TSB to give staff greater say on strategy in order to rebuild public trust
TSB employees are to be given access to the boardroom and the company’s executive team as part of efforts to “rebuild public trust” following a disastrous year.
In what is thought to be a first for a high street bank, TSB’s employee advisory panel will able be to provide feedback and present ideas direct to the board, giving its more than 8,000 staff further influence on the lender’s business strategy.
The move follows a torrid period for TSB after its boss, Paul Pester, stepped down last September when millions of customers were locked out of their online accounts following a botched IT migration.
The panel, called Link, is made up of 125 TSB employees from across its branches and head office.
Working on a two-year cycle, the latest cohort is due to start in March. The Link convenes four times a year and will now present to the board once a year.
Rachel Lock, TSB’s HR director, said: “It has always been part of our culture to give partners the opportunity to speak up and be involved in the decision-making and direction of the bank.
“Our experience has shown that talking to and listening to our partners about their views on how we run the bank and serve our customers is critical.”
TSB said Link has already influenced its business strategy such as its suggestion to redesign how it manages staff performance.
The initiative to enhance the voice of employees on TSB’s board has been backed by trade unions and industry bodies.
Unite union national officer Dominic Hoo said: “It is important that businesses rebuild public trust; to do that boards of directors need to listen and be responsive to a wide group of stakeholders.
We support TSB incorporating the employee voice into corporate governance
“We support TSB incorporating the employee voice into corporate governance. Alongside direct engagement with the unions for TSB’s staff, this will improve trust and ultimately lead to better employee satisfaction and business productivity.”
Ged Nichols, from the Accord union, said the measure will “help steer decisions made in the long-term interests of the company, partners and customers”.
Josh Hardie, deputy director-general, policy and communications at the Confederation of British Industry, said TSB’s “action will enhance their existing employee engagement model and is a great example of business leadership”.
On Monday, TSB pledged to support small and medium-sized enterprise (SME) customers when they are in financial distress and protect them against unfair treatment and charges, and called on other banks to follow suit.
TSB is due to report full-year results on Friday.
