Bankwest payroll top heavy
Commonwealth Bank provided a glimpse into the payroll of its Bankwest business, in the course of a successful defence to efforts by the Finance Sector Union to rope in more senior staff to an enterprise agreement. The Fair Work Commission held it was not reasonable to do so, given most "level 3" staff at Bankwest were not part of prior agreements over the last decade. This group of staff turn out to be rather well paid. The best paid staff member at this level - a senior relationship manager - earns A$160,000. Partnership managers earn $158,000, senior legal advisers $150,000. Many analysts are receiving $130,000. Staff at this senior level are common at the bank. Bankwest told the FWC it had 1150 level 3 staff, 1308 level 2 staff and 1034 level 1 staff, the most junior level. Bankwest told the FWC it had "a system of remuneration ranges for level 3 employees so that employees who meet performance expectations will be remunerated in line with market median rates while exceptional employees who perform at the top end will have the opportunity to be paid at the top quartile of market rates." The bank had a payroll of $118 million for level 3 staff and spent $145 million on level 1 and level 2 staff.