ANZ Group Holdings Ltd. said staff compensation will take a hit if employees aren’t in the office at least half of the working week, as chief executive officer Nuno Matos drives an overhaul of the Australian lender.
The email on Thursday to managers detailed a tool to track attendance of staff members and outlined pay brackets for people not meeting the 50% threshold, according to an internal memo. A spokesperson for ANZ confirmed its contents.
The communication on its workplace policy comes at a time of intense focus on Matos’s turnaround strategy at the Melbourne-based lender. Earlier this week, ANZ managers had intended to outline job losses to staff, but instead automated emails were sent by mistake ahead of this.
ANZ has been under fire for mishaps in risk management and culture, areas that Matos has vowed to improve. Matos has pushed to increase productivity of staff since he took the helm in May and the firm has been reviewing its hybrid work arrangements.
Performance and pay consequences are based on four tiers, the memo highlighted. Those attending the office less than 20% of the time won’t be eligible for an increase to their salary unless they have an exemption. Coming in between 21% and 40% of the time could result in variable pay being trimmed by up to 50%.
“Most people are meeting our expectation of spending at least 50% of their scheduled work time in an ANZ workplace, with flexibility to work the remainder remotely,” the memo said. “As a people leader, you play a critical role, not just at performance time, but throughout the year. This includes reinforcing expectations, role-modeling hybrid behaviors, and addressing low attendance early.”
