Abstract
Like most organisations in the financial sector in Australia, Westpac Banking Corporation has been introducing new management practices in order to help it compete in an increasingly dynamic and competitive marketplace. This paper reviews some of the changes that have been affecting financial service organisations and reviews some of the ways in which Westpac has responded to them.
The paper focuses on the changing definition of management performance' within Westpac. A description is given of the methodology used to develop the organisation's current system for assessing management performance in terms of management competencies which have been shown to be associated with successful job performance.
The paper concludes by discussing the benefits of including an assessment of job competencies in an organisation's performance appraisal process. Not only do competencies provide behaviourally based (and therefore more objective) foundation for a variety of personnel practices, but they can also signal and reinforce changes in individual behaviour as part of broader changes in corporate culture.
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