The Banking Royal Commission was conducted in 2018 to investigate concerns of a culture of greed and a lack of regulatory oversight in the financial services industry in Australia. In 2019, the Commissioner published a report which made recommendations for financial services organisations to implement which aimed to to de-emphasise sales relative to ethical behaviour and customer outcomes.
You have been engaged by one of the retail banks as a specialist HR consultant to advise on how the recommendations from the Royal Commission can be operationalised.
The company’s goal is to rebuild public confidence and reduce the risk of poor customer outcomes. Your client believes changes must be made to the organisation’s performance & reward practices.
Your client has advised that recommendation 5.5 from the Banking Royal Commission refers to the Sedgewick Review (a 2017 report on retail banking remuneration) and has suggested you consider recommendations from both the Banking Royal Commission and Sedgewick Review while preparing your report.
While many of the recommendations relate to regulatory changes, this is not an area of focus in this assignment. Your task is to specifically address the issues/changes required relating to performance and reward within the organisation.
Your report should focus on performance and reward practices for bank staff not brokers or other 3rd parties.
Your report should address the following areas:
Definition of the problem. What problems did the Royal Commission highlight? Make sure to state the problem specifically – what standard or expectation has been breached? Are there particular processes in which the problem lies? Be careful to identify the root cause of the problem, not just the symptoms!
Analysis. Using information from relevant sources and appropriate theories/frameworks, analyse the issue.
Solutions. Identify one initiative related to performance management and one initiative related to reward for the organisation to implement to address the problem/s. Your response should explain why these recommendations should be prioritised and how this will be operationalised.
Critique/Evaluation. Evaluate the recommendations relative to the organisation’s goal. Are there any risks/limitations of the solutions you have proposed?
The report requires
Required sections – your report should include these headings
Included in word count?
Definition of the problem
Solutions & implementation plan
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