BNZ boosts annual leave to six weeks for all staff

BNZ has told its workers they will have six weeks annual leave from next year. Photo/Bevan Conley.

Around 5000 staff at the Bank of New Zealand have been told they will get six weeks annual leave from next year.

The bank, which is due to announce its annual result this morning, told staff yesterday about the boost to their leave which had previously been four weeks - the standard minimum required in New Zealand by employers.

Angie Mentis, chief executive of the BNZ, said the increase was designed to improve the wellbeing of its staff.

"Increasing annual leave makes sense on many levels. It's about valuing our people and their commitment to deliver for our customers.

"No matter the job, people need balance and time to pursue activities and interest outside of work. Six weeks leave gives our people time to plan and enjoy their breaks, and best serves our people to be healthy and well."

Angie Mentis, chief executive of the Bank of New Zealand. Photo/Supplied.

Mentis said the bank was also encouraging more flexibility in where and how its people work and increasing parental leave provisions.

The annual leave provision will increase from January 1. A spokesman said the change would be cost neutral.

It is thought to be the first bank in New Zealand to offer six weeks annual leave for all staff.

Mentis said the staff announcement had been viewed very positively.

"We shared this news with our people yesterday and we've had some great feedback already. There's no doubt that we expect it to make BNZ an attractive place to work."

"Businesses need to care for their people and put their wellbeing first."

Figures from the bank's 2018 annual report show it employed 4703 staff in the year to September 30, 2018 at a cost of $537 million.

The BNZ had a near-record profit result last year. It made $1.029 billion - just shy of its record 2015 year in which the bank made $1.038b.

Its operating revenue also grew 6.2 per cent to $2.505b for the year to September 30, 2018 while cash earnings for the New Zealand segment rose 6.7 per cent to $1.004b.

Angie Mentis became chief executive of the BNZ in January 2018 moving over from parent company National Australia Bank where she was chief customer officer for business and private banking.

She had been with NAB since 2006.

In September Mentis spoke out strongly at a women in leadership conference in Australia admitting she had been wrong about her perception of gender targets.