Performance and reward
We are committed to building a motivated and inclusive workforce who are engaged and passionate about achieving our ambition to be number one for customer service, trust and advocacy by 2020.
Regular performance conversations and coaching help our people to develop and do their best every day.
- We measure an employee’s performance not just on what’s been achieved but also how they’ve achieved it. Our behavioural framework is called Our Standards and it sets out the standards that every employee must meet.
- We have a simple performance cycle in which goals are set at the start of the year and progress against these is tracked during 1:1 conversations. Formal reviews take place at mid and end of year.
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:
- In 2018 we changed the make up of fixed pay for employees in the UK & ROI to make it easier to understand, bring us in line with industry practice and introduced a minimum Retirement Savings Plan contribution for new employees.
- We have simple clear and transparent reward structures aimed at paying our employees fairly. 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 £5,000 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 2018.