Lloyds TSB serves around 16 million customers, operating in a range of financial markets. 62% of the total workforce is female and 40% of the managers are female, rising to 44% of the Group Executive Committee. In 2007, Lloyds TSB was ranked top in the Female FTSE 100 report for the representation of women at Group Executive Committee level.
Rationale
Work Options, Lloyds TSB’s flexible working policy, was introduced in 1998 following feedback from staff and in response to a range of demographic, social and business changes.
Work Options was, and still is, considered by the Group to be a powerful way to attract and retain the best people. In addition, feedback from existing Work Options users shows that individuals feel more motivated to work for Lloyds TSB because of the flexibility they have.
The approach
The scheme is open to all employees, at any stage of their career Lloyds TSB does not take into account the reason for the request, the key consideration is what impact the proposed arrangement will have on the business.
Work Options offers a comprehensive range of flexible working patterns including reduced hours, job-sharing, term time working, compressed working, variable hours and home-working. Additional flexibility is provided via The Group’s flexible benefit scheme.
To ensure consistent take up and application, a dedicated web-site and guides for staff and managers are available, together with an on-line job-share register. All internal vacancies clearly state they are open to employees who want to work flexibly.
Impact
Take up of Work Options is monitored and various forms of communication - both written and on-line - are used to spread best practice and promote the benefits of the scheme.
For some time now over a third of the Group’s workforce has been working flexibly.
A major review of Lloyds TSB’s Work Options scheme was conducted in 2005 with over 10,000 staff giving their feedback. The...