Our Race Action Plan
At Lloyds Banking Group, we stand against racism and discrimination in all its forms.
While we’ve worked hard over the years to create a more inclusive organisation, the launch of the Race Action Plan in July 2020 was a real turning point in our journey. Launched against the backdrop of the Black Lives Matter movement and the coronavirus pandemic, the plan has helped us to address the specific challenges we know our Black colleagues and customers are facing.
1. We’ve set a 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.
2. Our Race Advisory Panel, made up of 25 colleagues of Black, Asian and Minority Ethnic heritage, continues to influence and inform our ongoing diversity strategy and ensure we are making the right progress.
3. We’ve worked in partnership with external experts to deliver a Race Education programme to all our people, including our people teams, senior leaders and line managers.
4. We’re continuing to undertake regular listening sessions to gauge and understand our colleagues’ experiences and progress against our plans.
5. We’ve committed to publishing our Ethnicity Pay Gap report annually.
6. We ensure diversity on all our senior executive recruitment shortlists with a Black, Asian and Minority Ethnic candidate. We’ve trained recruiters, hiring managers and third-party suppliers to ensure they understand our expectations and have the tools to hire inclusively.
7. We’re 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.
8. We're taking our work beyond our own organisation to help address challenges faced by Black communities, beginning with establishing the Black Business Advisory Committee and working in partnership with Foundervine and the Black Business Network.
Race Action plan: progress so far
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Race at Work Charter
In 2018, we signed the UK Government’s Race at Work Charter and have recently renewed our commitment to this. We currently meet and exceed its principal requirements.
We continue to work to increase the ethnic diversity of our workforce and unlock the potential of our Black, Asian and Minority Ethnic colleagues.
Our REACH network
Our REACH network (Race, Ethnicity and Cultural Heritage) connects, supports and develops colleagues from a range of ethnic and cultural backgrounds, with membership open to all colleagues.
It currently has over 4,000 members and 700 advocates.
Ethnicity Pay Gap Report
Following the launch of our Race Action Plan in July 2020, we committed to voluntarily publishing our Ethnicity Pay Gap Report.
We’re publishing our data because it is the right thing to do and we’ll continue to share this annually so we can track our progress and continue to take action to narrow the gaps that exist.
While our data tells us that on a mean average basis, none of our Black, Asian or Ethnic Minority colleagues are paid less at any individual grade, our Ethnicity Pay Gap Report reveals that there is a clear difference in the representation of Black, Asian and Minority Ethnic colleagues within senior management levels in our business, and that this difference is at its widest amongst Black colleagues specifically.