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Pay 2004… Survey Results
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Date: 25th Aug 2004
Earlier this year LTU issued a survey to all members asking them for their views on the new reward package and pay offer for 2004.
Some of the key results from LTU’s survey are:
- 69.19% of staff said that their pay increase was either 'poor' or 'very poor'.
- 88.22% of staff said they supported our claim. As part of our claim LTU has said that staff should be told how long it will take to get to the middle of the 'market' zone, which is the rate for the job. So far the Bank has refused to answer that simple question.
- The new Chief Executive has made much of the fact that he wants to create a high performance organisation. However, what that means in practice, and how staff will know when it has been achieved, is not clear at all. Notwithstanding that, 89.48% of staff have said that in a high performance organisation their pay should be the best in the financial services industry.
- The Balanced Scorecard has been introduced across the Group. 30.56% of staff said that they didn't have a clear understanding of their Performance or Balanced Scorecard objectives for 2004. Only 20.3% of staff said that it had changed the way in which they worked. Equally, if the Balanced Scorecard is to be effective then staff will need to have regular reviews of their performance. But that is not happening. Only 57.72% of staff said that they had had regular reviews of their performance over the last 12 months. That is unacceptable in an organisation seeking high performance.
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