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TSB further enhances Partner voice in the boardroom
Today, TSB announced that its award-winning1 Partner employee advisory panel, the Link2, will now report progress to the Bank’s Board as well as to the Bank’s Executive Committee. This gives TSB’s 8,000 plus strong workforce further influence on business strategy.
Now in its fifth year, TSB’s Link group is made up of 125 TSB Partners from every level and every part of the Bank, the length and breadth of the country, truly representing a diverse employee voice at the most senior levels of the organisation.
The Link group convene four times a year to discuss issues significant to Partners, customers and communities the Bank serves. Link group representatives then meet with the CEO and the Bank’s Executive Committee (BEC) quarterly to discuss feedback, thoughts and ideas. The Executive team takes into account the Link’s views when setting business strategy or making changes that affect its Partners. The Link group will now present to the Board each year further increasing Partner influence on business strategy.
The Link works on a two-year cycle, with the latest cohort starting this year in March.
To date, results of the Link’s work have brought about important revisions to business strategy to make sure the Bank is always acting in the interest of Partners and customers. This includes redesigning TSB’s approach to performance management so that it now better serves TSB Partners’ interests and their long-term development needs and providing ways to improve the Bank’s business banking proposition.
Rachel Lock, HR Director at TSB, said: “TSB is a values-driven business with a strong and empowered workforce. It has always been part of our culture to give Partners the opportunity to speak up and be involved in the decision-making and direction of the Bank. Our experience has shown that talking to and listening to our Partners about their views on how we run the Bank and serve our customers is critical.”
Josh Hardie, Deputy Director-General, Policy and Communications at the CBI, said: “Fostering good employee relations is vital to business success. TSB has built on five years of good practice, to ensure employee views will now be heard in the boardroom. This action will enhance their existing employee engagement model and is a great example of business leadership.”
TSB’s recognised trade unions Accord and Unite continue to play an important part in representing Partners alongside the Link forum. Commenting on the news Ged Nichols, Accord spokesperson, said:
“We welcome the move to build on the Bank’s corporate governance structure. Not only does it align to the Bank’s values and culture, but also this open engagement will continue to help steer decisions made in the long-term interests of the company, Partners and customers.”
Dominic Hook, Unite national officer, said: “It is important that businesses rebuild public trust; to do that boards of directors need to listen and be responsive to a wide group of stakeholders.
“We support TSB incorporating the employee voice into corporate governance. Alongside direct engagement with the unions for TSB’s staff, this will improve trust and ultimately lead to better employee satisfaction and business productivity.”
Emily Kerr, TSB Link member, said: “The Link is a great part of TSB’s culture and I’m delighted to have been selected to get involved. I am looking forward to using my industry experience to help contribute to the Bank’s future.”
1 HR Network Scotland, National Awards, Employee Engagement Award of the year, 2017
2 Please see Notes to Editors for further detail of the Link.
Notes to editors
About the Link
TSB established the Link in September 2013. It was at the heart of TSB’s corporate governance framework as it launched onto UK high streets as a new challenger in the banking industry.
TSB’s vision was to return banking to its original purpose; to reset the relationship between banks and the society they serve.
Like TSB’s founder Henry Duncan, the Bank believes that companies, big and small, exist not in isolation from the rest of society, but are a central part of the communities they operate in, and it is only when these interests are aligned that all succeed.
Therefore, its corporate governance policies and corporate structure were built to make sure TSB works in the interest of the communities and the consumers the Bank serves
