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Effective Levels Ready To Be Introduced In Credit Operations
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Date: 27th Jun 2005
As part of the business transformation programme taking place within Credit Operations a new performance and reward structure, known as Effective Levels, is to be introduced.
The Bank hopes that Effective Levels will help to address its long-standing recruitment and retention difficulties. Its introduction is taking place much later than originally intended because the move to organise work into Low/Medium and High Risk, the original performance measures were no longer appropriate. It has taken until now to get consistent, robust data to work from in order to develop a simple set of measures that were clear, achievable and importantly could be adjusted to reflect economic conditions i.e. how easy/difficult it was to collect debt.
As a result staff in Brighton who work on Low/Medium and High Risk collections will this week be briefed on the introduction from next month of a new system of Effective Levels. Staff will be assessed against these measures over the next three months with new Levels and any salary increases applying from November.
LTU has closely with Credit Operations for the best part of a year on its system and are confident that in its current form it will produce real improvements in development and importantly pay. The scheme will also be the subject of ongoing review and negotiation to ensure the measurements are appropriate, realistic, fair and achievable.
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