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Risk. Reinsurance. Human Resources.
Aon HewittPerformance, Reward & Talent
Banking & Finance IndustriesRemuneration Report (Australia)Information pack 2015
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Banking & Finance Industries Remuneration Report 2015This remuneration report was established in 1987 and is open to participation from all organisations. The report provides banks, finance companies, building societies and other related organisations with salary and benefits information.
The latest remuneration report, published in November 2015, features results based on the salaries and benefits information of over 23,000 individual employees, from 31 wide ranging organisations within the banking and finance industries. Comprehensive remuneration and benefits tables are published for 183 separate positions.
Participants in the November 2015 remuneration report included:
‘Big 4’ Banks
Credit Unions
And other financial institutions
This report is produced on a biannual basis in May and November each year.
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In recognition of the continually
changing Australian Banking & Finance
Industries, Aon Hewitt is continually working to provide a meaningful
and relevant data service
183positions from
31 contributors
Data in this report covers
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Why participate in an Aon Hewitt remuneration report?
As an Aon Hewitt remuneration report participant you have access to the very latest market data to ensure informed salary decisions within your organisation.
Along with Aon Hewitt’s high level of client service, your remuneration report subscription includes:
� Online remuneration data through Data Centre that can be filtered according to your needs. With enhanced data visualisation, individual report dashboards and real-time polling and updates, Aon Hewitt’s Data Centre is at the forefront of online remuneration analytics.
� Comprehensive coverage with data on all major elements of the remuneration package; salary, benefits and both short and long-term incentives.
� Historical coverage of actual salary movements, as well as forecasts for the coming year.
� Online access to remuneration reports from the past five years.
� Career level data that provides separate remuneration tables for each job family, which can be used to enhance job matching, or as an alternative source of data for non-standard positions.
� Attendance at remuneration forums, complimentary events that provide a chance to discuss and critically evaluate data findings and market trends and network with industry peers.
� Easy access to relevant economic indicators via Data Centre.
� Invitation to participate in the annual Policy and Practice Report that provides access to quantitative and qualitative information which supports the review and design of total reward programs.
From year to year we see many variations in the way organisations reward their employees. Some positions begin attracting a significantly higher rate of pay whilst others drop, as supply and demand for various skill-sets shift and change. As circumstances change organisations adjust their reward packages to get the most out of limited salary budgets.
Staying informed of market movements is critical to ensure your reward strategies are meeting your business needs whilst minimising costs.
The money spent on a remuneration report subscription can be made back many times over in savings through optimising total reward spend and retaining key talent.
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Job families surveyed
Job family: Executive
Job family: Actuarial & Pricing
Actuarial
Research
Pricing
Job family: Administration, Property & Legal
Administration
Accounts
Property
Fraud
Legal and Compliance
Asset Management
Other
Job family: Finance
Management
Financial Accounting
Taxation Accounting
Management Accounting
Auditing
Other
Human Resources
Risk Management
Project Management
Fixed Income Trading
Treasury Operations
Job family: Human Resources
Generalist
Compensation and Benefits
Learning and Development
Recruitment
Occupational Health and Safety
Industrial Relations
Associate Level
Job family: Retail Banking/Finance & Services
Retail Banking
Transactional Services
International Business
Other
Job family: Lending
Commercial and Corporate Finance
Lending and Securities
Credit
Loss/Loans
Mortgage Processing
Underwriting
Settlements
Equipment Finance
Job family: Marketing
Product/Brand Management
Market Research/Intelligence
Analytics/Campaign Strategy
Communications and Public Relations
Job family: Sales
Business Development
Sales
Finance Product Specialists
Mobile Lending/Sales
Sales Administration
Third Party Services
Sourcing
Account Management
Job family: Information Technology
Management
Project Management
Applications
Datawarehousing/Business Intelligence
Systems Programming
Communications Engineering
Systems Administration
IT Security
Computer Operations
IT Support
Business Analysis
Job family: Call Centre
Card Services
Call Centre
Telephone Banking
Job family: Graduates
Investment Management & Backoffice
Investment Analytics
Back Office - Operations
Back Office - Administration
Research - Generalist
Research - Economist
Wealth Management
For detailed descriptions of all positions surveyed, and participating organisations please visit our website: (aonhewitt.com.au/Home/Resources/Reports-and-research/Australian-Banking-and-Finance-Rem-Report)
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Single Data Capture
Submit your data once per year, at a time that suits you.
At Aon Hewitt, we know submitting remuneration data takes time, especially if you participate in multiple remuneration reports. So to make things easier, we utilise a single data capture document regardless of the survey you subscribe to. We also allow you to elect the time of year to complete your submission*.
� One data submission per year – saving you time
� Flexible data submission dates – select the timeframe that suits you
� Position matching matrices – to make job matching easier.
* As most Aon Hewitt reports are participant only, data submission may
be required pre-survey release to begin your first subscription.
Data submission The provision on your organisation’s remuneration data is a condition of participation in Aon Hewitt remuneration reports. This ensures the veracity of the data provided in the remuneration report. Our customised data input software Rapid Rem makes submitting remuneration data a simple process.
Aon Hewitt also provides participants the support of a dedicated remuneration analyst, who can assist with submitting your data and interpreting the report results.
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Sample position description
Position title Branch Team Leader Position code Aon.BNK.87302.3 Career level 3
Responsible for Supervising a team of staff in a branch environment and the daily routine financial transactions
Reports to Branch Manager
Supervises Counter staff
Main activities � Supervising staff to ensure the correct maintenance of branch procedures particularly in relation to reconciling cash on
hand with the various daily financial transactions. � Providing workplace training for staff, monitoring performance and providing counsel and guidance in difficult situations. � Handling more difficult customer queries. � Normal counter duties as part of the responsibility. � May also share the keeping of keys and to be responsible for security procedures. � Responsible for all cash held on branch premises � Daily balancing and banking of cash
Key skills � Strong interpersonal and communication skills � Supervisory skills. � Internal contacts � Counter staff, Support staff
Internal contacts Almost all organisational employees
External contacts Customers
Typical experience At least 3 - 5 years experience in a Branch environment
Other comments
Remuneration data
State No. of Inc’s No. of Org’sNew South Wales 22 5Victoria 39 2Queensland 63 3Western Australia 1 1South Australia 4 1Australian Capital Territory 3 2Tasmania 0 0Northern Territory 0 0
Organisation size No. of Inc’s No. of Org’sLess than $100 million 75 4$100 - $250 million 3 1$251 - $500 million 0 0$501 - $1 billion 0 0Over $1 billion 54 1
Please refer to Data Centre for statistics on the following:
Position title Branch Team LeaderPosition code Aon.BNK.87302.3 No. of Incumbents 132Career level 3 No. of organisations 6
Percentiles
Remuneration Component % Rec Average % of FR 25th 50th 75th
Taxable Base Salary (TBS)* 100% 56,777 88% 54,295 55,750 58,817
Nominal Base Salary (NBS) 100% 57,484 90% 54,491 56,911 59,047
Company superannuation 100% 5,487 9% 5,089 5,328 5,722
Annual leave loading 42%
Car allowance 6%
Company car/novated lease
Health insurance
Other benefits /other cash 41%
Total Benefits 100% 6,711 10% 5,415 6,274 7,266
Fixed Remuneration (FR) 100% 64,194 100% 61,106 63,749 66,264
Target incentive 40%
Target commission
Target Short-term Incentive 40%
Target Annual Remuneration (TAR) 100% 65,325 102% 61,501 64,028 68,098
Long-term incentive
Target Total Remuneration (TTR) 100% 65,325 102% 61,501 64,028 68,098
Additional Payments
Overtime
On-call/standby allowance
Shift allowance
Total Employment Cost 100% 65,325 102% 61,501 64,028 68,098
Actual Remuneration – for comparison
Actual incentive 42% 2,642 4% 1,135 2,199 3,292
Actual commission 5%
Actual ad-hoc bonus 2%
Actual Short-Term Incentive 48% 2,609 4% 1,313 2,185 3,155
Actual Annual Remuneration (AAR) 100% 65,459 102% 61,501 64,028 67,596
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About Aon Hewitt’s Reward practice
Aon Hewitt provides expert advice and innovative solutions to assist organisations with all areas of remuneration management. With a reputation for excellence and integrity, we are the primary source of remuneration information and advice for entire industries, as well as individual organisations of all sizes.
Our clientsOver eight hundred organisations throughout Australasia and across various industry sectors use Aon Hewitt’s products and services, ranging from small to large local firms through to the largest multinationals.
Our peopleAon Hewitt is a team of knowledgeable, experienced, passionate, creative and energetic people who thrive on exceeding client expectations, providing expert advice to organisations, and leading the market in the design and development of innovative remuneration solutions, products, training and technology.
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Our technologyThe Aon Hewitt Data Centre is an innovative, intuitive platform allowing you to access exactly the data you need quickly and easily, on your PC or mobile device. Data Centre provides remuneration report data visualisation, individual dashboards, position description matrix views and real-time polling and updates.
In addition, functionality includes:
Advanced filtering: enables you to filter data by multiple options including organisation size (headcount/turnover), industry and/or geography.
Peer cut: enables you to filter data by a select group of report participants to ensure alignment in a competitive talent market.
Compa-ratio reports: enables you to review how your employees compare to market data.
Age data: enables you to age the data to ensure you are future proofing projected remuneration movement in the near future.
Create custom position(s): enables you to combine multiple roles where there is no current market data for hybrid/mixed positions.
We pride ourselves on outstanding customer service and our ability to tailor solutions that are aligned to your remuneration needs and contribute to the success of your business.
Our services
Remuneration consulting services
� Remuneration and benefits strategy design
� Remuneration structures/systems
� Policy development and review
� Job analysis
� Position description writing
� Remuneration benchmarking
� Customised market surveys
� Job pricing
� Performance pay plan design and review
� Salary budget planning and reviewing the remuneration environment
� Salary review assistance
� Remuneration outsourcing
� Employee opinion surveys
� Remuneration mentoring
Executive remuneration services
� Executive benchmarking
� Long and short term incentive design
� Providing remuneration advice and recommendations to Boards of Directors
Survey services
� Industry-specific and general industry salaries and benefits surveys
� Customised salary surveys tailored to individual organisations’ needs
� HR benchmarking and remuneration policy and practice survey reports
� Access to international market data
� Survey forums
Training services
� Public training seminars ranging from a basic introduction to remuneration through to advanced remuneration theory and practice topics
� Customised ‘in-house’ remuneration training, designed to meet specific organisational requirements and conducted on client premises
� Access to comprehensive HR reference manuals
For further information regarding the Banking & Finance Industries Remuneration Report, or to participate, please contact:
Yong Gim t +61 2 9253 7830 e [email protected]
Contacts
For further information regarding this remuneration report, please contact Yong Gim directly: t +61 2 9253 7830 e [email protected]
SydneyLevel 33, Aon Tower201 Kent StreetSydney NSW 2000t +61 2 9253 7100f +61 2 9253 7006
MelbourneLevel 51, 80 Collins StreetMelbourne Vic 3000t +61 3 9211 3000f +61 3 9211 3511
BrisbaneLevel 2, 175 Eagle StreetBrisbane Qld 4000t +61 7 3223 7400f +61 7 3223 7545
PerthLevel 7, 28 The EsplanadePerth WA 6000t +61 8 6317 4000f +61 8 9322 6890
Part of Aon plc, Aon Hewitt is the global leader in human
resource consulting and outsourcing solutions. Our
services focus on helping organisations mitigate risk in
their workforce and realise the untapped potential of
their employees. We also help individuals maximise their
wealth to enable people to live the life they want.
In Australia, our team of experts partner with your
organisation to develop and deliver people strategies
that achieve positive business outcomes in the areas of:
superannuation and retirement; financial advice; workers’
compensation; work, health and safety; workforce risk
solutions; employee benefits; talent, leadership and
employee engagement; remuneration and incentives; total
rewards; actuarial services; and mergers and acquisitions.
With more than 30,000 professionals in 90
countries, Aon Hewitt makes the world a better
place to work for clients and their employees.
Aon Hewitt is the global talent, retirement and health
solutions business of Aon plc. For more information
on Aon Hewitt, please visit aonhewitt.com.au.
About Aon Hewitt
About Aon Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.
© 2015 Aon Hewitt Limited
Terms and conditionsPlease note: Aon Hewitt is still trading as Hewitt Associates in Australia. Hewitt Associates’ reports of salary and benefits are produced and issued under the following conditions.
Confidential and copyrightHewitt Associates Remuneration Reports are confidential and copyright. Contributors may only use the reports within their own organisations and are not to convey the contents to any third parties. Contributors may not photocopy or reproduce by any other method, the contents of the reports – extra copies may be purchased at nominal extra copy cost rates. Hewitt Associates’ Remuneration Reports are contributor only reports. Contributors are required to supply accurate salaries and benefits data by the due dates which are outlined in our annual planners.
Disclaimer/limitation of liabilityThis Remuneration Report is designed to provide a summary of pay rates as at the date of publication. The report does not purport to be conclusive or to provide specific guidelines. No responsibility can be accepted by Hewitt Associates for loss occasioned to any person acting or refraining from acting as a result of any statement in this publication. This Remuneration Report has been produced using contributors’ data that, to the best of Hewitt Associates’ knowledge, was current and correct at the time of publication. Whilst considerable lengths have been taken to verify all contributors’ data, Hewitt Associates gives no guarantee as to the accuracy or validity of the information contained herein, nor its applicability to any specific circumstances. The Remuneration Report is intended as a guide only and Hewitt Associates will not be liable to any person for any claim or loss as a result of any actual or perceived inaccuracy contained in the report.
Hewitt Associates privacy policyHewitt Associates has had a long–standing commitment to respecting the privacy of the information entrusted to it by clients and others. This commitment has ensured the ongoing success of our business and our clients’ ongoing support of our products and services. Our formal Privacy Policy document explains Hewitt Associates’ commitment to comply with the Privacy Act 1988 (Cth) and how we collect, use, disclose and protect the information we collect from our clients. To view this policy document, please go to our website aonhewitt.com.au for further information. A0283_1039F C2 1115
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Risk. Reinsurance. Human Resources.