At a recent stand-up, Ms Crosbie said: “We mustn’t fall into just being a smaller version of a Lloyds…….”. We agree. The appointment of Robin Bulloch, the current Managing Director for Lloyds Community Bank and one of the architects of its branch closure programme, to the role of Customer Banking Director, will increase the focus on sales sharply. And that may have been one of the reasons why Peter Navin decided that enough was enough. On top of being demoted, the thought of a ratcheting up of the sales environment, albeit without using the word ‘sales’, was possibly a step too far. TSB members only need to speak to their ex-colleagues in Lloyds to realise what’s going to happen.
In that kind of world, members need the help of a strong, independent union not one that is prepared to do the employers’ bidding at every opportunity.
Let’s be clear, the vast majority of line managers in TSB are dealing with staff properly when it comes to sales or commerciality, and will always do so regardless of the pressure they come under from above, but there are some who will continue to push the boundaries beyond what is acceptable. Others will crack under the pressure. There is a world of difference between identifying a need, which customers understand, and then pressurising customers to take out a product that meets that need. It seems that some still don’t understand that difference. Or, worse still, pressurising them to buy things they don’t need.
The Next Steps
The union will be sending out a survey to members in the branch network on sales management practices in the next week. The results of that survey will be shared with the bank and members, and a copy will be sent to the FCA director responsible for dealing with TSB. Members with any suggestions on what should be included in the survey, or on sales practices generally, can contact the Advice Team on 01234 262868 (Choose Option 1) or email at compliance@tbuonline.co.uk.
Engagement Black Hole
TSB’s latest Partner Experience Pulse Survey results make for depressing reading. The engagement indicator is still only 57%, 1% more than it was in October and that’s one of the lowest scores on record. Only 64% of staff could be bothered to take part in the survey, which tells its own story about engagement in TSB. The issues staff are most concerned about are the future, opportunities for career advancement, and pay and reward.
In response to the pay and reward issue, Ms Rachel Lock, the outgoing HR Director, says that: “And this month Partners received the annual salary increase of 2%….and we refreshed our 2019 pay bands to make sure our salaries remain competitive”. The 2% pay award agreed with Accord is simply not enough and means that staff will be worse off relative to the cost of living. The latest figures, published recently, showed the retail price index for April was running at 3.1%. That means all staff in TSB are 1.1% worse off and it could get worse. Given below inflation pay rises and the loss of valuable bonus payments is it any wonder that staff are feeling undervalued.
Let’s hope the new HR Director can turn things around quickly.
In our next Newsletter we will be dealing with the issue of sales. In the meantime, members with any questions can contact the Union’s Bedford Office on 01234 716029 (Choose Option 1).