Industrial relations the case of Commonwealth Bank of Australia

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The focus in this paper is on the Commonwealth Bank of Australia is regarded as one of the foremost providers of incorporated monetary services that include insurance, retail and business banking, management of various funds, institutional banking and services along with products related to share broking. The bank is recognised as one of the biggest listed companies, which operates at the Australian Securities Exchange. Expansion of business mix and that of various brands have eventually placed the company at a higher level and these aspects are considered as the biggest strengths of the bank. In this connection, the Commonwealth Bank possesses an extended presence along with large customer base in any bank located in Australia and also operates its business functions in huge distribution network of monetary services in Australia. Moreover, the bank also possesses a developing presence throughout the world. The bank operates its business functions through the retail banks especially operating in New Zealand, China and Indonesia and has the banking branches in Tokyo, Auckland, Singapore and Hong Kong. The vision of Commonwealth Bank is to deliver finest monetary services towards its worldwide customers. The company aspires to offer top returns to the shareholders along with engaging the customers to spend their money into the bank. The bank follows certain business strategies in order to attract its large base of customers by emphasising upon a number of important areas. The important areas include customer service, business banking, functional and technological excellence, team spirit and ultimately profitability (Commonwealth Bank of Australia, 2012). In this regard, the company greatly values and respects the people belonging to different social backgrounds and experiences. Moreover, the company also delivers exceptional services to its customers based upon equally dissimilar communities. In addition, the deliberate approach of the company through enhanced customer service eventually made the company to attain a few prestigious awards in the year 2012 (Commonwealth Bank of Australia, 2012). Commonwealth Bank of Australia considers the aspect of sustainability in relation to their business activities by focusing upon certain distinct core values of the community. The core values of the community include the customers, governance, people and business environment (Commonwealth Bank of Australia, 2012). Problem Identification and Analysis The aspect of industrial relations is fundamentally defined as a collective association between the employees and the management of a particular organisation. The notion of industrial relations covers certain broad areas related to industrial context such as collective bargaining, active participation of the working people in the management, industrial related issues and various regulatory laws and guidelines relating with the employees (Jackson, 1982). In terms of the industrial relations, Commonwealth Bank of Australia as an employer demonstrates certain obligations that falls under the category of ‘Fair Work Act’ of 2009. This particular Act instructs the business organisations to meet with certain minimum employment circumstances that largely include offering the pay slips, maintaining appropriate working hours through the application of minimum wages and various regulations regarding the dismissal of an employee. The Fair Work Act of 2009 briefly states that the minimum wages as well as the working situations that are provided to the working people should comply with the National Employment Standards (NES) and minimum wage or wages guidelines (O’Brien &amp. et. al., 2008). The banks that prevail in Australia deliver