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New Incentive Scheme For Offshore Staff
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Date: 1st Apr 2003
Details of this year’s Incentive Scheme for staff working within the Lloyds TSB Offshore Banking Group on Jersey, Guernsey and the Isle of Man have now been announced.
The scheme, commonly referred to as Teamwork, has been significantly improved from that in place last year following representation by LTU. One major change as a result is that bonus payments worth up to 15% of salary will start to be paid at a new threshold of 85% instead of 95% as was the case under the 2002 scheme.
The new arrangements include measures based on Offshore Banking Group’s performance, Individual Business Unit performance and Individual performance objectives. Importantly, and in a further major change from the previous scheme, these will be distinct measures meaning that bonuses for each area are not dependent upon hitting targets in one or more of the other areas. It is understood that Offshore Banking Group’s overall target for 2003 is 17% lower than for 2002 and that similar levels of reductions will apply across all business units.
However, LTU has told its members that important though the changes were the new scheme did not have its unqualified support. A continuing major weakness of the scheme was that there was still no provision for changes in targets to be made in light of prevailing economic circumstances.
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