Managing Reward Satisfaction of In-House Counsel: Lessons from an empirical study of in-house Counsel in Australia

Michael Johnston, Counsel & Head of Employee Relations Legal, Westpac Group, Australia

Perceptions of remuneration and reward can play an important role in employee behaviours, motivation, engagement, performance, retention and ultimately organisational productivity. They can also call into question the alignment between an organisation’s reward strategy and its broader organisational strategic goals. Accordingly, understanding and effectively managing reward satisfaction is an integral part of achieving an organisation’s broader strategic aims. So how should organisations manage reward satisfaction of in-house counsel?

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Australia Management Banking & Finance March 2009 Vol. 2, No. 6, Winter 2009

Michael Johnston

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Michael Johnston is Counsel & Head of Employee Relations Legal for the Westpac Group. Michael advises Westpac Group companies on all aspects of employment and industrial law and related human resources and employee relations issues. Opinions expressed in this article are the author's alone.

Westpac

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Westpac Banking Corporation. Westpac is Australia's first bank and first company. We have 191 years' experience helping our customers to achieve their financial goals through good times and bad. On April 8, 1817, we opened our doors for business, trading as the Bank of New South Wales. From that single office in Macquarie Place, Sydney, Westpac has grown and prospered to become one of Australia's leading financial services organisations with more than 10 million customers. With a strategic focus on Australia, New Zealand and the near Pacific, the Westpac Group provides a broad range of banking and financial services – including retail, business and institutional banking. We also have offices in key financial centres around the world including London, New York, Hong Kong and Singapore. Westpac has a strong track record in terms of financial performance. Over the past 10 years we have delivered consistent growth and are one of only 17 banks globally with a credit rating of "AA" or higher. Our recent transformational merger with St.George, in December 2008, created a larger, more diverse and even stronger financial services company – well positioned to meet the challenges of the current global environment. We are passionate about, and extremely proud of, our deep heritage. However, today our focus is firmly on the future and delighting the 10 million customers we put at the centre of everything we do.

Australia Management Banking & Finance March 2009 Vol. 2, No. 6, Winter 2009
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