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Westpac: Creating a sustainable business - Sustainability and employees

Sustainability and employees

 

A company only performs as well as the people it comprises.To create long-term shareholder value, a company must attract and retain the finest talent. It must nurture people to bring out the best in them.

Sustainability is an essential part of talent management. In today's competitive labour market, the most sought-after employees often express a desire to work for a socially responsible company. The old concept of 'jobs for life' no longer exists. Job-hopping is common, as employers are well aware. Employee retention has become a key challenge. Westpac has responded by creating a place where people want to work.

Treating employees well sets up a chain reaction. Satisfied employees stay with the company. They treat their customers well. Satisfied customers stay loyal to the business. Loyal customers increase profitability.

This emphasises how important it is to provide employees with a great work environment and flexible work options. Westpac offers opportunities that reflect individual circumstances, helping to boost morale. For instance, parents of young children might be interested in:

  • Part-time work
  • Job sharing, where two or more people share one job
  • Telecommuting, allowing some work to be performed from home where suitable
  • Career breaks and time out, to allow for other goals or personal emergencies
  • Parental benefits, which include 12 weeks paid parental leave, breastfeeding in the workplace, and workplace-affordable childcare
  • Carer's leave, where sick leave can be used to care for a sick family member, or member of their household.

Such strategies require a supportive company culture that values excellent communication and trust. Without it, the system cannot function.

Many companies are also recognising the importance of retaining older workers. Westpac's age balance strategy recognises the role of mature-aged workers, which is critical, given Australia's ageing population. The baby boomers' generation (people born between 1946 and 1961) is larger than those that follow. As they enter retirement, the workforce will diminish sharply.

 

 

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