ANZ Hires McKinsey to Review Risk and Culture After Shortfalls
ANZ Group Holdings Ltd. has hired McKinsey & Co. to conduct a wide-ranging review of culture and risk management following shortcomings that led the Australian banking regulator to impose higher capital requirements.
The consulting firm was appointed to complete an independent examination of ANZ's non-financial risk management practices and culture, said a spokesperson for the Melbourne-based bank.
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Those who are testing the new trend have seen some incredible results so far. Medibank has noticed it has helped cut down on unnecessary meetings and workloads as staff felt more committed to getting everything done in the new timeframe. Staff reported being 4.5 per cent more satisfied with their job and 6.7 per cent were more engaged with their day-to-day tasks. The shortened week also helped these employees be more willing to go "above and beyond" their normal duties. Overall health improved by 16 per cent, work-life balance and sleep jumped 30 per cent each, and unhealthy eating plunged 17.5 per cent. For Maitland's company, their trial found there was not a single drop in productivity. It actually went the other way, with a 10.1 per cent improvement. Staff also reported their work-life balance improved by nearly 18 per cent, along with increased energy levels. In a LinkedIn survey of 2,000 Aussie professionals, an overwhelming 77 per cent supported moving to a shorter week, and 82 per cent of HR staffers in a separate study said the same. It could be 20 per cent fewer hours per week with the same pay, or even a reduced salary. Others have suggested 10-hour work days, instead of the usual eight, to ensure the same amount of weekly work gets done, just with one day less. Recent research also found nearly three-quarters (74 per cent) of AI users in Australia utilise it for work. They're using it to help with writing (75 per cent), brainstorming (69 per cent), problem-solving (70 per cent), and to digest or simplify lengthy documents (68 per cent) or complex information (60 per cent). Hopkins told Yahoo Finance the key to ushering in a four-day work week was really analysing whether you can cut down on certain tasks that eat up your time. Some of the companies he has interviewed said they trialled the trend to address productivity issues, others did it to keep and attract the best talent. Whatever it was, they all had a reason to do it. But Hopkins admitted it's not a simple task to bring it in. 'Moving to a four-day week takes preparation. It takes a pilot. There has to be a transition to it, and training and everything else,' he said. 'There may be a trimming of work, or becoming more lean in terms of things that you do, maybe reducing the number of meetings.' But he also believed that, with enough time, it would become a reality for millions.
