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Balanced Scorecard - Performance Management Improvements Agreed
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Date: 11th Nov 2005
When Balanced Scorecard was introduced throughout the Bank it was seen by many people as a new way of operating that would go a long way to restoring Lloyds TSB’s pre-eminence. However, as the Union has often highlighted Balanced Scorecard has not always lived up to its promise and indeed has been critical that it has become much more a stick to beat staff with than a motivational carrot.
The ‘stick’ side of Balanced Scorecard gets worse because members of the Branch Network Salesforce below 90% of target must now be managed through the Performance Improvement Process. This means that, as the Union predicted, over half the Salesforce - some 4,345 staff - would be on PIP’s with the very real threat for many of dismissal. Having so many staff who have previously been deemed to be good performers on PIP’s should make the Bank question whether it is the targets and not individual performance that is wrong, but it hasn’t.
However, progress is being made on some aspects of the Balanced Scorecard with the Bank recognising that Performance Management is too complex and drawn out; that there has been limited ability to rate real differences in performance and that ratings of performance have been inconsistently applied across the Group.
LTU has agreed significant changes to the system of end of year appraisals under the Balanced Scorecard performance management process. These changes involve: a new ‘5 point’ rating system for the performance year 2006 that importantly will apply to all staff across the Bank and a new timetable for completion of reviews covering the performance year 2005 and for setting objectives for 2006.
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