Our performance management and reward processes encourage our people to perform at their best whilst ensuring we do the right thing by our colleagues and customers and work in line with our ANZ values.
We want every employee to be clear about the contribution they will make to serving our customers, managing our business and advancing our strategy. In assessing employee performance, we focus on both what has been achieved and the values and behaviours demonstrated in achieving those results.
Our Global Performance Management approach:
- Ensures all employees understand ANZ’s strategic priorities and the specific contribution they can play in achieving these goals.
- Assesses employee performance based on both outcomes achieved and how they have demonstrated the ANZ values in achieving these.
- Includes a focus on frequent, meaningful and open performance and development conversations throughout the year.
- Ensures that ANZ differentiates pay for performance.
This framework is applied Group-wide. However, some employees in certain locations and job levels are not covered by the framework due to our obligations under relevant local industrial instruments.
Performance management at ANZ consists of three phases: Performance Planning, Performance Coaching and Performance Assessment.
In the Performance Planning phase, there is a strong emphasis on setting each employee’s priorities as well as clear and measurable objectives that are aligned to broader business objectives and priorities. Employees and managers work together to establish performance standards that clearly define targets that are ambitious but achievable. An important focus of this step is ensuring employees are clear on the need to demonstrate ANZ’s values at all times; the risk/compliance/ behaviour standards expected of them and how failure to meet these standards can directly impact their performance rating and performance-based remuneration.
Managers are encouraged to meet regularly with employees to coach and develop them throughout the year as part of the Performance Coaching phase. Mid-year performance discussions are held with employees to track progress against their objectives, and discuss and agree development plans to ensure our people have the support and learning opportunities they need to succeed in their role and progress their careers with us.
In the Performance Assessment phase, employees receive a performance review at the end of the year which provides a valuable input into recognition and annual reward allocations for our best performers. Behaviour that is consistent with the ANZ values is a threshold criterion for reward outcomes.