The Finance Sector Union (FSU) is calling on Bendigo Bank chief executive Richard Fennell and the board to strengthen job security commitments as concerns grow over outsourcing, offshoring and the future of its Australian workforce.
The union plans to raise the issue at the bank’s annual general meeting (AGM), arguing that the bank’s 2030 strategy has led to significant job losses and increased uncertainty for employees.
According to the FSU, almost 600 employees have lost their jobs since the strategy was announced last year.
More than 145 staff were also forced to work under inferior conditions following Bendigo Bank’s deal with global outsourcing provider Infosys earlier this year, the union said.
The FSU said jobs were continuing to be moved offshore through outsourcing provider Genpact, although it had secured some job security commitments from the bank.
These include seeking employee preferences when roles change, including in redundancy situations; a commitment not to transfer employees to Genpact on what the union describes as unfavourable contracts; and making participation in the mapping of work processes for potential outsourcing, known as “blueprinting”, and transferring knowledge to overseas employees voluntary.
However, the union said the commitments fell short of the 10 job security demands it had presented to Bendigo Bank management several months ago.
Union demands stronger job security measures
FSU National Assistant Secretary Nicole McPherson urged Fennell to use the AGM to provide greater certainty for employees and reconsider the bank’s approach to outsourcing.
“When you take a wrecking ball to a bank’s entire workforce, there are serious consequences – and right now, staff morale has hit an all-time low at Bendigo Bank,” McPherson said.
“Bendigo Bank’s so-called 2030 strategy has been nothing more than management hollowing out its local workforce and offshoring Australian jobs to boost its budget bottom line.”
McPherson said employees deserved greater transparency about the bank’s plans and their future employment prospects.
“Bendigo likes to call itself the ‘better big bank’, but it has quickly become Australia’s least trusted bank,” she said.
The FSU called on Fennell to reverse the bank’s current approach and invest more in its Australian workforce.
AI, regional branches and gender equity also on agenda
The union said it would also raise questions at the AGM about the bank’s plans for rolling out artificial intelligence, the closure of regional branches and gender equity.
The issues come amid broader debate about the impact of automation and offshore outsourcing on Australian employment, particularly in regional communities where bank branches can play an important role in access to financial services.
The FSU’s media release did not include Bendigo Bank’s response to the union’s concerns.
The union is seeking stronger guarantees that the bank will treat employees fairly as it implements its strategy toward 2030.
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