A cultural survey from the Australian Securities and Investments Commission (ASIC) has revealed seemingly widespread dissatisfaction among staff at the regulator, as reported by the Australian Financial Review.
The results of the survey — which was conducted in October 2023 — were partially revealed earlier this year. However, the full report was only recently provided to the Parliamentary Committee overseeing ASIC. This follows a 20-month Senate inquiry, which labeled ASIC a "toothless tiger" and suggested its breakup. According to the report, staff experienced significantly higher levels of stress than typical firms and indexed at just 20 out of 100 for motivation. Many employees expressed job insecurity and uncertainty about their roles, with only 36% feeling inspired to do their best work.
Chairman Joe Longo acknowledged the issues, noting both positive aspects of ASIC's team dynamic and the need for improvement. "While culture is built over many years, there is room for improvement in every organisation and ASIC is no different," he said. Longo pointed to efforts to address concerns, including leadership changes and increased regulatory activity. Recent leadership shake-ups, including the departure of CEO Warren Day and executive Tim Mullaly, further reflect ASIC's attempt to address these deep-rooted challenges.
Earlier this year, Starling Insights published a Deeper Dive report entitled "Physician, Heal Thyself," which discusses global efforts to hold regulators accountable for their organizational culture and the outcomes such culture may drive. Regulators, that is, are increasingly being held to a standard regarding culture and conduct that they have emphasized in recent years among the firms they oversee. ▸ Get the Report
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