Five ways Medibank can boost profits

Medibank boss George Savvides tells a story of a wage negotiation at the Australian arm of the UK medical supplies company Smith & Nephew, which he was running in the 1990s. As the negotiations heated up, a shop steward explained that the issue was not so much the 4% wage claim, but workers’ concerns that if they fell ill or died their families would be left unprotected. So Savvides explored the possibility of giving everyone income protection and discovered that it would cost about half a per cent. Negotiations were quickly resolved and Savvides has introduced income protection everywhere he...

Medibank boss George Savvides tells a story of a wage negotiation at the Australian arm of the UK medical supplies company Smith & Nephew, which he was running in the 1990s. As the negotiations heated up, a shop steward explained that the issue was not so much the 4% wage claim, but workers’ concerns that if they fell ill or died their families would be left unprotected.

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