The Target Pay Issue

In this issue we explore the issue of target pay in the finance industry. For more info visit our target pay webpage.

IAG follows Westpac down low pay cul de sac

IAG has recently moved to a pay system that individually assesses each staff member’s performance, and then provides each worker a rating from 1 to 5. These ratings, along with each person’s current salary, are then entered into a ‘matrix’, to determine that person’s pay increase.

Research shows dangerous levels of stress in BNZ

In December 2005 Finsec, the union for bank workers, commissioned independent research company, AssessSystems, to measure the level of workplace-related stress within BNZ and to find out the causes of that stress. The research is now completed and the findings show very high levels of stress compared to other workplaces.

The results show that 3 out of 10 respondents at BNZ find their work very stressful and 1 in 20 respondents are extremely stressed by their work.

Target Based Pay – What is it?

Target-based pay is now the most common pay system in the finance sector and call centres. Many workers now have financial rewards dangled in front of them in return for a commitment to reach or exceed targets set by their company.

What is the problem?

The five biggest problems with target pay...

Take Action

Inform yourself. Contact your union councillor or organiser – click on your employer link above and to your left for contact details.
Get Active. Join the campaign to stop target-based pay . Email union@finsec.org.nz
Join the union. The more organised we are the more change we can make. Call 0800 FINSEC
Lead the way. We need more delegates, health and safety reps and activists on every site. Call 0800 FINSEC to find out what is involved.
Find out more. Check out the stories and research on our target-based pay webpage