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Putting The Balance Into Scorecard - UKRB Makes A Start With Bonuses
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Date: 7th Dec 2005
In September LTU reported that it was discussing with the Bank the introduction of new bonus and incentive arrangements for Managers and Staff in the Branch Network, which it hoped could address some of the motivational failings of Balanced Scorecard.
As the Union said at the time:
- LTU supports the aspiration of creating a ‘high performance culture’ across Lloyds TSB. However, this must be grounded in a genuine commitment to motivate staff rather than the reliance on unacceptable pressures and threats that all too often the Union has to deal with.
- To be truly effective, any new Bonus and Incentive arrangements must be ‘achievable and worth it’. The Bank needs to understand that it is unlikely to motivate staff with derisory bonuses that often amount to only £25 a quarter.
The Union emphasised that only if a new Bonus Scheme for Branch Staff met these key principles would there be any prospect of new arrangements winning the support of staff and helping to deliver a genuine ‘high performance culture’.
LTU can now report that new arrangements for customer service staff and branch managers that will apply from January 2006 meet these objectives.
Customer Service staff will receive flat rate monetary awards for referrals and individual sales. In essence, staff will not be asked to do any more than they should currently; the big change is that they will actually be rewarded properly for doing so.
The Branch Manager bonus scheme will provide the equivalent of 25% of annual salary for achieving targets
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