Lloyds TSB, which employs 63,000 staff across its three main business divisions: UK retail banking, wholesale banking and the branch network, has made use of a shared services model to varying degrees around its benefits provision for more than five years.
The high street bank currently uses this approach for services such as administering its flexible benefits scheme, share registration, and pension scheme administration.
Tim Fevyer, head of reward, says: "By taking those processes and putting them in one place, we have got a focus of expertise with the associated scale of economies that go with that. It enables us to focus on those things that could really make a difference to the business." He adds that it also enables the organisation to make best use of the knowledge available to it: "It also gives us an opportunity to buy in expertise and what you're able to do is create better sharing of knowledge, best fit and best practice."
