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Like all large organisations whose success depends on the quality of their staff, Lloyds TSB's approach to pay has changed over the years. Managing pay effectively means striking a balance between remaining competitive in the employment market, complying with equal pay principles and rewarding high performance. A number of reward initiatives are currently underway, designed to create a compelling offer that really helps reinforce core business goals.
This in-depth case study investigates how, during the past decade or so, Lloyds TSB has redefined the entire premise of how it rewards, recognises, recruits and retains employees. We explore:
how the bank used the opportunity presented by the merger between Lloyds Bank and TSB to rethink strategic reward in the two banks
the impact of the 1994 strategic vision on reward strategies and compensation practices and how they serve to reinforce the corporate strategy
the move towards local pay management and the development of new performance management and equal pay policies
the approach to total reward and why the group integrates financial and non-financial rewards
how the newly-launched flex package works and take up so far
the structure of the share incentive plan.
For more details see our review, published in the 'News' section of e-reward.co.uk, 11 March 2004.