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08 February 2023

Great news on job security

A more secure future for staff in Lloyds Banking Group
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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.

And a new redundancy policy that provides certainty for colleagues who, as a very last resort, must leave.

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:

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]

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