Performance management - Corporate Responsibility

Performance management

Our Approach

Our performance management approach is designed to help our people reach their full potential.

ANZ's approach to performance management consists of three phases: Performance Planning, Performance Coaching and Performance Assessment.

In the Performance Planning phase, there is a strong emphasis on setting clear, measurable objectives that are aligned to broader business objectives and priorities to help support ANZ's focus on achieving outperformance through people. Employees and managers work together to establish performance standards that clearly articulate targets and stretch targets that are ambitious but achievable.

Managers are encouraged to regularly meet with employees to coach and develop them throughout the year as part of the Performance Coaching phase. Managers are required to have a mid-year performance discussion with employees to track their progress half way through the performance year. There is also a focus on implementing development plans to ensure people have the support and learning opportunities they need to succeed in their role.

In the Performance Assessment phase, employees receive a performance review at the end of performance year. Many areas of the business conduct reviews more frequently than this, however. The performance outcomes are directly connected with reward outcomes as part of our remuneration and rewards structure.

Progress in 2008

In 2008 ANZ introduced its new Global Performance Management Framework to simplify the previous performance management processes, remove duplication, clarify roles and accountabilities and inspire outperformance. The new Framework is based on a 'balanced scorecard' approach that assesses employees across the four categories of objectives of Financial, Customer, People and Process, as well as the standards of behaviour and risk/compliance that are displayed throughout the year. This framework replaces numerous business and country-specific approaches and will be applied Group-wide. However, some employees in certain locations are not covered by the new Framework at this time due to our obligations under relevant industrial instruments.

The future

In 2008/09 we will continue to develop tools and materials to support managers and employees with performance management under the Framework with a view to achieving 'outperformance through people'.