Performance And Reward
We are committed to building a motivated and inclusive workforce that is engaged and passionate about achieving our ambition. Providing a simple pay structure supports employees in doing the right thing for customers, allowing them to concentrate on providing excellent customer service.
Rewarding our colleagues
We continue to make good progress in ensuring that employees are paid fairly for the work they do and are supported by simple and transparent pay structures:
- The removal of incentives for frontline employees in UK PBB and Ulster Bank RoI
- The removal of discretionary bonus for all Clerical employees in the UK and the Republic of Ireland in 2017 and extending this to equivalent roles in India and Poland from 1 January 2018
- The removal of discretionary bonus for the vast majority of Appointed employees in the UK and the Republic of Ireland from 1 January 2018
- In all the above cases, an appropriate adjustment has been made to fixed pay instead
- Implementing a more transparent approach by moving more employees to published salary ranges and reducing the number of salary ranges by around 50%
- Removing the long-term incentive element of pay for employees below Executive Committee level
- Setting rates of pay that exceed the Living Wage Foundation Benchmarks
- Ensuring that people doing similar roles are paid consistently
- Bonus pools have fallen by around 75% since 2010, aligned with the restructuring that has taken place and the actions taken by the Group Performance and Remuneration Committee
Where employees do receive a bonus, the average amounts remain relatively modest with 68% of employees receiving £5,000 or less. Immediate cash bonuses continue to be limited to £2,000. More information on our remuneration policies can be found in the Annual Report and Accounts 2017.