2020’s best transformation strategy: Lloyds Banking Group and TalkTalk
The judges scores were too close to call for the winners of best transformation strategy, so it is one of the few categories that celebrates a joint winner this year.
Lloyds Banking Group
The first of two winners for this award, Lloyds Banking Group said it can sum up its new approach to performance management in two words: Your Best.
The new collaborative approach to performance management and career development for colleagues removed ratings, bureaucracy and the distribution curve of the process.Instead, it focuses firmly on growing, learning and encouraging teamwork to help the bank deliver brilliantly for each other and for its customers.
The Your Best strategy is underpinned by regular check-ins with a colleague’s manager. These are honest one-to-one conversations focusing on high performance, with the aim of helping colleagues understand their individual and team purpose; challenge and recognise colleagues; give choices on growth and develop through two-way feedback.
The bank invested 10% of its overall group training budget into Your Best, equating to £28.57 per colleague. Not only did the strategy transform the way the company works, it was also evident to judges that it made Lloyds a better place to work – supporting colleagues
to improve their wellbeing and reduce workplace stress. They also commended the strategy for its relevance and the team’s determination to achieve its goals.
The second award winner, TalkTalk’s transformation strategy was put in place to help it become the UK’s leading value for money provider of fixed connectivity. TalkTalk’s people team believed its colleagues needed to feel part of the journey and committed to helping them succeed.
The strategy encompassed the relocation of TalkTalk’s HQ from London to Salford in the North West. To attract local talent and help mitigate the number of roles it was due to lose in the move, the team insourced its resourcing team and introduced a
new above the line recruitment campaign.
It also refreshed its reward positioning to embed the culture shift and embrace flexible ways of working and introduced the ‘TalkTalk Together Series’ to re-energise existing colleagues.
The strategy also included support for colleagues affected by the change, relocation support, outplacement support and enhanced redundancy terms for the people at risk of losing their jobs.
Strong leadership and excellent support were noted by the judges. They also felt TalkTalk’s transformation strategy had a clear purpose, budget and outcomes from
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