Overview
- Managers have been told to assess performance and place the lowest 5% on structured support plans that can lead to dismissal if standards are not met.
- Reporting indicates roughly half of those flagged—around 1,500 employees—could ultimately lose their jobs if they do not improve.
- Executives plan to monitor progress using HR software, with the push aimed in part at raising staff turnover from about 5% toward historical levels near 15%.
- Lloyds frames the move as part of CEO Charlie Nunn’s broader cost-cutting and digital transformation strategy across Lloyds, Halifax and Bank of Scotland.
- Unions including Accord have sought assurances about the integrity of performance processes, while the unrecognised BTU group has criticised the approach.