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Working Environment of Lloyds TSB

Introduction:

Lloyds TSB group is the UK's biggest organisation. A lot more than 66000 are working because of this organisation in UK and in 27 countries around the globe. The business enterprise serves around 16 million customers operating in a range of financial markets, including personal and private banking, corporate banking, insurance and mortgages.

Lloyds TSB is working globally and competes within rapidly changing markets for the delivery of financial services to personal and business customers. Customers expect a high range of services to be available 24 hours a day and delivered with high grade customers' service. In order t remain top in this demanding market, Lloyds TSB has acquired the services of impressive human resource management policies to ensure Lloyds TSB is a great spot to work and that its staff are happy, motivated and committed to give highest degrees of performance to the organisation and its customers.

In 1998, the Group conducted reseach with employees, which showed that one with their main concerns was being able to balance a demanding job with outside commitments, such as family life, hobbies and leisure activities. This led to the Group designing and introducing a unique flexible working policy, called Work Options one year later. This gave an opportunity to employees to structure their working arrangements in a way that helps them to attain a much 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 better employers for providing overall flexibility because of its staff. Because of this positive and flexible approach, Lloyds TSB can attract, appoint, motivate and retain the best staff available, which keeps customers happy and keeps the organisation at top of the financial services field.

The Changing Work Environment

Lloyds TSB has always given importance to improve in work environment and this proves the main element to drive the lender out from the crises Lloyds TSB has rejected the traditional. Work routine of the 20th century. Lloyds TSB has offered flexible work options to all or any of its staff and placed into place it own procedures to permit every employee, not just with small children, the right to request to work flexibly. This Lloyds TSB sticks out from other employers.

By 2010, it is estimated that 85% of the growth in the united kingdom workforce will be women.

62% of the Lloyds TSB workforce is female and around 2, 000 staff takes maternity leave every year. Of these, around 87% go back to work for the company after their leave. This is an important statistic. In a tightening labour market, business must attract high calibre staff and then retain their services. Lloyds TSB's reputation on flexible working is a very important factor in obtaining this.

The Business case for Flexibility

Flexible working is not merely of great benefit to staff but it makes excellent business environment too. Lloyds TSB believes its ability to deal proficiently and effectively with the necessity for overall flexibility strengthens its position as an employer of choice and allows the group to provide degrees of service that differentiate Lloyds TSB from its competitors. Customers make the most by getting to deal with professional, friendly enthusiastic and well knowledgeable persons. In an increasingly competitive market where retailers, supermarkets and other companies

can also offer financial services. Lloyds TSB needs customer support excellence night and day to stay in competition.

Lloyds TSB developed its own flexible approach in 1999 to help attract and retain the best staff. The Group's own leaver surveys (questionnaires completed by people leaving the business) showed that overall flexibility was the primary reason for them joining them initially. This is also supported by a national survey which showed that flexible working was a far more essential aspect that pays for graduates in choosing an employer. Employees need motivation and commitment. Research shows that individuals tend to be more productive and experience less stress when they may have control over the hours they work.

So flexible working helps Lloyds TSB to gain the long term commitment and motivation of well qualified and experienced staff. It really is far more expensive to recruit and train new staff than to retain existing ones. Flexible working generates cost savings too.

Traditional work patterns usually involved fixed hours between 9. 00 am to 5pm. Work beyond these hours was paid by employers overtime rates like time and half or even more driving up staff costs. With the introduction of flexibility, Lloyds TSB has had the opportunity to extend staff cover at no additional cost. In today's world, people with lifestyles require financial services at any time. Peak customer demand does not follow a normal 9. 00 am to 5pm working day either. For Lloyds TSB flexible arrangements allow employees personal advantages to suit their own lives and deliver a far more complete service to customers.

So from the above it is clear Lloyds TSB was ahead of the game when it came to introducing flexible working patterns. The Group was aware that economic and social 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 enterprise of recruiting and keeping excellent people, who be willing to create a career in the Group.

The impact of credit crunch on Lloyds TSB

The phase means a severe shortage of money or credit and this happens when banks and other lenders lose confidence and are no more wiling to lend to one another or even to other borrowers. According to report published at Yorkshire Post dated 06 May 2008, Lloyds TSB revealed a further 387 million hit from the market meltdown 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 market meltdown hammers Lloyds TSB as bank profits drop 70 %

But Lloyds TSB spent some time working according to a certain plan faced the situation well.

Continuous Improvement and Lloyds TSB

Lloyds TSB believes in excellent customer's service and smooth and transparent banking. Lloyds TSB has introduced online banking, provided numerous ATM machines with their customers and made the banking relatively easy and convenient.

Lloyds TSB and IT transformation

Realizing that your time and effort to improve its IT features would require faster, deeper change than it might manage in-house, Lloyds TSB partnered with Accenture to set-up an IT competency that aligns IT delivery with the bank's strategic priorities. Processes, tools and methodologies were brought closer to best practise, and the skills and connection with IT staff were improved.

Lloyds TSB is making significant progress towards creating a higher performance IT environment that aligns IT delivery with the bank's strategic priorities. The Accenture/ Group IT team is confident that the bettering IT initiative will help Lloyds TSB create a higher performance business propelled by consistent increase in client satisfaction and competitive differentiation.

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