When TSB’s new CEO Debbie Crosbie took over in Spring 2019 with a new C-suite behind her, a new executive team was being built with a clear responsibility for making sure the Bank reaches its full potential. They needed to reshape their business model to get ahead in a climate where Brexit was causing uncertainty, and competition was intensifying amongst challenger banks. There was also a reputation to rebuild and relationships to strengthen with employees, customers and all key stakeholders.
TSB needed their whole business to understand a new strategy, commit to making it real and focus on what they must do to drive growth in 2020 and beyond.
To create true, lasting impact TSB partnered with businessfourzero to not only ensure that the work was done in a way that would help leaders feel that they were really moving forward to a new TSB, but also to do the work at all levels of the organisation from the board to the frontline. This meant doing four things:
- Align the newly formed executive leadership team around the business direction: Businessfourzero helped TSB explore a new set of purpose, behaviours and strategic behaviours using market stimulus, 1-1s and a three-day executive team session.
- Design a simple but compelling articulation of the business direction going forward: once TSB set their purpose in giving customers money confidence, businessfourzero led the team to create a blueprint or visual ID to articulate their new direction—all in less than 40 words.
- Get senior leaders committed to leading the change: TSB launched its blueprint to their top 100 senior leaders in an iconic two day ‘ignition event’. Businessfourzero trained some executive team members to facilitate sessions and breakout groups. In the end, around 10% of the attendees were not just participants but trained to lead conversations as well.
- Mobilise the rest of the business around a unified narrative: TSB needed to get their 7,500 employees committed to their new direction. Businessfourzero helped TSB design a cascade’ toolkit to ensure all leaders were equipped to lead these commitment conversations with their people.
The blueprint initiative has had a strong impact on TSB’s culture and employee engagement; but more than that, it has driven the business’ resilience during the COVID-19 pandemic and a set of strategic initiatives to follow, all rooted in their purpose.
Employee engagement from October 2019 (pre-launch) to April 2020
- Pride in working at TSB and overall employee engagement has increased, measured just two weeks into the additional challenges of the first COVID lockdown.
- And most importantly, just six months after launch, and two weeks into the challenges of the first COVID lockdown, 60% of people positively agree TSB’s purpose is one people here really believe.
Anchored by new purpose and strategic drivers amidst COVID-19 Impact
- TSB brought their blueprint to life with the launch of their first ever Responsible Business Strategy – Do What Matters Plan.
- In June 2020, over 90% of colleagues feel they’ve been as, or more effective in driving their strategic outcomes over this period, evidencing how much the behaviours have become part of what they do.
- TSB was focused on being ‘Digital Inside and out’ which helped with prepare for the surge in demand from digital banking customers.
We have two million digitally active customers. Over 90% of transactions are processed by TSB through digital or automated channels and over 70% of sales are now through digital channels.