Driving cultural change with digital learning
Lloyds Banking Group’s ‘Your Bonus Award’ programme helped bring about a discernible cultural shift within the organisation towards greater transparency over bonus payments.
Lloyds Banking Group plc is listed on the London Stock Exchange and the FTSE 100 Index, with a history stemming back to 1695. Lloyds Bank plc, its main subsidiary, is one of the UK’s ‘Big Four’ clearing banks, and its extensive network of branches and ATM in England and Wales make it the largest retail bank in Britain.
Bonus payments were awarded to Lloyds’ staff on an annual basis, but there was a feeling among some employees that the process was not as clear as it may be - especially in respect of any adjustments (e.g. for risk or conduct matters). In order to build and maintain trust among its staff, the organisation made, in the words of Paul Hucknall, People Director, Centres of Excellence, ‘a conscious choice to be more transparent about how bonus awards are determined’.
‘All colleagues needed to see a clear link between doing the right things for our customers and how they were rewarded.’
However, the way that bonus awards were determined remained unclear to many colleagues, and existing communications weren’t cutting through.
- A training need was identified with three clear aims:
- Improve understanding
- Enable better bonus conversations
- Drive cultural change