Head of Reward, Lloyds
An annual performance-related bonus + Share schemes including free shares
2 days a week in office
Retail and commercial bank
Job no longer available
Retail and commercial bank
1001+ employees
Job no longer available
An annual performance-related bonus + Share schemes including free shares
2 days a week in office
1001+ employees
Company mission
To support families and businesses, helping them to take the next step, whatever that may be.
Role
Who you are
- Significant experience in reward partnering supporting key customer-facing and product populations
- Expert technology and data capability, with background in crafting flexible, innovative reward practices that enable the partnered business to deliver transformational change
- Ability to transform complex business needs into a clear, compelling reward strategy, empowering business areas to attract top talent whilst adhering to our governance and regulatory requirements
- Proven ability to thrive in complex, diverse stakeholder environments; ability to engage senior leaders, balance competing demands, and influence leadership behaviours to drive key business decisions
- Exceptional analytical skills, adept at synthesising data to shape reward decisions and strategy development, including critically challenging data
- Demonstrated track record of understanding current social, economic, regulatory, and legal trends, including anticipating their influence on reward strategy and business impact in the future
What the job involves
- The Head of Reward will drive the development and execution of the reward strategy for customer-facing business areas at Lloyds Banking Group
- Reporting to the Total Reward Director within the People & Places business area, this role is integral to the Reward Leadership team and requires building strong stakeholder relationships with partnered business areas
- The role will lead the implementation of a best-in-class reward strategy, leveraging deep insight into external trends, industry benchmarks and consumer business area needs now and in the future
- They will serve as the lead subject matter expert on reward-related strategic initiatives, including reward governance approvals, pay and group performance share activity, Employee Value Proposition (EVP) and Group and business area change programmes
- Using exceptional data capability and consumer knowledge, the role holder will develop flexible and innovative reward practices that enable the partnered business areas to achieve transformational change
- Leverage deep insight of reward policies and practices to drive a best-in-class reward strategy for the partnered business areas, enabling the Group to attract and retain the skills needed to drive our objectives
- Use end-to-end product mindset to develop flexible and innovative reward practices at pace, using expertise in consumer businesses, technology and data to support our transformation agenda
- Deep understanding of partnered business area priorities, challenges and risks, balancing competing needs to tailor the reward strategy to have significant impact
- Forge strong trusted relationships with respective Executive Committee member, People Director and People teams to support all aspects of the colleague reward life cycle including recruitment, retention, exits and organisational change
- Proactively use benchmarking, modelling and external trend insights to facilitate bold and innovative data-led reward proposition development
- Lead the annual pay and bonus activities for the partnered business areas, utilising Reward team to ensure smooth and effective delivery
- Subject matter expert on reward-related strategic initiatives including Group and business area-led change programmes, such as TUPEs and divestments
- Oversee reward governance approvals, including for Executives, ensuring the business area attracts the necessary skills and talent to deliver our strategy whilst adhering to our governance framework and regulatory requirements
- Upskill and empower business area People Partnering teams and business area leaders on reward policies and processes, enabling self-service for colleague queries
- Identify and mitigate risks, working with the leadership team to develop flexible responses to current and horizon reward-related challenges
Application process
- End Date: Wednesday 19 March 2025
Salary benchmarks
Our take
Lloyds Bank, part of Lloyds Banking Group, began operations back in 1765 and is nowadays one of the UK’s leading retail and commercial banks. As with many leading banks, the company has dealt with its share of controversy – including for its handling of PPI complaints in 2015, and the 2009 European Commission ruling that forced it to part ways with TSB – but it has nonetheless stood the test of time and worked to build back its public reputation in the wake of these setbacks.
Of the company’s 26 million customers, over 18 million of them are online, making it the largest UK digital bank. As part of its ongoing digital transformation, the company is seeking to put the cloud at the front of its services and systems, and has cited intentions to invest heavily in overhauling its current technology infrastructure. All this seeks to serve the modern banking customer, and to compete with the fast-increasing number of alternative banking options appearing on the market.
Recently, Lloyds Bank has shown great interest in facilitating innovation in the industry, joining as a partner on FinTech Action Labs (a FinTech accelerator programme) to bring its industry expertise to early-stage FinTechs. As well as investment in digital transformation and AI, the company is enhancing its wealth product and corporate banking offerings, as well as expanding its partnerships with digital banking companies.
Steph
Company Specialist at Welcome to the Jungle
Insights
-1% employee growth in 12 months
Company
Company benefits
- Flex cash: This is 4% of your basic salary and can be used to spend on the benefits of your choice, or you can choose to take it as a cash top up in your monthly salary.
- A generous holiday allowance: You’ll be eligible for a minimum of 22 days holiday (excluding bank holidays), rising to 30 days based on length of service and grade.
- A flexible way of working: Whether you want flexibility over your location or when you log on, together we can create an approach that works for you and for the business.
- Family leave: Up to 63 weeks of maternity or adoption leave. Statutory maternity or adoption pay is available for 39 weeks, and 20 weeks will be enhanced to the equivalent of full pay. Partners can have six weeks of fully paid paternity leave.
- Health insurance: Our company funded Private Medical Benefit provides all colleagues with access to good quality medical care, including accommodation, nursing care and specialist advice.
- Colleague Offers: Get discounts on everything from electrical items to cinema tickets and weekly food shopping. You can share this benefit with up to ten family members or friends.
- Financial products: Take advantage of our great financial products, some at a discounted rate, including current accounts, home and car insurance and loans.
- Share plans: Participate in Sharematch and receive matching shares of up to £45 a month from the company, and you can choose to participate in Sharesave, our combined savings and share option plan.
- Pension: We offer a generous pension plan, with all joiners being automatically enrolled in our 'Your Tomorrow' scheme. You can decide how much you save and get a say in where your contributions are invested.
Company HQ
City of London, London, UK
Leadership
Charlie Nunn
(Group Chief Executive, not founder)Spent nine years at HSBC, including as Group Head of Wealth Management and Digital, and as CEO of Wealth and Personal Banking.
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