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Commercial Banking Forced Into Line
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Date: 27th Jan 2010
In my last Newsletter I reported that Commercial Banking had accepted LTU’s argument that the payment of different bonuses to staff producing the same levels of performance on the basis of heritage alone was neither fair nor equitable. In the note to staff, Commercial said “Guidelines have been published for those on the Group scheme and also those on the various sales incentive scheme.” So far so good. Commercial then go on to say “If it is decided to award a bonus, colleagues’ individual awards will be based on their individual performance, including achievement of their balanced scorecard objectives. It is our intention within Commercial that the individual bonus awarded will not be affected by their heritage.”
LTU congratulated Commercial for dealing with the issue of bonuses in a balanced and rational manner. However, the Bank centrally, realising that the Commercial policy would open the floodgates with LTU writing to each MD asking him/her why they were not following the Commercial lead, have forced Commercial to retract its policy on bonuses and issued a clarification completely over turning what it said previously. We are not criticising Commercial Banking, far from it, because at least they tried to do the right thing by all their staff.
There are those in the Bank who have said that because the terms and conditions are not harmonised we can’t expect bonuses to be harmonised. This issue is not about harmonisation but the fact that when the Bank announced its proposal it chose not to commit to putting extra money into the pot to ensure that staff were treated equally regardless of heritage.
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