Total Reward
Terms and conditions apply please refer to the BNZ Intranet or your People Leader for full details. All benefits contained in this document are not part of the terms and conditions of employment. These benefits are subject to change by BNZ in its sole discretion at any time. The information contained in this document is for general information purposes only and is not intended to address any particular personal circumstances. It is a summary based on selective information which may not be applicable for your purposes. Ian Shannon Cards Compliance Manager It s great to be working for a bank that helps build a future for local business and industry.
We are the bank FOR New Zealand. A long-standing, trusted banking organisation firmly influenced by the needs of our country and the people we serve New Zealand and New Zealanders. To be the Bank for New Zealand, we need all our people to perform at the very highest levels. Only by consistently achieving this performance together, can we push the boundaries to deliver: In return for top performance we re offering market leading rewards. An overview of these is detailed in here. An incredible customer experience Solid revenue growth and expansion into new and target markets Prudent cost management to achieve our financial plan Continuous personal growth, development and innovation A truly commercial, performance edge that sets us apart in our competitive environment NEW NEW ZEALAND 05 BNZ TOTAL REWARD BOOKLET BNZ TOTAL REWARD BOOKLET 06
You re valued at BNZ MY SALARY MY RECOGNITION Working for BNZ means so much more than free banking and discounted products. This is just an outline of our reward offering but we re sure you ll like what you see! At BNZ we believe you deserve the best rewards for working at New Zealand s best bank our package is market leading, competitive and all about choice. As part of our reward proposition we provide a wide range of flexible benefits that are designed to meet your individual needs, both inside and outside BNZ. This is a reflection of who we are. It s about listening to what you want, getting it right together and delivering a truly special offering. It s the way we do things at BNZ. To find out what you re eligible for, you ll see each section marked with: = Permanent = Fixed Term = Casual When highlighted, these markings will help you spot what s up for grabs for your employment type at BNZ. Reward at BNZ is comprised of four parts, each designed to recognise and reward different aspects of your performance: Salary, Benefits, Performance & Incentives, and Recognition. MY REWARD PERFORMANCE & INCENTIVES MY BENEFITS
John Crawley (JC) Asset Finance Specialist BNZ is an open and flexible place to work. As long as you do your work and meet your goals, you are basically left alone to do it the way that suits you. It s great being treated as a mature adult not being micromanaged and I think that approach returns really good value for BNZ.
MY SALARY TOTAL FIXED REMUNERATION (TFR) SALARY + BNZ contribution to superannuation + BNZ contribution to medical insurance Our robust annual review process ensures you re paid a fair and competitive salary. We take into account your performance, what our competitors are doing, our budget and look at what the market is paying for your role. Total Fixed Remuneration (TFR) P FT C A structure where BNZ s contributions to benefits are paid on top of your salary and are use it or lose it. These are called graded roles and example positions are Customer Service Consultants and Banking Advisors. OR TOTAL FIXED PACKAGE (TFP) SALARY + BNZ contribution to Benefits or, take the Cash We offer two types of salary packages at BNZ. Your role will determine which one is applicable to you: Total Fixed Package (TFP) P FT A structure where BNZ s contributions to benefits are included as part of your salary. If you re on this package, you can select the benefit (which is then deducted from your salary), or you can take the cash. C Roles that receive a TFP are called banded roles. Example positions are Store Managers and Partners.
Kieran Ryan Client Director Property, Institutional Banking Our connectedness as a small nation also comes from the huge pride in our fellow Kiwis succeeding on the international stage. They provide inspiration for the next generation which continues to have New Zealand punching above its weight.
MY BENEFITS BNZ BENEFITS PAID FOR BY BNZ PAID FOR BY YOU LIFE INSURANCE TOTAL PERMANENT DISABILITY INSURANCE INCOME PROTECTION INSURANCE Our benefit offering plays a key role in ensuring we remain fresh and attractive as an employer of choice. Our structure is designed to be flexible and help meet your individual work-life needs. There s something for everyone; you get to pick and mix what you want. Take a quick look at what s on offer: DISCOUNTED INSURANCE TOP UP OPTIONS AUD 1,000 ANNUAL SHARE GRANT LONG SERVICE BENEFITS STAFF BANKING MEDICAL INSURANCE LEAVE (INCLUDING LIFESTYLE LEAVE) SUPERANNUATION VEHICLE (IF APPLICABLE) DISCOUNTED SUPPLIER ARRANGEMENTS
MY BENEFITS INSURANCES INSURANCE TOP UP MEDICAL INSURANCE Looking after your financial needs (and those of your family) in the event of your sickness, disability or death is important to us. That s why upon joining, all eligible permanent employees automatically qualify for Life, Disability and Income Protection insurance. All paid for by BNZ and, you don t have to worry about preexisting conditions you re covered! Life insurance You are insured under our Group Life insurance policy. This will provide a lump sum payment of 3x your TFR or TFP (up to $1,500,000) to your estate. Total Permanent Disability (TPD) insurance In the event of you being disabled, Disability insurance provides a lump sum payment of up to 3x your TFR or TFP (up to $1,500,000). Income Protection insurance In the event you are unable to work due to sickness or disablement, this benefit will pay you 50% of your TFR or TFP over a period of 18 months. Feel like you need a little extra insurance cover? BNZ has a discounted rate of Life, Disability and Income Protection insurance. We ve also got a quick and easy process for you to pay for it, plus, there is no need to worry about preexisting conditions. All you need to do is select one (or both) of the following options: Option 1 Increase your Life and Total Permanent Disability insurance cover from 3x to 4x your TFR or TFP. This will cost just 0.15% of your TFR or TFP. Option 2 Increase your Income Protection insurance from a payout of 50% of your TFR or TFP over a period of 18 months to 75%. This will cost just 0.15% of your TFR or TFP. Protecting you and your family s health and well-being will take a load off your mind - that s why we offer a discounted rate for medical insurance cover with Southern Cross. If you re on a TFR you ll receive a discount on premiums just by being a BNZ employee. Also you will receive an annual subsidy of $260 for you, $260 for your partner and $130 per child (up to two children) all on top of your TFR. If you re on a TFP you ll receive a discount on premiums just by being a BNZ employee. To make it simple for you, Southern Cross will contact you directly within the first few weeks of joining BNZ with full details on how to join.
MY BENEFITS Staff BANKING AUD 1,000 Share Grant We re proud to be a Bank and we offer great banking products and deals such as: Reduced lending rates and no fees on home loans, personal loans and credit cards A personal financial needs assessment upon joining No fees on the transactions in the BNZ account into which your salary is deposited We ll automatically set you up with a BNZ account and pay your salary into it no fuss, no hassle! Subject to Board approval, each year all employees that meet certain employment criteria are granted AUD 1,000 worth of National Australia Bank shares. This grant is a great way to own a piece of the NAB Group and, the annual dividends are an added bonus!
MY BENEFITS LEAVE There are plenty of leave options available to help you balance your work-life commitments. Lifestyle Leave We recognise there are times you may need more than four weeks annual leave so with the approval of your people leader, you have the opportunity to purchase up to two weeks additional leave each year. Volunteer Leave BNZ is proud of the contribution we make in our local communities and the fact that a large number of our people dedicate their time to volunteering. We encourage our people to give back to their communities by providing permanent staff the opportunity to take up to two days paid volunteer leave each year. Parental Leave Top-Up We re committed to supporting employees when a baby is born or, a child is adopted into your family. Our Parental Leave Assistance Payment consists of a top-up payment, for a maximum of 12 weeks, between your TFR or TFP and the amount paid by the Inland Revenue Department under the parental leave payment scheme. Other types of paid leave Flexible Sick leave Domestic leave (10 days) Family leave (3 days) Study leave (10 days) Special leave (3 days)
MY BENEFITS Superannuation As a financial institution, we re committed to help you save for your retirement and, create long-term wealth. That s why BNZ is proud to be associated with one of New Zealand s oldest superannuation schemes, the BNZ Officers Provident Association (OPA). As members of the BNZ OPA scheme you ll enjoy benefits such as: BNZ contributions of up to 6% net of tax BNZ will pay the tax on top of the 6% maximum contribution If you re on a TFR BNZ will match your contributions dollar for dollar on top of your TFR If you re on a TFR, BNZ contributions are: On top of your TFR BNZ pays the tax on its contributions on top of your TFR Subject to a vesting scale (i.e. a period of time before you receive the full benefit) If you re on a TFP, BNZ contributions are: Included in your TFP BNZ pays the tax on its contributions on top of your TFP Not subject to a vesting scale If you re on a TFP all contributions (yours plus BNZ s) will be deducted from your package should you join BNZ OPA One of New Zealand s lowest management and administration scheme fees 3 investment portfolio choices to suit your risk appetite Cash, Balanced or Growth
MY BENEFITS KiwiSaver VEHICLES SUPPLIER DISCOUNTS As a KiwiSaver exempt employer, BNZ will not automatically enrol you in KiwiSaver although, you are still eligible to enrol in KiwiSaver if you wish. BNZ will make compulsory employer contributions as per the current legislation and these will be paid from your gross TFR or TFP. If your role requires a car, you re probably going to spend a lot of time on the road. That s why we believe that where possible, you should have a choice in determining what type of vehicle suits you. If you re allocated a new vehicle, not only do you get to select from a range of late model vehicles but, you also get the choice to upgrade to something that may fit your lifestyle even better. BNZ will cover half the cost of your base model vehicle in addition to your TFP and, to cover your private use, you ll pay the other half from your TFP. Being part of BNZ means, you are able to take advantage of our great relationships with a host of suppliers. Depending on where you re located, we have a range of discounts and special promotions on products and services such as: Computers and electronics Travel and holidays Gyms Fly Buys
Genevra English Team Leader, BNZ Contact Centre I truly do think this bank is an amazing part of the New Zealand community. I have blue blood what can I say?!
MY PERFORMANCE & INCENTIVES P FT C Performance FRAMEWORK FT Incentives P C At BNZ, we pay for performance and so when it comes to your success, we want to provide you with every opportunity to reach your full potential. Key to this is our market leading Performance Framework. Using this, we re committed to helping you achieve the rewards you deserve by providing clear expectations of what high performance looks like and, how you can contribute to the Bank s success. At BNZ you ll notice we measure and reward WHAT you deliver and HOW you achieve it. To provide you with the right feedback, we believe in regular quality conversations that ensure a no surprises approach to performance assessment. All permanent employees participate in a short-term incentive plan which provides the variable component of your Reward. Incentives are based on individual and business results over the review period and, are designed to motivate and reward performance at the highest levels. Our Performance Framework is also focused on risk management and complying with our industry regulators; supporting the long term stability and success of our Bank.
Frank Cui Head of Asian Banking My leadership style includes taking people who are performing averagely and encouraging them to take leadership actions to become top performers. An important element of that is to guide people to acting proactively not reactively.
MY RECOGNITION ecards & erewards CHEVRON Long Service Benefits We are big on celebrating success and, we operate both informal and formal schemes to do so. We strongly support recognition, ranging from simple thank you cards for jobs well done through to Chevron nominations for significant achievements. Our programmes are designed to ensure everyone has the ability to recognise others at BNZ. ecards No job is too big or too small to say thanks at BNZ. ecards are aligned with BNZ behaviours and, are a little gesture to recognise a good job. erewards erewards is our innovative recognition and rewards system. This is an informal, online points-based reward tool for people leaders to recognise all kinds of performance. erewards can be used to purchase travel, vouchers, gifts and experiences to name just a few. Chevron is our premiere recognition award; it s a formal process that gives us the opportunity to nominate and celebrate outstanding performance. Recipients in previous years have travelled with the BNZ Executive Team to amazing destinations such as Hawaii and Fiji. We want to retain talent and reward experience at BNZ. Recognising your contribution, we ll provide you with erewards on each of your 5 year anniversary milestones.
Hemang Sanghvi Banking Advisor I love the culture we re really great at giving people a go, and we really look out for each other.
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