Tuesday, April 2, 2019
Working Environment of Lloyds TSB
Working surround of Lloyds TSB gate representationLloyds TSB group is the UKs biggest constitution. More than 66000 be running(a) for this organisation in UK and in 27 countries somewhat the globe. The business serves roughly 16 billion customers operating in a range of financial markets, including personal and semiprivate banking, corporate banking, insurance and mortgages.Lloyds TSB is working globally and competes within rapidly ever-changing markets for the delivery of financial services to personal and business customers. Customers expect a in high spirits range of services to be available 24 hours a twenty-four hours and delivered with first class customers service. In order t persevere top in this contending market, Lloyds TSB has acquired the services of innovative human resource worry policies to ensure Lloyds TSB is a great interject to work and that its staff are happy, locomoted and committed to give highest levels of performance to the organisation and its customers.In 1998, the chemical group conducted res for each one with employees, which showed that one of their main concerns was being able to balance a demanding argument with out fount commitments, such as family life, hobbies and leisure activities. This led to the Group blueprint and introducing a unique compromising working insurance, called Work Options one family later. This gave a chance to workers to structure their working arrangements in a way that helps them to achieve a better Work Life Balance. According to this policy all staff has got the right to request a different working pattern form standard 9.00 am to 5.00 pm.Lloyds TSB is widely recognised as one of the best employers for providing tractability for its staff. Because of this positive and flexible get, Lloyds TSB is able to attract, appoint, motivate and retain the best staff available, which in turn keeps customers happy and keeps the organisation at top of the financial services field.The Changing Wor k EnvironmentLloyds TSB has always given importance to change in work surround and this proves the key to drive the bank out from the crises Lloyds TSB has rejected the traditional. Work tour of the 20th century. Lloyds TSB has offered flexible work options to all of its staff and put into place it own procedures to allow every member of staff, not just with teenaged children, the right to request to work flexibly. This Lloyds TSB stands out from early(a) employers.By 2010, it is estimated that 85% of the growth in the UK manpower will be women.62% of the Lloyds TSB workforce is female and around 2,000 staff takes maternity leave each year. Of these, around 87% return to work for the company after their leave. This is an authorised statistic. In a tightening labour market, business must attract high calibre staff and then retain their services. Lloyds TSBs reputation on flexible working is a very important factor in achieving this.The backup case for FlexibilityFlexible workin g is not merely of value to staff but it makes excellent business environment too. Lloyds TSB believes its ability to patronage efficiently and effectively with the guide for flexibility strengthens its position as an employer of natural selection and enables the group to deliver levels of service that differentiate Lloyds TSB from its competitors. Customers take advantage by getting to deal with professional, friendly enthusiastic and well knowledgeable persons. In an increasingly competitive market place where retailers, supermarkets and other companiescan as well offer financial services. Lloyds TSB needs customer service excellence around the clock to stay in competition.Lloyds TSB developed its own flexible approach in 1999 to help attract and retain the best staff. The Groups own leaver surveys (questionnaires completed by people leaving the business) showed that flexibility was the main reason for them joining them initially. This is also supported by a national survey w hich showed that flexible working was a more than important factor that pays for graduates in choosing an employer. Employees need motivation and commitment. Research shows that people are more productive and experience less stress when they have maintain over the hours they work.So flexible working helps Lloyds TSB to gain the long verge commitment and motivation of well qualified and experienced staff. It is far more expensive to recruit and train new staff than to retain animate ones. Flexible working generates cost savings too.Traditional work patterns commonly involved fixed hours between 9.00 am to 5pm. Work beyond these hours was paid by employers overtime rates like time and half or more driving up staff costs. With the introduction of flexibility, Lloyds TSB has been able to choke staff cover at no added cost. In todays world, people with lifestyles postulate financial services at any time. Peak customer demand does not follow a traditional 9.00 am to 5pm working da y either. For Lloyds TSB flexible arrangements allow employees personal benefits to suit their own lives and deliver a more complete service to customers.So from the above it is clear Lloyds TSB was fore of the game when it came to introducing flexible working patterns. The Group was aware that economic and sociable changes meant that people often live complex lives in and out side of work. Far sighted management at Lloyds TSB saw the benefits to the business of recruiting and retentivity excellent people, who would be willing to build a career in the Group.The impact of credit squeeze on Lloyds TSBThe phase means a severe shortage of money or credit and this comes about when banks and other lenders lose confidence and are no longer wiling to lend to each other or to other borrowers. According to newspaper published at Yorkshire Post dated 06 May 2008, Lloyds TSB revealed a further 387 million touch from the credit crunch but signalled there would be no need for a cash call to investors.In a another report published in Herald Scotland dated 30 July 2008, writes that credit crunch hammers Lloyds TSB as bank profits drop 70 %But Lloyds TSB has worked check to a certain plan faced the situation well.Continuous progression and Lloyds TSBLloyds TSB believes in excellent customers service and smooth and transparent banking. Lloyds TSB has introduced online banking, provided numerous automatic teller machines to their customers and made the banking relatively easy and convenient.Lloyds TSB and IT transformationRealizing that the effort to improve its IT capabilities would train faster, deeper change than it could manage in-house, Lloyds TSB partnered with Accenture to create an IT competency that aligns IT delivery with the banks strategic priorities. Processes, tools and methodologies were brought circumferent to best practise, and the skills and experience of IT staff were improved.Lloyds TSB is making significant progress towards creating a high performa nce IT environment that aligns IT delivery with the banks strategic priorities. The Accenture/ Group IT aggroup is confident that the improving IT initiative will help Lloyds TSB create a high performance business propelled by consistent increase in customer satisfaction and competitive differentiation.