Bank Management Business Report

13 Pages • Essays / Projects • Year: Pre-2021

4. Costs and Benefits of Sustainability In broad business terms sustainability means being able to maintain profits whilst preserving the environment and the growth of human capital that allow a business to be viable. (Environment.nsw.gov.au, 2014) 4.1 Benefits Being sustainable by reducing a company’s impact upon the environment ensures that resources are not wasted and holistically the earth is left in good shape for future generations to thrive on. Effective sustainable reporting and being transparent is also a part of being a sustainable company and it can help by making the employees feel a part of the team. Recognition for being environmentally friendly (most common form of sustainability) can help improve a company’s brand image and it is also becoming a valuable asset in terms of the relationships with clients. Being a sustainability company may incur initial costs however this is outweighed by the long term benefits such as the use of green products and appliances throughout the company as well as alternative energy source use. (Green24.com, 2014) 4.2 Costs Some costs of sustainability are the initial costs and the long term investments costs. The initial costs consist of changing things within the company’s off ice such as efficient water and energy fittings and use of regular recycling pick-ups and so on. The long term costs include large technological change that can include solar panels. Becoming a sustainable and environmentally friendly business, relevant auditing and certification can be costly, which may deter companies from wanting these certifications. Running a sustainable company requires the co-operation from all levels of business and this can be difficult with large companies due to the fact that there are so many levels of management. (Green24.com, 2014) 5. Westpac’s approach to welfare 5.1 Employees In terms of employee welfare, Westpac has implemented an ‘Employee Advantage Program’ (EAP) that provides a number of benefits to all employees of Westpac within Australia. These benefits consist of discounted products and services (which include bank accounts, loans, credit cards, insurance and investments. Etc.), from Westpac, St. George and the BT Financial Group. (Westpac, 2014) Westpac provides access to a number of affordable (corporate owned) child care centres in NSW, South Australia, Melbourne and Brisbane, for its employees so that they are able to balance their work and family responsibilities. Westpac also provides free counselling services for employees because they want to create a supportive environment for all perspectives of welfare. (Westpac, 2014) In addition to this, each state has its own social club managed by Westpac that allow the employees to balance life outside of work. These social clubs organise events wherein Westpac employees are able to social with other Westpac employees, families and friends. (Westpac, 2014) Westpac offers flexible working hours to help meet the employee’s family and personal needs. These include part-time employment and job sharing as well as being able to work from home or another location instead of the office (depending on the employee’s role at Westpac). In terms of disabled employees Westpac has aimed to make working at Westpac more accessible for them (having one of the largest disabled workforce in corporate Australia). (Westpac, 2014) Overall Westpac has taken a holistic approach to maintaining the welfare of its employees. Its main aim is to create a supportive work culture and to meet the needs of the employees as well as the customers. 5.2 Customers Westpac have a person customer charter that sets out their promises to customers so that the customers can gauge Westpac’s level of service that they promised to provide. Westpac say their policy is to be transparent about fees and charges to avoid any confusion between customers. Westpac have a centralised complaint system wherein customer complaints can be dealt with as efficiently as possible. (Sylvan, 2002) Westpac are improving access to their services/products to disabled customers through the use of electronic networks such as telephone and internet banking. Westpac also provide discounted accounts to welfare recipients such as pensioners, disabled people and students as well as low income earners. Finally Westpac provide banking services to many regional/rural areas in Australia where it would normally be difficult for these customers to access a bank. (Sylvan, 2002)

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