ASIC admits imperfect staff culture
The Australian Securities and Investments Commission (ASIC) has defended itself from a poor outcome from a staff culture survey declaring that “all organisations have elements of effective and ineffective cultures”.
The regulator was responding to NSW Liberal Senator, Andrew Bragg, who described the results of the ASIC culture survey as “devastating” and asked: “How can the Parliament have confidence in your organisation given the state of ASIC’s staff satisfaction?”
ASIC responded: “All organisations have elements of effective and ineffective cultures. Organisations must continually work on their culture to remain effective on an ongoing basis. The Chair and Commission have an ongoing commitment to improving ASIC’s culture and engagement”.
ASIC confirmed that the survey had been undertaken by global specialist company, Human Synergistics and that survey participants had been asked to respond to the level of quality provided by their organisation in meeting the expectations of those that they serve either internally or externally.
It said that survey participants were not asked for the underlying reason for their response.
ASIC said that it has a number of initiatives underway across multiple levels across the organisation to continue to improve ASIC’s culture and engagement.
“Over 600 staff members participated in 37 culture information sessions. Followed by each business group implementing actions identified as key priorities to positively shift culture over the next 12-18 months,” it said.
“At an organisational level, culture and engagement activities are a standing item on various Committees, and at the Chair and CEO employee forums, as well as a focus on leadership development.”
Cultural consultants and lunches for ASIC billed straight to Advisers no doubt.
ASIC is a corrupt, inept, misguided basket case feeding itself on their Adviser ATM.
Report concluded 🙁
‘It said survey participants were not asked for the underlying reason for their response’
They are either lying or completely incompetent. What a waste of money the survey was if they failed to ask the most fundamental question.
We all know ASIC has massive cultural problems. Their key cultural problem is ingrained bias and prejudice against all professional licensed advisers, including the honest majority. ASIC’s bias and prejudice makes it too difficult for most consumers to access affordable, professional advice, yet makes it quite easy for harmful alternatives to thrive and exploit consumers.
If this appalling situation is making some ASIC employees feel sad and ashamed, it’s at least refreshing to know some of them have a conscience.