Salaries and Career Opportunities in the Banking Industry: Evidence from the Personnel Records of the Union Bank of Australia

This paper uses personnel records to examine the importance of seniority-based personnel practices in the Australian banking industry during the late 19th and early 20th centuries. It is shown that internal labor markets were well established by the 1880s as limited ports of entry, internal promotio...

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Bibliographic Details
Published in:Explorations in economic history 2001-04, Vol.38 (2), p.195-224
Main Authors: Seltzer, Andrew J., Simons, Kenneth L.
Format: Article
Language:English
Subjects:
Australia
Australian banking industry
Banking
Banking industry
Banks
Economic history
Financial history
Financial intermediaries
History
internal labor markets
Labor market
Labour market
Labour market structure
Personnel policies
Seniority
Wages & salaries
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Summary:This paper uses personnel records to examine the importance of seniority-based personnel practices in the Australian banking industry during the late 19th and early 20th centuries. It is shown that internal labor markets were well established by the 1880s as limited ports of entry, internal promotion, shielding from the external economy, and seniority-based wages were commonplace throughout the industry. Finally, it is argued that these practices were motivated by efficiency and attracted quality workers, reduced turnover, screened workers, and promoted honesty and effort.
ISSN:0014-4983
1090-2457
DOI:10.1006/exeh.2000.0750