Our reward policy is aligned with our One Bank performance-focused culture and ensures that individual rewards and incentives relate directly to the performance of the individual employee, as well as to their business unit and the Group’s overall performance. Our rewards are also competitive within the external marketplace, which allows us to attract and retain talented employees of the highest quality internationally.
To ensure that our customer focus is reflected across all of our processes, we have carried out a fundamental review of the way we set performance expectations and reward our staff. We strive to ensure that the performance objectives of all of our employees are aligned to Standard Chartered’s overall strategy.
In Consumer Banking, we have rolled out a consistent framework of scorecards and incentives that encourage our frontline staff to focus on addressing customer needs. This represents a significant step towards a model that rewards balanced performance, including service quality and compliance metrics. These compliance metrics may be financial or non-financial in nature and include NPS* scores, employee engagement, audit ratings and operational risk assessments. We have also modified our approach to targets to ensure that staff are not placed under undue pressure. This helps to ensure that we reward the right behaviours.
We review our frontline scorecards and incentive models every quarter, based on staff feedback, market practice and the recommendations of our Consumer Banking Incentive Plan Committee.
We have put in place a remuneration deferral element to ensure our staff focus on the customer experience and longer-term sustainable performance.
At 0.46 complaints per 1,000 accounts, our complaints ratio in our Consumer Banking business fell by 45 per cent in 2010 from its 2009 average of 0.83 complaints per 1,000. This reduction was brought about by specific steps taken by the business, including:
We also introduced monthly reports for complaints in 26 countries, up from 17 in 2008, and key customer issues are discussed by our Group VOC committee. In 2010, countries initiated regular country VOC forums to address root causes and take action on any country specific issues.
|Complaints per 1,000 accounts||1.4||0.8||0.5|
|First Time Resolution (FTR)||45%||39%||51%|
|Overall Satisfaction (of Complaints Resolution Process)||66%||63%||67%|
|Complaint Resolution turnaround time < 2 days||61%||59%||68%|