Reserve Bank of Australia Annual Report – 1990 The Bank's staff

The Board recognises that a professional and well motivated staff is critical to the effective conduct of the Bank's business. It records its appreciation of the high work standards and loyalty of staff during the past twelve months. The period has been one of on-going change within the Bank — substantial processes of structural reform have been initiated; staff numbers have been reduced further and the process of improving the skills base of staff has continued.

As part of a package of measures agreed during the year, the Bank is moving to put in place a flatter, eight-level classification structure early in 1990/91. The new arrangements are designed to improve productivity, management and career progression in the Bank. At the same time, and with the same broad objectives in mind, steps are being taken to incorporate performance-related components in the determination of staff remuneration.

Mainly in response to initiatives taken to streamline and improve the organisation of the Bank's work, the number of staff fell by a further 209 or 7½ per cent during the year. As indicated elsewhere in this Report, branches and the Bank's currency printing operations were the main focus of those initiatives.

At the end of June 1990 there were 2,576 staff in the Bank's employ, including 278 at Note Printing Australia. During the year 245 staff left under voluntary redundancy arrangements.

During the year considerable emphasis continued to be placed on upgrading the skills of existing staff, through on-the-job training, regular internal training courses held at the Bank's training centre at Kirribilli in Sydney, and a wide range of external training programs. Secondments are also arranged with other financial institutions, both in Australia and overseas. About 200 staff received study assistance from the Bank during the year, including six undertaking post-graduate study overseas.

Superannuation arrangements for the Bank's staff have been extensively reviewed in the light of legislative and structural changes occurring more generally in Australia. The new arrangements, which include the 3 per cent superannuation productivity benefit, are expected to come into operation early in 1990/91.

The Bank has continued its program for equal employment opportunity and a new two-year plan for the 1990/91 period is being implemented. A second annual report, in terms of the Equal Employment Opportunity (Commonwealth Authorities) Act 1987, was tabled in the Commonwealth Parliament during the year.

29 Total staff numbers

Graph Showing Total staff numbers