Insignia concedes 4-day week trial

Insignia Financial has set a precedent in the wealth management industry agreeing to a trial four-day week for staff in a deal to be negotiated with the Finance Sector Union (FSU).

The FSU announced the industrial agreement with Insignia also delivers clauses to protect workers rights in the use of artificial intelligence (AI) by ensuring that a human always makes the final call.

The FSU noted that the agreement around AI comes on the back of the recently-negotiated agreement on AI with big industry fund Cbus.

Commenting on the Insignia deal FSU national secretary, Julia Angrisano said the agreement was a testament to the strength of the union’s members employed by Insignia who had forced management back to the negotiating table with an improved offer.

She said this included the removal of an expectation that 60% attendance in the office was required to be considered a “role model”.

“This EA didn’t just deliver improvements in conditions but also wages. There’s a $1,200 payment alongside a 9.5% pay increase over three years starting with a 4% annual pay increase for workers earning below $115,000 (base salary plus super).

“Workers consistently tell us that they value workplace flexibility, and this agreement delivers significant improvements and will allow workers the ability to work in ways that suit them- including more time at home if that is their desire.

“The acknowledgement by Insignia that a four-day week is an emerging trend and ought be trialled is an important step forward and win for Insignia workers. It will allow them to play a meaningful role in the evolution of workplace flexibility in our sector.

“At a time when workers across the sector are rightly scared about the impact of AI on their jobs, we are pleased to have secured a second major agreement that provides real involvement for workers on issues that affect them.

“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.