Lloyds Banking Group is currently evaluating employee performance metrics to address persistent underperformance within its workforce.
With a staff of 63,000, the UK-based lender aims to improve retention rates as employees remain cautious about job changes amid ongoing economic uncertainty. To facilitate this, the bank is utilizing data from HR software provider Workday alongside input from senior management to assess employee performance.
Those identified as underperformers will be enrolled in structured support programs. Reports suggest that approximately 3,000 employees, falling within the lowest 5% of performance rankings, may face potential dismissal.
A representative from Lloyds Banking Group commented: “As we focus on building highly-skilled teams to accelerate our progress and achieve outstanding results for our customers, we are committed to fostering a high-performance culture within the organization. While we recognize that change can be challenging, we are eager to embrace the opportunities ahead as we strive for growth and enhance customer experiences.”