Great news on job security!
In pursuit of the terms of conference motions put forward by members on job security, career mobility and reassignment, and after months of tough negotiations, Accord has finally reached agreement on a more secure future for staff in Lloyds Banking Group and generous redundancy terms if, as a last resort, that’s not possible.
For too long, talented colleagues have left Lloyds Banking Group because of a business restructure knowing that their experience and skills could have been put to good use if only more effort had been made to help them find a new role or career path.
On top of that, colleagues have been left worrying where the axe will fall next and, if it’s on them, what redundancy compensation they’ll get.
We’ve worked hard to deliver a new career movement policy that invests in colleagues' skills and abilities and how they can continue to contribute to the success of the business – not only when it needs to change, but also when they want to explore a different role or career path.
As members would expect, we’ve built in protection arrangements that make sure they're treated fairly as their role changes over time and their career develops across the breadth of the business. These include salary and benefit protections and robust appeal arrangements if they feel they're not being treated fairly or in accordance with the spirit of the new policies.
And if there’s no option other than redundancy, here are some key improvements we’ve negotiated:
- Colleagues on heritage terms will have them confirmed - no more wondering if they’re going to be whipped away when the agreement runs out.
- Enhancements to LBG 2012 terms (colleagues who joined LBG from 1/1/2012 onwards) including immediate eligibility for the terms (no 2-year length of service qualifying period) and all colleagues under the age of 41 to benefit from 2.75 x multiplier, removal of lower multiplier for youngest colleagues.
- A better deal for MBNA colleagues who will get the better of heritage MBNA or LBG terms if they’re made redundant at a future point.
- A new set of terms if a colleague is offered a reasonable alternative role or reskilling opportunity but unreasonably declines it – some financial protection to support them if they choose to leave.
In a message to members, Accord's General Secretary, Ged Nichols said:
"We hope you’ll agree that these new arrangements offer improved job security and new opportunities for you to grow your career. Plus, certainty about compensation terms if there’s no alternative but for you to leave. As always, we’ll be here to guide you through the changes, offering support and advice on your individual circumstances whenever you need us."
Any comments or queries should be sent to: [email protected]