Background
Lloyds Banking Group (LBG) is the largest retail and commercial bank in the UK, looking after more than 22 million customers. Following a period of immense ambiguity and scrutiny brought by the 2008 financial crisis, LBG needed to innovate and modernise to remain a key competitor.
To support a customer-centric cultural change, LBG leaders determined a new set of values and behaviours and set about landing and embedding these across the Group. Community Banking is the division looking after high street branches and central support functions and they decided to reinforce and help to further embed the three values ‘Putting Customers First’, ‘Making a Difference Together’ and ‘Keeping it Simple’ by developing a programme of peer-led interactive training sessions.
Approach
To modernise ways of working, LBG implemented an online collaboration tool and the Community Banking Putting Customers First, Making a Difference Together and Keeping it Simple division supported leaders with access to a Leadership Behaviours site to help embed the behaviours and share knowledge and best practice. The cultural shift was also woven into people processes by aligning and updating all colleague support materials including role profiles and
induction materials.
Following the training sessions, 94% of colleagues understood the impact of the behaviours; and 99% of senior leaders understood how the Leadership Behaviours impacted how they manage performance within teams.
"Putting Customers First, Making a Difference Together and Keeping it Simple"
Outcome
As a result of the effectiveness of the training sessions and excellent colleague feedback, the same approach was adopted across other divisions in the group. Additionally, the 2017 Engagement survey revealed a 7-point increase in ‘collaboration’ and 5-point increase in ‘trust and confi dence in our colleagues’. Community Banking outperformed the UK High Performing norms in 2017 for both employee engagement and performance excellence.
Overall, the Community Banking Division in LBG is demonstrating that their cultural transformation journey is having a positive effect on both customers and colleagues.