Lloyds shakes up incentives

 
Tim Wallace
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BONUSES at Lloyds will be increasingly based on customer satisfaction rather than just sales made, the bank said yesterday.

Variable pay will be given on an annual basis under the new scheme, rather than based on quarterly sales targets.

Lloyds uses what it calls a risk gateway to assess staff behaviour, which must be passed before bonuses are given.

Similarly customers must rate the service as excellent before variable payouts are accessed.

“This is the latest change we have made to our variable pay scheme to ensure we are meeting the needs of our customers,” said a spokesperson.

“Before any variable payment is made, colleagues will still need to pass a vigorous set of measures that ensure everything they do generates the right outcome for customers.”