Co-op Bank finalises new staff bonus scheme

The Co-operative Bank has completed the roll out of a new employee bonus scheme, which focuses on customer service rather than sales targets.

The Customer Service Bonus scheme gives staff the opportunity to be awarded a quarterly bonus based on their customer service delivery. The sales-incentive targets have been completely removed.

The scheme was first trailed as a pilot within the bank’s 342-strong branch network, but has since been extended to all staff in its call centres.

Barry Tootell, chief executive at the bank, said: “Sales performance has only ever been a very small part of our quarterly reward scheme, but now we are removing this measure.

“The banking industry needs to start listening to the many people who remain disillusioned with the way it operates and start taking real action to address the needs of their customers.”

Barclays implemented a similar bonus structure in October 2012 for its 20,000 frontline employees.