here&now

2009 Annual Report available

Savings & Loans’ Annual Report for the 2008/09 year is now available on our website at savingsloans.com.au/annualreport

This is the first time that the full report has been primarily published online. A small number of members requested a hard copy of the report, and they received a shortened version.

We’ve also combined our Corporate Social Responsibility Report with the Annual Report this year, which shows the prominence that the community and environment have within Savings & Loans.

It was certainly a tough year for everyone in the finance industry, and it was no different for Savings & Loans. We’ve come through the difficult times and set a strong platform for us to build from in the future, thanks to the amazing work of our staff and the support of members. The Chairperson’s Report and CEO’s Report within the Annual Report give more detail regarding our performance, and I encourage you to read it.

If you have any questions about the information contained in the report, please post them here.

Greg

Cycling might be just the thing we've been looking for

One thing I'll always commend the Savings & Loans staff on is the way that they embrace new ideas and the passion they have for getting behind worthwhile initiatives. The hundreds of hours they spend volunteering every year is obviously a great example of this, as is the enthusiasm everyone at Savings & Loans has shown to becoming more environmentally-conscious in the workplace: anyone caught leaving a light on in their office is very quickly brought back into line!

Sometimes the deep interest of our staff is unintended, but still very much welcome. When we started sponsoring the Savings & Loans Cycling Team we had no idea of the direction the team would take. In the past few years they’ve moved from a group of amateur riders taking on mainly state-based competition to a professional outfit that has just returned from racing in Japan.

On top of this, many of our staff have taken a keen interest in cycling – both in the recreational and commuting sense. We’ve had groups of staff members take on the Savings & Loans Coast to Coast, events with the Tour Down Under and the epic Around the Bay in a Day. There’s also a growing number of staff riding their bikes into work, which has more benefits than you might realise at first.

One of the cyclists at work sent me a link to a news story a month or so ago about a report that states cycling saves taxpayers more than $290 million a year in terms of health and traffic costs. Now these are obviously some big numbers and I haven’t had time to read the full report but even if the savings are half those listed, getting on the bike could become more important and common as things happen.

You only have to look at the popularity of the Tour de France to see how big cycling is in some parts of the world. And with names like Robbie McEwen and Cadel Evans making headlines here and overseas, it looks like things can only get bigger.

Australians seem to be catching on to the cycling bug, with events like the Tour Down Under and Herald Sun Tour bringing some of the best teams in the world to our shores. I know there’s been discussion lately about tensions in the ProTour, of which the TDU is a part, but I don’t think that will have a big impact on people taking up the sport recreationally.

Infrastructure is obviously an important factor in encouraging people to get use their bikes more. There just aren’t enough bike lanes and cyclists need to be on their toes (figuratively speaking) when riding through city streets. Also, I’ve often wondered what road designers think cyclists are meant to do when bike lanes come to an end – are they expected to turn around and go back to where they came from?

Workplaces need to make accommodation for cyclists, too. Obvious facilities such as bike racks and emergency tool kits need to be available, but if cycling becomes more popular in a workplace then extra changing room and locker facilities are also required. Maybe employers need to become more flexible with start and finish times so their staff can get to work a little later in the morning, or earlier so they’re not riding home in the dark?

Of course, as well as the health benefits of getting more exercise – something many of us could take on board – riding a bike for transport rather than recreation could help relieve some of the pressure of rising fuel prices. It’s probably not practical for doing the weekly shopping (unless you attach a small trailer!) but for short trips it could be perfect. I’m sure we’ve all seen cyclists overtaking us as we’re waiting at traffic lights on the way to work!

Cycling to work obviously isn’t a possibility for everyone (or even in all seasons). I know that a 50km round trip in the wind and rain isn’t really appealing for most people, and your options are severely limited if you live in the outer suburbs. If you ride to work, what are some tips you can offer others?

If you don’t jump on a bike to commute, what do you think could make you change your mind?

Not all mergers are created equal

Well it’s good to be back at work after a nice holiday. And there’s certainly been a lot happening since I left.

Before I forget, I must thank Tony Innes and Tony Hampton for keeping my chair warm while I was away. It’s been a busy time for Savings & Loans and they’ve done a fantastic job.

The biggest announcement we’ve made is our proposed merger with Austral Credit Union. This project has been underway for many months now, and announcing it to our members and the general public is just one step on the journey.

It looks like we’re not the only ones who have been talking about mergers. I’m sure anyone from Australia would be aware of the proposed merger between Westpac and St George.

I’ll let others speculate and comment on that, but Savings & Loans’ proposed merger with Austral is something I’m very excited about. Bringing the two credit unions together will really cement our position as Australia’s second-largest credit union and have some great benefits for current members of both Austral and Savings & Loans.

As well as increasing the number of branches and ATMs members have access to, being a larger organisation has a lot of benefits in terms of infrastructure and administrative costs. For example, rather than maintaining two different computer systems, everything will be brought under one banner.

While the merged credit union will still be known as Savings & Loans, it’s very much a merger rather than a takeover, and it is anticipated that Austral members will have the opportunity to vote on the proposal in the next few months. This is what being a mutual organisation is all about – members having a direct say in how their credit union is run.

We’re also making sure that both credit unions’ staff are looked after. Savings & Loans is passionate about giving our staff the best opportunities possible, and we’ve made a formal commitment to not have any forced redundancies as a result of the merger. The current Austral head office in Melbourne will now become our Victorian office.

There is a lot of merger ‘talk’ amongst Australian credit unions at the moment. The changing nature of our industry means that being a bigger organisation often makes you much stronger. At the same time, it’s important to ensure that any organisations that merge have common values and aspirations, something that is very much the case with Savings & Loans and Austral. In fact, the Savings & Loans of today is the result of a number of mergers, including our most recent merger in 2005 with the NRMA Employees’ Credit Union.

If you have any questions about our merger with Austral that can’t be answered by the FAQs on our site then please let me know.

Greg

Another equal opportunity gong

We’ve received some great news at Savings & Loans this week. We’ve been named an Employer of Choice for Women for the sixth consecutive time. The citations are awarded by the Equal Opportunity for Women in the Workplace Agency (EOWA), a government body.

Everyone at Savings & Loans is extremely proud to receive this award again and it recognises the way we’re continuously working to make sure we have some of Australia’s best workplace policies. Importantly, EOWA looks at the actions we’re taking to create and equal and fair working environment for all our employees, rather than just making sure we have the appropriate policies.

Basically, it shows we’re walking the talk.

It’s important that we attract and retain the best staff, especially given the tight labour market we’re currently facing. This means that sometimes we need to be able to tailor conditions to suit an individual’s circumstances.

Here are a few of the polices and practices we’re most proud of:

• Ten weeks of paid parental leave for a primary caregiver, which can be taken over a 20 week period
• Three weeks of paid bonding leave available to fathers or staff entering adoption
• A variety of job share, part-time and work from home opportunities
• Formal programs to engage staff on extended leave
• The ability to move from full time to part time should an employee’s circumstances change
• Annual staff survey to gauge the effectiveness of policies

In the past 12 months we’ve also put a lot of work into creating opportunities for mature workers, Indigenous Australians and people with disabilities. Increasing the diversity of our workforce is very important to us and a core part of our future growth.

It’s no surprise that we’re proud of what we’ve done, but that doesn’t mean we’re sitting still. We’re starting to negotiate our new Enterprise Agreement, and I’m looking forward to staying ahead of the pack when it comes to family-friendly workplace policies.

We’re always looking for the right staff to join Savings & Loans, so if you think Savings & Loans could be the right employer for you, visit savingsloans.com.au/careers 

Looking back on 2007

At the start of this year I posted some predictions for what would happen in 2007. With the end of the year approaching fast, it’s time to see how accurate my predictions were.

• The global public will become more aware of the damage we’re doing to our environment and will make even more positive changes to protect it. Pressure will be put on businesses to act, but the changes will take time to filter through.

I think the importance of taking care of our environment is really starting to sink in with people. Big businesses are starting to take note, and governments are beginning to enforce and encourage people to be more sustainable. While it’s true that every little bit helps, we won’t start seeing big improvements to our environmental impact until we significantly shift our main industries – something that will take decades to do an economically-viable way. The recent change of government may also help speed up the rate of change.

• Carbon trading will begin on a small scale, with national and international plans to be considered. Governments won’t be involved in the initial carbon trading schemes, but consumers will recognise green businesses.

The Australian Climate Exchange launched in July and Australia is moving closer to setting firm targets for reducing our carbon emissions.
It’s promising to see more businesses and consumers taking up ‘green’ products. We’ll be launching some new green products early in the new year, so stay tuned.

• Sea levels will continue to rise and more of the Artic and Antarctic regions will disappear, possibly forever.

The risk of rising sea levels leaving millions of people homeless is greater than ever. The repercussions of this would obviously be severe, both for the people directly involved and the countries that would need to care for these ‘environmental refugees’.

• Technology will push change in the finance industry and consumers will have more control over how they interact with their financial institution.

We’re already starting to see technology move quickly, with trials underway around the world into the possibility of using mobile phones instead of credit or debit cards. More people are using SMS technology and Internet Banking to stay in touch with their credit union or bank, and I can only see this increasing as technology develops.

• Big banks will realise what credit unions have known for years: the way to make people happy and loyal is to offer them high levels of customer service and give them the attention they need.

I think this change is being made very quietly as banks start to realise just how important being friendly and open is to people. They finally seem to see the value in opening new branches – something we’ve been doing consistently for years!
Credit unions will always have an advantage over banks when it comes to great service – we don’t exist to make profits for shareholders, just provide excellent products and services to our members.

• Business leaders will open lines of dialogue with their staff to improve morale, customer satisfaction, efficiency and, ultimately, profit. Businesses will change to suit their staff, rather making everyone follow one model.

Employers are almost being forced to do this by the market. With unemployment at the low rate it is at the moment, employees are in a fantastic position to create working environments that suit them. Businesses also need to understand what’s important to people – I mean, what will a prospective employer say when an potential employee asks about their carbon footprint!

• Both Adelaide-based AFL teams will do better than last season!

One out of two isn’t bad! The mighty Power moved from twelfth at the end of the 2006 minor rounds to second in 2007, while the Crows fell from second to eighth. I think it’s best to forget about the finals…

Look out for my predictions for next year early in 2008.

Until then, I hope you all have a wonderful Christmas surrounded by family and friends.

Greg