Barclays bonuses to be linked to business values

by | Sep 17, 2012 | News

Simon Hayward from Cirrus comments in Ask Grapevine HR

Barclays has warned its employees that the size of their bonuses will be linked to the way they do business, not just the revenues they generate.

The bank’s new chief executive, Antony Jenkins, told staff that he would “define and embed a refreshed set of values and behaviours” into Barclays following the Libor scandal.

Jenkins wrote in a memo: “How we do business, our impact as a company, and adherence to our values, will be considered as important as financial targets when assessing performance.

“Barclays leadership population will be tasked and supported to be visible exemplars and champions of these values and behaviours.”

Commenting on the announcement, Simon Hayward, managing partner of leadership development provider Cirrus, says: “It is refreshing to hear Antony Jenkins, a high-profile CEO, talk about defining and embedding a refreshed set of values and behaviours at Barclays. What’s even more impressive is that he has moved swiftly to change the way Barclays operates to ensure this happens.

“We’ve all seen what happens when big financial institutions focus entirely on making money and lose sight of their values. At its most extreme, this can corrupt an organisation’s culture which can result in financial meltdown and a massive erosion of trust.

“Barclays has announced that in future they will reward people not only on the revenue they generate, but how they actually behave and do business. This is quite a shift away from a typical banking culture.

“Embedding a new set of values and behaviours is a bold first step. Barclays is doing more than just examine its values. It is beginning to change the way it does business to support a new set of values.

“For this to succeed, Barclays needs to ensure its culture will support this new way of working. Leaders need to be role models and the culture needs to be a supportive one rather than a culture of blame.”

Please click here to read Simon’s comments on the Ask Grapevine HR website.

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