Performance and reward
We’re committed to building a motivated and inclusive workforce who are engaged and passionate.
Regular performance conversations, coaching and development help our colleagues to do their best every day.
- We manage colleague performance and development continuously. Goals are set at the start of the year, revised as needed, and progress, development and feedback are discussed during 1:1 conversations. Priorities and developmental support are reviewed in quarterly check-ins.
- We measure colleagues’ performance not just on what’s been achieved but also how they’ve achieved it. The Critical People Capability Behaviours represent the ‘how’ and give us a consistent bank wide behavioural measure.
- At the end of the year, colleagues are allocated a rating that reflects their overall performance.
Rewarding our employees
Providing a simple pay structure supports our employees to do the right thing for customers, and focus on providing excellent customer service.
We continue to make good progress in making sure employees are paid fairly for the work they do:
- We have simple clear and transparent reward structures aimed at paying our employees fairly.
- We have a consistent fixed pay approach which aligns with industry best practice in our key locations.
- All our Clerical employees and the vast majority of our Appointed employees are remunerated through fixed pay only.
- Where employees do receive a bonus, the average amounts remain relatively modest, with over half of all bonuses awarded amounting to £4,000 or less. Immediate cash bonuses continue to be limited to £2,000.
- We continue to be a Living Wage employer in the UK, setting our rates of pay to exceed the Living Wage Foundation Benchmarks.
- We continue to focus on employee financial wellbeing with a strategy that focuses on: budgeting & planning, savings & investment, debt management, protection and saving for life after work.
More information on our remuneration policies can be found in the Annual Report and Accounts 2019.