Connecting for High Performance Management that Works OCTOBER 2010 JUNE BOYLE - HR DIRECTOR, ORGANISATION EFFECTIVESS PAUL HUCKNALL - HR DIRECTOR, WHOLESALE
Objectives § Provide you with a high level understanding of the LBG approach to performance management § Help you understand why we chose such an approach for LBG and how we are trying to land it with colleagues § Share the lessons we have learned and some reflections on why we believe it is / will be a success 2
Introducing LBG § Lloyds Banking Group is the UK’s largest Financial Services organisation. It is comprised of multiple brands, the largest of which are Lloyds TSB, Halifax and Bank of Scotland § LBG controls 30% of all UK current accounts, 28% of the mortgage marketplace, 22% of personal loans and 20% of credit cards § LBG has a relationship with 2/3 rds of UK households § There are 3, 000 LBG-owned branches and 6, 800 LBG cash points § The combined group has approximately 140, 000 employees § The company operates an international banking business with a global footprint in 36 countries § The government owns 43% of the Group, 36% is owned by LTSB shareholders and 21% by HBOS shareholders § Work is focussed primarily in 3 key areas: Retail Banking, Wholesale Banking and Insurance 3
Connecting with Outcomes – Delivering Results Colleague engagement in performance management has increased since the launch of the new approach Launched PM Approach In excess of 100, 000 colleagues have a balanced scorecard using a single performance management system In general, feedback from line managers and colleagues from across the business has been very positive “The new rating categories … are a great step forward. Not sure who in HR was responsible but please can you pass on my comments” In 2010 we didn’t pay any bonuses to colleagues with the lowest performance rating Risk Performance Reward 4
Connecting with a Problem – Why Change? 5
Connecting the Parts – The LBG Approach 6
Connecting the Parts – Effective Performance Conversations 7
Connecting the Parts – Clear, Consistent & Aligned Objectives 8
Connecting the Parts – Ratings Based on Overall Contribution 9
Connecting the Parts – Effective Differentiation of Performance 10
Connecting the Parts – Development & Improvement 11
Connecting to Our Values Lloyds Banking Group Values Having regular great quality conversations about performance “We act wisely by regularly providing open and honest feedback to each other” Setting great objectives that help us to deliver our strategy “Our balanced scorecards help us to succeed together…” Rating colleagues based on their overall contribution “We make it simple by providing clear performance criteria” Effectively differentiating performance “Stretching ourselves to differentiate performance at all levels. . . ” Translating feedback into action through clear development plans “We take ownership of our own development” 12
Connecting with Colleagues – Landing the Approach DRAFT FOR REVIEW 13
Conclusions – What has been most important? § Connecting with our business leaders – we spent 2 days designing and 4 months socialising with the top 20 in the organisation § Connecting our colleagues to an approach rather than a process or a system – we launched a system, but we rarely talked about it. We didn’t want to distract people from the key part which was the approach. § Connecting the design and the delivery arm – Group HR to Divisional HR 14
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