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Lloyds Banking Group is reviewing office attendance in relation to performance-related bonus targets for its most senior employees.

The group confirmed that its senior bankers could have their bonus payments reduced if they do not work in the office two days a week, as per its policy introduced in 2023. This includes full-time employees who work as part of a hybrid approach, which stipulates they must work two days, or 40% of their working time in the office, each week.

The employer added that its group performance share (GPS) is for a limited number of senior employees above a certain level, where union membership is low, and that for those who have performance-related GPS, there are a variety of other performance considerations, such as demonstrating expected values and behaviours. For around 80% of staff, office attendance is not a consideration.

Lloyds Banking Group is due to distribute bonuses for the 2024 financial year next month.

A Lloyds Banking Group spokesperson said: “In 2023, we announced a multi-year pay proposal to provide our people with greater certainty in fast-changing economic environment. The group’s recognised unions approved the proposal which focuses on helping those that need our support most, and we have enhanced the plan further this year to provide an opportunity for employees who have made an extraordinary contribution to best support our customers.

“We are also proud to offer an approach to flexible working which delivers many benefits for our employees, while ensuring that we are well-placed to deliver on our ambitious strategy to transform our business and continue to deliver for our customers.”

The group’s Flexibility Works approach provides a range of flexible-working options for its employees, including compressed hours, job sharing, reduced hours, volunteer time, and flexible bank holidays.