Top performing employees at Lloyds Banking Group will share the largest bonus pot in four years.
The company reported a 12% increase in its bonus pool for the 2022 financial year, despite pre-tax profits remaining flat on the previous year.
Lloyds staff bonuses will increase to a pot of £446 million, and the hike is above the peak rate of inflation shown over the year of around 10%. It is the largest sum to be distributed among employees since 2018.
Last year, top performers shared a pool of £399 million.
Lloyds’ profits for 2022 were £6.9 billion, the same as they were in 2021, although it said they doubled in the last three months of the year. Revenue rose by 14% to £18bn over the year.
News of higher bonuses for staff came as chief executive Charlie Nunn warned of a “mortgage shock” this year as customers exit fixed-rate deals and face rising monthly payments.
The company also owns Halifax, Bank of Scotland and Scottish Widows.
Lloyds appointed a new chief people and places officer last year who will look at ways of enhancing flexible working and drive new skills. Sharon Doherty had previously worked at Finastra and Vodafone.
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When Nunn was appointed in 2020 it was announced that he would receive around £5.5 million in annual pay and bonuses, around a fifth less than his predecessor.
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