Negotiations have been underway for the better part of the year, since 26 February, and on 11 October, the firm finally reached an agreement with its staff.
In a statement released on Friday, the Finance Sector Union (FSU) said the new enterprise agreement would deliver “significant benefits” for Insignia Financial staff.
In accordance with the new agreement, Insignia staff will receive a $1,200 payment in addition to a 9.5 per cent pay increase over three years starting with a 4 per cent annual pay increase for workers earning below $115,000.
Staff will also be able to take advantage of more flexible work arrangements, if they choose, with Insignia set to trial a four-day work week during the nominal life of the enterprise agreement (EA).
“We have committed to a four-day work week pilot during the course of this enterprise agreement,” Insignia Financial chief people officer Mel Walls said.
“The four-day working week pilot will be conducted with a contained group of people, with the parameters to be designed in consultation with our employees. Details of the pilot are yet to be finalised.”
FSU national secretary Julia Angrisano said the agreement is a testament to the strength of its members at the firm.
“An earlier vote was pulled by management after members said they’d be voting no. This risk brought management back to the table resulting in many improvements to the offer, including improvements to workplace flexibility, including the removal of an expectation of 60 per cent attendance in the office to be considered a ‘role model’,” Angrisano said.
Walls added: “Our current in-office attendance requirement is 40 per cent and we have committed to retain this and provide six months’ notice of any changes.”
Furthermore, the agreement includes clauses to protect workers rights in the use of AI, ensuring that, while AI can be a factor in decision-making processes, a human must always be the one to make the final call.
“This greater level of transparency on how AI is used – through full disclosure by Insignia – comes on the back of the new Cbus Enterprise Agreement, which also contained clauses on AI,” FSU said.
Angrisano said: “Workers will not only benefit from the conditions they’ve achieved but can be proud in setting a standard for others in the finance sector. AI and flexibility are important to our members and employers should be aware as they prepare offers that these clauses will become industry standards.”
Walls called the agreement a “significant milestone” for the firm as it brings six instruments into one for the first time in the organisation’s history.
“The new enterprise agreement provides a range of new and uplifted benefits that we believe are reflective of a contemporary workplace, such as an increased commitment to flexibility provisions relating to hybrid working,” Walls said.
Notably, no update has been provided in relation to redundancy pay, despite this being a significant sticking point during earlier negotiations.
In a statement released in July, the FSU blasted Insignia for its proposal to reduce redundancy payments from up to 94 weeks to just 36 weeks. Though it was an improvement on the proposed six-month grandfathering proposal, FSU called it a “despicable move” that would disproportionately impact their most loyal long-term staff.
With staff having voted in favour of the enterprise agreement, it will now be submitted to the Fair Work Commission for review and approval.
