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Work in the Financial Services Industry and Worker Monitoring: A Study of the Union Bank of Australia in the 1920s

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  • D. T. Merrett
  • Andrew Seltzer

Abstract

This paper explores a part of the systems used by the British-owned Union Bank of Australia in managing its labour force in the 1920s. The particular concerns addressed here focus on the opportunities presented to workers to 'cheat' arising from the nature of the tasks undertaken, which meant that both output and effort were difficult to observe, and from the large amount of securities and cash in the branch. Workers could behave opportunistically. Workers discovered 'cheating' were subject to punishments ranging from prosecution in the courts, dismissal, demotion, delayed promotion and pay cuts. The Union Bank used a complex multi-layered system of checks to monitor the efforts made by workers and their honesty in handling cash and securities. The effectiveness of monitoring was increased by the organisation of work into small specialist departments whose supervisors possessed comprehensive knowledge of the tasks carried out by workers and the established norm of work rates.

Suggested Citation

  • D. T. Merrett & Andrew Seltzer, 2000. "Work in the Financial Services Industry and Worker Monitoring: A Study of the Union Bank of Australia in the 1920s," Business History, Taylor & Francis Journals, vol. 42(3), pages 133-152.
    • Handle: RePEc:taf:bushst:v:42:y:2000:i:3:p:133-152
    DOI: 10.1080/00076790000000270
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    Cited by:

    1. Grant Fleming & Frank Liu & David Merrett & Simon Ville, 2022. "Share ownership and the introduction of no liability legislation in nineteenth-century Australia," CEH Discussion Papers 11, Centre for Economic History, Research School of Economics, Australian National University.
    2. Monica Keneley, 2020. "Reflections on the Business History Tradition: Where has it Come from and Where is it Going to?," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 60(3), pages 282-300, November.
    3. Seltzer, Andrew J. & Simons, Kenneth L., 2001. "Salaries and Career Opportunities in the Banking Industry: Evidence from the Personnel Records of the Union Bank of Australia," Explorations in Economic History, Elsevier, vol. 38(2), pages 195-224, April.
    4. Merrett, D. T., 2002. "The internationalization of Australian banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(4-5), pages 377-397.

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