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staff
|
- Staff: satisfaction with salary package
- Staff: satisfaction with personal development and career opportunities
- Staff: satisfaction with relationships and working environment
- Staff: satisfaction with job security
- Staff: satisfaction with work/personal life balance [NEW INDICATOR]
- Staff: co-operative culture and ethical values
- Review and further improve the bank's staff communications. TARGET ACHIEVED
- Supply each member of staff with a benefit statement to ensure that all staff are aware of their full entitlement.
TARGET ACHIEVED
- Implement the final stage of the new people policies and practices, covering staff development and career and
succession planning. TARGET ACHIEVED
- Increase the percentage of staff agreeing that the bank's salary package is good by five percentage points.
TARGET ACHIEVED
- Increase the percentage of staff agreeing that there are sufficient opportunities available for career progression within the
bank by five percentage points. TARGET NOT ACHIEVED
- Report on staff satisfaction with broad ethical conduct. TARGET ACHIEVED
|
|
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performance
| |
Role Types and Basic Salaries 2001
|
| 'Organisation Level' |
Examples of Roles |
Basic Salary Bands |
% of People |
| 'Implementing Activities' |
Customer Adviser, Administrator,
Processor, Customer Service Adviser |
£9,500 - £35,000 |
70.89% |
| 'Leading and Advising Implementation' |
Team Manager, Sales Consultant, Business
Adviser, Customer Service Team Manager |
£11,000 - £47,000 |
21.08% |
| 'Delivering Business Plans' |
Corporate Manager, Project Manager,
Customer Service Manager |
£24,000 - £65,000 |
6.88% |
| 'Translating the Strategy' |
Head of Function
Director of Function |
£44,694 - £200,000 |
1.00% |
| 'Shaping the Business' |
Executive Director,
Chief Executive |
£155,000 - £350,000 |
0.15% |
|
| (Source: Human Resources 2002) |
| A new reward structure was introduced in early 2001. Salary comparisons with 2000 data are notappropriate; staff are now assigned to roles and the previous grading system no longer exists. |
| |
Salary Package
| |
| |
|
- 8.09% of basic salary, 2001
- 2.5% of basic salary, 2001
|
| |
Benefits Package
| |
| |
| | Personal Development
| |
|
 |
Agree |
 |
Neutral |
 |
Disagree |
 |
Don't Know |
| |
Career Opportunities
| |
|
|
Agree |
|
Neutral |
|
Disagree |
|
Don't Know |
| | Relationships and Working Environment
| |
| |
| | Job Security
| |
|
|
Agree |
|
Neutral |
|
Disagree |
|
Don't Know |
| |
Work/Personal Life Balance
| |
| |
| |
|
|
Agree |
|
Neutral |
|
Disagree |
|
Don't Know |
| |
Co-operative Culture and Ethical Values | |
|
|
Agree |
|
Neutral |
|
Disagree |
|
Don't Know |
| |
|
|
Agree |
|
Neutral |
|
Disagree |
|
Don't Know |
|
|
commentary
|
People policies and procedures During 2001, the major
change programme designed to review and improve the
bank's people policies and practices was completed. The final
stage covered staff development and career and succession
planning. Broader job roles have been introduced to provide
staff with the flexibility to develop capability within their role.
The pay structure places more emphasis on individual reward
for increased skills and capability; in addition, both individuals
and teams can now be rewarded for exceptional achievement.
The performance management system is built on a behaviour
framework of thirteen key skills and behaviours. These have
been identified as important to the bank's continued business
success. Behaviours describe the underlying characteristics
that enable staff to perform well, going beyond the traditional
delivering value focus of academic qualifications, technical skills and
experience. Particular attention has been paid to ensuring that
ethical behaviour is recognised and rewarded. 'Ethics in
Action' has been designated as one of four core behaviours
and is present in the role of every member of staff.
Follow the link
for further details of the bank's people policies and procedure.
Salary and benefits packages Staff appear to be generally
satisfied with the bank's pay and benefits package. Staff
benefits include: a non contributory, final salary, pension
scheme (average contributions are equivalent to 15% of
pensionable pay); life insurance; flexible working policy;
holidays (21 to 30 days); a career break scheme; maternity,
paternity and adoption leave; occupational sickness scheme;
and banking and wider Co-operative Group benefits. Total
remuneration for 2001 was £85.948 million (2000: £84.398
million). This includes basic salary and all bonus payments
(annual group bonus, executive and senior management
bonuses, profit share and regional allowances). Average basic
salary in 2001 was £18,784 (2000: £17,645). A significant
proportion of staff state that they are not fairly paid (42%) or
recognised for doing good work (40%). In response, as part of
the 2002 salary review process, there was a significant
increase in the money made available to reward staff who have
demonstrated exceptional achievement or capability increases
(1.7% of the total salary bill). This was in addition to the basic
increase (1.3% of the total salary bill - set in February 2002
when RPI equalled 1.3%) and to profit share and bonus
payments of 11% received by all staff who meet the basic
requirements of their work. The bank continues to benchmark
salaries with those of its competitors.  Staff salaries are
compared with 42 other financial services organisations and,
for the majority of staff, they continue to be positioned close to
the sector median. Additionally, comparisons for service/call
centre staff are made with 16 other major service/call centres.
For the majority of service/call centre staff, the bank's salaries
are positioned above the sector median.
Development opportunities, career progression and
succession planning Whilst staff remain generally happy with
their personal development (80%), fewer are satisfied with the
opportunities for career progression (34%). Given the
organisation's new flatter structure, individuals may need to
re-assess their understanding of 'progression'. For example,
career development could consist of taking on additional
responsibilities within a current role or a 'sideways' move to a
similar role elsewhere in the organisation. Staff career
development can be measured by the number of 'step' or
'capability' salary increases awarded within the year. Each
salary rise reflects the increase in the staff member's ability to
perform their role. In the service centres, 52% of staff in April
and 49% of staff in October received such a rise during 2001.
Outside the service centres, 41% of bank staff were
recognised for increased capability. In 2001, the bank's
Customer Services division, working with the Human Resources
department, completed a new, structured approach to career
and succession management. Succession management aims
to make the best use of individuals' talents, develop and retain
future managers and have contingency plans in place for
critical roles. In 1997, the bank became the first clearing bank
to achieve Investors in People (IiP)i accreditation for the whole
organisation. This national quality award recognises
organisations that improve their performance by developing
their employees. In March 2001, the bank was assessed
against the new, more challenging standards. This review
focused on smile and the bank's New Business Centre, as
these relatively new areas of the bank had not been included in
earlier assessments. The IiP assessor's conclusion of the latest
review was that 'The Co-operative Bank is an outstanding
example of the benefits of Investors in People in practice'.
Job security The bank's organisational change process,
introduced in 2000 in consultation with the financial services
trade union, UNIFIii (over 75% of staff are members),
recognises that any required
redundancies will, wherever possible,
be achieved on a voluntary basis. There
were no involuntary redundancies
during 2001. All redundancies (38) were
on a voluntary basis.
Ethical values This year, for the first time, the bank
ascertained staff satisfaction with broad ethical conduct. The
bank would have liked more than 52% of staff to agree that it
behaves ethically in the way it treats them. During early 2002
the bank announced the launch of a programme enabling all
staff to engage in a range of community volunteering projects
for up to three days per year, as long as participants are willing
to donate the same amount of time themselves. This
programme demonstrates the bank's belief that ethics and
community activities involve all staff and are not confined to a
limited number of specialists.
Work/personal life balance Improving the bank's family
policies and helping to balance staff's work and personal life
are two aspects of the bank's joint 'Renewing Partnership'
initiative with UNIFI. The initiative is supported by the DTI's
'Partnership at Work Fund'.iii
External recognition The bank's standing as a progressive
employer was recognised again this year by its inclusion as
one of The Sunday Times' '100 Best Companies to Work For'
2002 in the UK. Financial services figured highly in the
index, however, the bank was once again the only high street
retail bank to be listed. The methodology
behind the compilation has been used in
many other parts of the world. Inclusion in
the list is heavily influenced by an
independent survey of staff views about
their employer, focusing on areas such as
company philosophy, culture and
management style.
|
|
- www.iipuk.co.uk
- www.unifi.org.uk
- www.dti.gov.uk/partnershipfund
To follow any of the links mentioned within the Partnership Report 2001, please visit the links page.
|
|
new targets
|
- Review the personal development toolkit with staff representatives and implement agreed improvements.
Tony Britten, Director of Human Resources/Jacquelyn Bownes, Employee Development Manager
- Publicly support the benefits of partnership with staff across the business community.
Tony Britten, Director of Human Resources
- Review and enhance the bank's family friendly policies.
Ken Lewis, Executive Director, Resources/Tony Britten, Director of Human Resources
- Ensure that ethical and ecological values continue to be understood by over 85% of staff.
Simon Williams, Director of Corporate Affairs/Paul Monaghan, Partnership Development Manager
- Further develop opportunities for staff to work with local communities.
Jayne Beer, Partnership Adviser
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