Pru sets tougher targets on sales
Saturday 22 August 1998
The reports were prompted by the Pru's reaction to stinging criticism from the Financial Services Authority (FSA) over the group's part in the scandal. Sir Peter Davies, the Pru's chief executive, launched a campaign in January to "turn hunters into farmers", which involved retraining the entire 4,000-strong sales force.
This involved increasing the minimum business target for a 12-month period from pounds 46,000 to pounds 55,600. Around a third of the sales force appeared to be below this "professional economic business level" (PEBL), causing speculation that they might be fired.
Yesterday a spokesman for the Pru said: "This programme is being phased in over the next six months. There is no question that these people will be sacked. The idea is to improve productivity, and people falling below the PEBL will be given extra training".
David Parsons, a National Union of Insurance Workers (NUIW) national officer, said yesterday the union had agreed a "Professional Develpment Plan" with the Pru a month ago. "Its all part of the move away from commissions to salaries", he said. "Structured support will be provided to those (in the sales force) who fall below the PEBL." There will be an appeals process if they can't agree (levels) with their managers".
The spokesman for the Pru added that the sales force was being retrained so that it would put a higher priority on building portfolios of financial products for customers, rather than just aiming for one-off sales.
"This doesn't mean the sales people will suffer, just that they will be paid in a different way," he said. "This new remuneration structure could be in place by next year." he concluded.
- 1 Frank Lampard's face drops when Holly Willoughby introduces him as a 'Man City legend'
- 2 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 3 The confessions of men who ordered mail-order brides
- 4 General Election 2015: Stephen Hawking says he will vote Labour
- 5 Yazidi sex slaves undergoing surgery to 'restore virginity' after being raped by Isis militants
General Election 2015: Tories sack candidate who said she would never support 'the Jew' Ed Miliband
The four utterly contradictory polls that tell the story of this election and why it is pointless trying to predict the outcome
9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Prospect of Labour-SNP coalition makes one in four voters less likely to support Ed Miliband, says survey
General Election 2015: Stephen Hawking says he will vote Labour
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
EU exit would hit UK economy much harder than neighbouring countries, study finds
iJobs Money & Business
£Basic (OTE) + Uncapped Commission: Guru Careers: A Stockbroker (qualified / p...
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...