Our stand for racial equality
At Lloyds Banking Group, we stand against discrimination in all its forms. We have been striving for inclusion and equality, but there is much more to do.
The Black Lives Matter movement has prompted many of us to reflect, learn and think about the active steps we must take to drive positive change.
We strive to create a fully inclusive environment for all our colleagues, customers and communities, one that is truly representative of modern-day Britain. Getting this right is at the heart of our purpose of helping Britain prosper – a more inclusive society is a more prosperous society, and a diverse business is a better business.
While we have a comprehensive ethnicity strategy and have made strides that we can be proud of, we know there is more to do, and we recognise that specific groups face difficult and sometimes nuanced challenges.
We have spent time listening to many of our Black colleagues to hear their experiences and views on how we can create an inclusive environment for everyone. These conversations have not only helped us to understand the specific issues we must tackle, but also brought home that we simply have not made enough progress for them.
In 2018 we made a public commitment to increase the ethnic diversity of both our overall and senior workforce. And this commitment still stands. Today 10.3% of all colleagues and 7.3% of our senior management population identify themselves as Black, Asian and Minority Ethnic.
This collective target has led to positive changes, but Black colleagues are still significantly under-represented – accounting for 1.5% of our total workforce and 0.6% of senior management.
We have committed to addressing this with our ‘Race Action’ plan – outlining seven commitments for 2020 onwards – to drive cultural change, recruitment and progression across the Group. We’re delighted to have appointed Roland Guy to lead the plan and enable us to deliver meaningful change.
Our Race Action plan: this is just the beginning
These are our commitments for 2020 onwards, and the progress we have made since we announced the plan in July 2020:
- We have set a new public goal, complementing our broader 2018 Black, Asian and Minority Ethnic target, to specifically increase Black representation in senior roles from 0.6% at senior grades to at least 3% by 2025, to align with the overall UK labour market.
- We’ve set up a Race Advisory Panel, made up of 23 colleagues of Black and Asian and Ethnic Minority heritage, to influence and inform our ongoing diversity strategy and ensure we are making the right progress. This is in addition to the valuable contribution from our ethnicity network of over 4,000 members and 700 advocates.
- We’re working in partnership with external experts to develop a race education programme and have already had John Amaechi OBE and David McQueen deliver a series of sessions, for our senior leaders to learn about the challenges faced by Black communities, and to equip them to have braver conversations with their teams about race and ethnicity.
- Undertaking regular listening sessions to gauge and understand our colleagues’ experiences and progress against our plans. As of October 2020, almost 200 colleagues of Black heritage have given us their views so far. We plan to keep on listening.
- Publishing our ethnicity pay gap report by the end of 2020.
- Ensuring that all recruitment shortlists at senior executive level have a Black, Asian and Minority Ethnic candidate.
- Nurturing our talented Black colleagues by creating specific development and sponsorship programmes for both middle management and senior grades, so that we can help break the ceiling for senior role models – including additional secondment opportunities.
During Black History Month we’re also celebrating our Black colleagues, past and present, who have demonstrated exceptional talent.
This is just the beginning. The commitments we are making will not fix the issues overnight, and targets and measures will only take us so far – but we have to challenge ourselves to do better and I am fully committed that we will do so.
António Horta-Osório, Group Chief Executive