HSBC joins high street banks dropping sales incentives

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HSBC has joined Barclays in removing all sales incentives from its frontline staff.

Instead bonuses for approximately 20,000 staff in its 1,200 branches, regional teams and call centres will be decided on customer satisfaction.

The Co-operative Bank was the first to move to such a scheme on a trial in October, and this was quickly followed by Barclays.

However, this has not been replicated by all the major high street banks. After some initial confusion, Lloyds Banking Group confirmed that its pilot reward scheme would include both sales figures and customer service bonuses.

In a statement issued alongside its mortgage lending figures, HSBC confirmed the move, saying: "All customer-facing employees have seen the measurement of their performance include customer satisfaction, with sales targets removed.

"These changes to how our employees are assessed and rewarded which came into effect at the start of 2013 mean no customer-facing staff have any sales incentives which could contribute to their pay."

It said that the emphasis towards rewarding long term relationships and meeting customer needs would provide customers with good reasons to stay with it for the long term.

HSBC UK head Antonio Simoes added: "We have changed how we assess and reward our employees, removing any sales targets, so that they can completely focus on serving our customers' needs and providing superior service.

"We want our customers to know they can depend on HSBC to do the right thing for them and this is the absolute focus of our employees."

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