View more on these topics

Lloyds looks to scrap product sales incentives

/e/h/t/Lloyds_Banking_Group_480.jpg

Lloyds Banking Group is piloting a new scheme which has scrapped all sales incentives linked product sales.

The Financial Times reports the bank is looking to introduce a new scheme which rewards staff for their levels of customer service, despite Lloyds senior executives recently claiming product sales had a part to play in performance targets.

In October, Barclays and The Co-Operative Bank both announced changes to their staff incentives to base them on customer service rather than product sales.

In September, it was revealed Lloyds was being investigated by the FSA over sales incentives offered to staff.

Lloyds told the FT: “We review our incentive schemes four times a year to ensure they are relevant and appropriate to meet the needs of both our colleagues and customers.

“Currently, we are trialling a scheme that focuses purely on customer service.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. at HSBC that current management are still driving and placing high pressure tactics in a passive way insisting on seeing 12-15 customer per week. Which its sales process systems make is impossible. They demand £6-8,000 commission to be written per week. They will never learn….not sure what FSA are doing?

  2. I work for Lloyds TSB as an ‘account manager’ We have 3 conference calls per day to drive in branch sales. Our jobs are threatened if we dont hit key lines and the micro management of the “sales population” directly leads to mis-selling. The culture at Lloyds TSB is of the hard sell and this will never change.

Leave a comment