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Appeals Process Agreed for Salesforce
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Date: 15th Jul 2005
Following the Bank's decision not to reward the salesforce for personal loans sales that reschedule existing Lloyds TSB loans unless new monies are advanced, the Bank said it would put in place a target reduction to allow the salesforce to adjust their sales behaviours.
The Bank has said that the proposed reduction in sales targets for Personal Account Managers, Privilege and Premier Managers, and Branch Managers will be 9%, 10%, 7% and 9% respectively.
The actual impact of the new policy on individual members of the salesforce will depend on how much refinanced lending they were doing compared to new lending. According to the Bank, 1,056 PAMs will gain from the target reduction by an average 3% and 180 will lose out by on average 2%. The figures for Privilege Managers are far more striking with 903 gaining by on average 3% and 450 being potentially worse off, if they don't change their behaviours, by on average 3%.
According to the Bank, 630 members of the non-regulated salesforce will be worse off as a result of the decision not to reward points for refinanced lending and that is unacceptable.
Following further discussions, the Bank has agreed to put in place an Appeals Process, whereby members of the salesforce who can show that they have lost out as a result of the Bank's change of policy will have their salary protected for an agreed period of time.
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