"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."
"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."
ANZ is implementing attendance tracking and linking compensation to in-office presence as CEO Nuno Matos pursues a turnaround. Managers received details of a tool to monitor attendance and pay brackets tied to a 50% in-office threshold. The policy establishes four tiers: under 20% in-office employees will not be eligible for salary increases without an exemption; 21–40% attendance can lead to up to a 50% reduction in variable pay. The move follows scrutiny over risk management and culture, a push to boost productivity since May, and a review of hybrid work arrangements, after a recent automated email mishap.
Read at Fortune Asia
Unable to calculate read time
Collection
[
|
...
]