How IBOA can help you
Although many different factors may contribute to our members deciding to join IBOA the Finance Union, the underlying reason is a desire for effective representation at work and in work-related issues. Through IBOA, our members aim to secure the best possible standard of living in safe and secure employment.
While the core of this objective is about improving pay and working conditions, our members' living standards are determined by a number of other factors – including taxation, the provision for health, education, housing and the environment – as well as issues such as dignity at work and job security.
IBOA works on these and other issues on many fronts in order to advance the best interests of our members:
- Pay
- Job Security
- Promotion
- Dignity at Work
- Hours of Work, Overtime and Unsocial Hours Payments
- Occupational Pension Schemes
- Health and Safety
- Atypical Work
- Loss of Employment
- Union Recognition
- Professional Representation
- Additional Benefits
Pay
As a member of IBOA, you have access to highly skilled professional negotiators who aim to ensure that all members are remunerated in advance of the industry norms. Our network of IBOA Representatives also try to ensure that you receive all your entitlements – including pay increases, increments and bonuses – on the due date.
Your reward package can be improved in a number of ways – from increases in basic pay to compensate for cost of living rises to increments in recognition of length of service or allowances for acquiring further skills for additional qualifications. These improvements may also take the form of bonus payments to reward individual performance or profit-share/gain-share schemes which take account of the performance of the overall business. The reward packages for many workers in the financial services sector involve a combination of some or all of these elements.
Job Security
In the current difficult climate in the financial services sector worldwide – and especially in Ireland – the issue of job security has taken on additional importance for staff in the sector. In recent years IBOA has had an understanding with the major employers in the sector that, whenever circumstances arise which may require some reduction in staff numbers, any restructuring should be undertaken on a voluntary basis after proper consultation, negotiation and agreement with the Union – on the severance arrangements for the staff who volunteer to depart – and on the compensation payments to be made to continuing staff for enhanced productivity. IBOA has been totally consistent in its approach on this issue – both in more prosperous economic conditions and in more challenging times – that there should be no compulsory redundancies.
Promotion
IBOA encourages all members to advance as far as possible within their careers in the financial services sector. With this in view, the Union seeks to ensure that all competitions for promotion are fair, equitable and transparent. Furthermore in order to assist members in pursuing their career paths, IBOA offers appropriate training in preparing CVs and preparing for interviews for any members who may be considering seeking promotion. (For more information on these training opportunities, see Members Services: Training.)
Dignity at Work
All employees – regardless of gender, race, religion, age, sexual orientation, marital satus, disability or ethnicity – are entitled to be treated with respect and dignity at work by their employers and by their fellow workers. IBOA has negotiated specific agreements with employers to prohibit unfair discrimination in the workplace and to combat bullying and harassment.
Hours of Work, Overtime and Unsocial Hours Payments
By law the average working week is set at a maximum of 48 hours. However, most IBOA members work a basic 35-hour week. If overtime is necessary, it should be paid at one and a half times the hourly rate for any hours worked over and above the 35-hour basic. Most workers are entitled by law to four weeks' paid annual holidays each year and a proportion of that for periods of employment of less than a year. IBOA has negotiated holidays above the legal minimum for all our members – generally based on service but not always.
Occupational Pension Schemes
Although there is no legislation to compel employers to provide a pension scheme, IBOA has consistently fought for and secured proper pension provision for its members from as far back as 1919. Today the Union has maintained its reputation for progressive innovation in this area by developing a number of creative solutions in recent years which take account of the funding issues facing employers while, at the same time, providing the maximum level of income in retirement for our members. The models negotiated by IBOA with various employers in the financial services sector have served as a template for workers and their representatives in other industries.
Health and Safety
The health, safety and welfare of members is paramount to IBOA. However, some employers may knowingly or unknowingly put them at risk. Among the hazards to staff in the financial services sector are threats of violence – from would-be thieves or, increasingly in recent times, irate customers.
The law requires every employer to produce a Safety Statement which clearly sets out all of the hazards in the workplace and the steps being taken to reduce the risks associated with them. Workers are also entitled by law to elect Safety Representatives with special powers to ensure workplace hazards are dealt with properly.
Atypical Work
Atypical is a term used to describe any form of working which departs from the conventional notion of permanent full-time employment. Atypical working includes contract, casual, seasonal, job-sharing or temporary employment. In recent years, many of the legal protections covering full-time workers have been extended to cover contract employees, part-time workers, job sharers, and so on.
IBOA Representatives aim to ensure that all employers comply with all of the provisions of the law and that no-one suffers unfair discrimination for being an atypical worker. Sometimes full-time workers wish to move to fewer hours or more flexible work patterns – especially to meet family commitments. IBOA Representatives have actively negotiated the introduction of such initiatives where members have requested them.
Loss of Employment
While IBOA's aim is to achieve secure employment with good terms and conditions for all its members, changes in business trends and organisation may sometimes give rise to situation where reductions in staffing levels are required. The Union's general response in these situation is to seek solutions – such as redeployment or transfer – which minimise or, where possible, avoid the need for redundancy. If, however, having exhausted these options, redundancies are still necessary, the Union's approach is to seek a commitment from the employer to implement any redundancies on a voluntary basis after proper consultation, negotiation and agreement with the Union on the severance arrangements for the staff who volunteer to depart – and on the compensation payments to be made to continuing staff for the enhanced productivity.
Union Recognition
Job satisfaction depends on a number of factors including good pay, recognition for long service, an acceptable level of supervision, appropriate exchange of information, consultation and participation as well as safe working conditions.
IBOA members are represented by highly skilled negotiators. These Union representatives are backed up by professional services provided by our research, training and communications staff together with our highly effective administrative team. Every worker is legally entitled to join a trade union to avail of these supports.
IBOA has achieved sufficient leverage with major employers in the financial services sector to ensure that it is formally recognised by these institutions for most grades of staff. For those grades where the Union does not yet have formal recognition, IBOA is making ongoing efforts to build its organisation to the point where it can secure recognition rights. In the meantime the Union endeavours to provide members in these grades with advice and support as effectively as possible.
Additional Benefits
Many other additional benefits also come from membership of an organisation with almost 22,000 members. As consumers, our members' combined buying potential has enabled IBOA to secure discounts and special offers for a range of products and services - known collectively as IBOA Plus.
Tax Relief on Union Contributions
Did you know trade union contributions are tax deductible in the Republic of Ireland?
Simply text the word: CREDIT, followed by your PPS number, then the word UNION and send to 51829. You will need your unique Revenue PIN number which is printed on your PAYE notice of determination of tax credits.
Application Forms
If you would like to join IBOA, fill in the online application form by clicking here.
Or if you want to download an application form for yourself or for a work colleague, please click here.
