AMICUS THE UNION FOR YOU

IN HSBC

January 2006

RETAIL OBJECTIVES 2006

By now you should have seen the circular titled 2006 Objectives on the banks intranet. The circular sets out the banks Managing for Growth strategy, including the new generic framework for overall objectives, which is to be based on four elements (Customer, Financial, Process, People) and which is to be implemented across the bank. Concerns have been raised with Amicus regarding the introduction of these objectives, particularly in respect of cashiers, who will now be expected to achieve at least one positive outcome per day. A positive outcome occurs when customer needs are met through referral, using CRM tools, so examples could include: contact promise individual solution individual review events and competitor product information promotion of alternative delivery channels.

Amicus Comment
Amicus has concerns about the introduction of objectives, since we regard this as a retrograde step. The retail network has recently benefited from the withdrawal of sales targets so why re-introduce a similar system? We are also concerned about the limited opportunities of some cashiers to find referrals, especially in branches which are short-staffed. And it has been suggested that the focus on selling may interfere with the need to maintain accuracy, which could lead to problems such as till differences. During Quarter 1, we will send management an analysis of member opinion on this issue. MAKE SURE YOU HAVE YOUR SAY IF YOURE AN AMICUS MEMBER, SEND YOUR COMMENTS TO US AT: HSBC Amicus Seconded Reps Office 4th Floor 196 Oxford Street London W1D 1NT (E-mail correspondence can be forwarded via the Seconded Reps Assistant, Christine Lyon-Young, at christine.lyon@hsbc.com or christinevlyon on the internal address book.)

A positive outcome does not necessarily mean a direct sale: identifying an opportunity for an onward referral to a sales colleague will count as a positive outcome. The bank has proposed to increase the requirement for 1 positive outcome per day to 2 per day at the commencement of Quarter 2. Cashiers will then be expected to achieve 3 positive outcomes per day from the commencement of Quarter 3, in line with the banks intended improvements to the IT system available to Cashiers. However, the bank has committed to a review of activity objectives at the end of Quarter 1. The bank has confirmed that failure to achieve the required number of positive outcomes per day will not, in isolation, lead to a 4 performance rating, or disciplinary action.

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Caroline Milton, Negotiating Officer