Westpac has been criticized by a union after the bank cut an unprecedented number of jobs to hold a “luxury retreat” for its bosses.
The retreat is essential to building key competencies among staff, the bank says, but the Finance Sector Union (FSU) says it is a terrible sight for the bank.
About 200 mid-level employees reside at The Rydges Resort in NSW’s Hunter Valley wine region, where they enjoy expansive views of the countryside, swimming pools and a golf course.
For the 772 workers laid off so far this year, the FSU says this retreat is a “slap in the face.”
So far, the bank has laid off 77 employees in July alone.
Westpac has been criticized by a union after the bank cut unprecedented jobs to hold a ‘luxury retreat’ for its bosses
About 200 mid-level employees reside at The Rydges Resort in the Hunter Valley wine region, where they can enjoy expansive views of the countryside, swimming pools and a golf course.
Ross Miller, Westpac’s chief customer engagement officer, is leading the “hypocritical” journey, which FSU National Secretary Julia Angrisano has denounced.
“It is hypocritical of Westpac to push our members out the door while the Ross Miller leadership team takes a luxury Hunter Valley vacation,” Ms. Angrisano said in a statement. .
“This is a slap in the face to Westpac employees who have lost their jobs in already tough economic times and have told us they can’t make ends meet.”
When Westpac began cutting staff, management cited the need to “carefully manage spending” as the reason for doing so, but to “be on the heels at the expense of the jobs of Westpac workers further down the food chain” is unacceptable, according to Ms. Angrisano.
said Westpac news.com.au that the trip was an obligation to their shareholders.
We have a duty to invest in the professional development of our people, which benefits our employees, customers and shareholders.
“This may mean occasionally bringing together staff from across Australia for in-person events.”
Ahead of the trip, when the bank cut hundreds of jobs in the first two weeks of June, the FSU said their treatment of workers was “callous and shocking.”
Westpac said in a statement at the time that it was part of a larger goal to create a “simplification and cost recovery program,” which was responsible for “protracted economic uncertainty across the country.”
In February 2022, we announced plans to simplify the bank, improve accountability and reduce costs. This ongoing reorganization is part of our simplification and cost recovery program,” they said.
“We will support our employees in making these changes.”
For the 772 workers laid off so far this year, the FSU says this retreat is a ‘slap in the face’
Westpac told News.com.au the trip was an obligation to their shareholders
In the six months leading up to March 2023, Westpac celebrated a profit of $4 billion, up 22 percent from the previous six months.
The FSU condemned these figures, as well as the multimillion-dollar bank sponsorship of the NRL, including an $8 million sponsorship of the NSW Blues.
The company’s executives also received a pay rise at the time.
This mix of job losses and corporate profits led the FSU toDeath by a thousand cuts‘ campaign.
“This clearly shows that Westpac is making a choice to put profit before people,” the campaign page reads.
For employees who survived the cuts and made it to the getaway resort, they can enjoy the “expanding playground” on offer, as advertised on the resort’s website.
The venue caters to everything from vacations to weddings, and especially business conferences, where “leisure corners just for you” await visitors.
For companies that choose them for conferences and training, the site promises that it can “go beyond conventional, fun and innovative is added to any agenda.”
Daily Mail Australia has contacted Westpac and the Finance Sector Union for comment.
The FSU condemned Westpac’s $4 billion profit announced in March, as well as the banks’ multimillion-dollar sponsorship of the NRL, including an $8 million sponsorship of the NSW Blues, as the bank continues to lay off staff