Summary
Lloyds Banking Group plans to assess the performance of its staff and may let go of some employees deemed to be underperforming. Approximately 3,000 workers are at risk, with about 1,500 expected to be laid off. This move is part of an effort to create a high-performance culture within the company.
Key Facts
- Lloyds Banking Group is reviewing employee performance and might lay off underperforming staff.
- The company has identified about 3,000 employees as underperforming.
- Roughly 1,500 employees are expected to lose their jobs.
- This is the second time in two years that Lloyds has announced large-scale job reductions.
- A software program will help monitor employee performance data.
- The changes aim to address low staff turnover and improve company performance.
- The BTU union has criticized the move, saying it pressures staff.
- The performance policy is similar to a method once used by General Motors to rank and remove low-performing employees.
