New Zealand, India and the Philippines recently sent a note to more than 40,000 employees reaffirming this expectation and explaining that office attendance could affect pay.
“Working in line with ANZ’s expectations for hybrid working, as well as any specific commitments within your team, is just like any other behavioural expectation at ANZ,” emails seen by The Australian Financial Review said.
“This means if you don’t meet the standards expected it may factor into your performance rating and PRR [performance and remuneration review] outcomes at the end of the FY24 year.”
Other Australian firms such as Suncorp Group and Origin Energy have also linked office attendance to their yearly performance reviews and bonus payments.
National trade body the Finance Sector Union has slammed ANZ’s anti work from home policy.
“This is a significant announcement that is going to disrupt the lives of thousands of ANZ colleagues and put future performance outcomes at risk,” it said in a statement on Wednesday.
“ANZ colleagues have already demonstrated that they can work remotely without any impact on productivity.”
City A.M. approached ANZ for comment.
