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.
Our Race Action Plan is underway
These are the commitments that make up our plan, and like any good plan, we’re continually reviewing and updating with input from our Advisory Panel to ensure, our actions are the right ones.
1. We’ve 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.
2. We’ve set up a Race Advisory Panel, made up of 23 colleagues of Black, Asian and Minority Ethnic heritage, to influence and inform our ongoing diversity strategy and ensure we are making the right progress.
3. We’re working in partnership with external experts to develop a race education programme and have already delivered a series of sessions, for our senior leaders to learn about the challenges faced by Black communities, and to equip them to have eloquent conversations with their teams about race and ethnicity. In 2021 we’ll continue this programme with our line managers and colleagues.
4. We’re 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.
5. We’ve met our commitment to publish our first ethnicity pay gap report by the end of 2020.
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.
And we’ve also now widened our Race Action plan to include supporting Black communities:
8. We're taking our work beyond our own organisation to start to help address challenges faced by Black communities, beginning with a partnership with Foundervine and Black Business Network specifically to help Black entrepreneurs.
"The biggest challenge is continuing these changes. We need to become a company where all our colleagues are actively challenging racism by speaking up and acting when something doesn’t seem right. Only by bringing our colleagues with us will we create positive and long-lasting change."
Roland Guy, Race Action Plan Lead
Our Race Action Plan is announced (16th July) to drive change in our Culture, Recruitment and Progression for Black colleagues. Senior Black representation stands at 0.6% and goal set to reach 3% by 2025.
REACH membership: just under 4,000 Advocates: 530
Roland Guy is appointed as Senior Race Action Plan Lead to oversee our programme of activity and a working group is established to own and deliver the plan.
Our Race Advisory Panel is set up made up of 23 Black, Asian and Minority Ethnic colleagues from right across the business.
We delivered the start of a widescale race education programme with almost 60% (4,200) of senior managers and leaders to get the conversations started about race with the expertise of external thought-leaders. We are continuing this project with our leaders into 2021.
We developed a ‘Starting the Conversation on Race’ support pack to equip line managers and colleagues with the information they need to be able to have supportive conversations around race and ethnicity within their teams.
We delivered a series of colleague communications and events to support the Race Action Plan, including webinar events exploring ‘Cultural Conversations’, ‘Race and Mental Health’ and ‘Tackling Everyday Racism’.
We introduce diverse shortlists and waiver process for executive appointments to ensure these include at least one Black, Asian and Minority Ethnic candidate.
We mark Black History Month by sharing stories of Black Excellence amongst our colleagues and hidden figures in history.
Lloyds Banking Group stands with Business in the Community to support the call on government to make Ethnicity Pay Gap Data a reporting requirement for companies.
We start reviewing our people processes to understand to what extent our recruitment, performance, conduct and reward and recognition processes may favour some groups of people more than others.
We start taking some of our specialist teams through full day in-depth race education training with 250 colleagues in strategically crucial roles, such as Conduct and Performance Management.
We upskill our recruiters, hiring managers and third-party suppliers to ensure they understand our expectations and have the tools to hire inclusively.
We’ve start working with new recruitment partners to help us better reach Black, Asian and Minority Ethnic talent.
Bespoke Race Education training is under development for our Line Manager cohort and colleagues which we plan to launch in Q1 2021.
Our Race Action Plan is widened to look at supporting challenges faced by Black communities externally, starting with a partnership with Foundervine and our sponsorship of Black Business Network’s Black Investor 360 event for 2020 and 2021.
We launch a new Talent Identification Programme for our Black senior managers.
We publish our first Ethnicity Pay Gap Report.
REACH membership: 4,000+ Advocates: 760 (a 43% increase since we launched our plan).
Our newly established Black Business Advisory Committee, chaired by leading businesswoman and former Cabinet Office advisor Claudine Reid MBE, completes recruitment. All 12 members bring with them a diverse set of experience and expertise, which will equip them to investigate in detail the barriers to growth for the Black business community.
The first committee meeting was held on 17 February 2021, at which the plans and ambitions for their work was discussed.
Ethnicity Pay Gap Report
Following the launch of our Race Action Plan in July, we committed to voluntarily publishing our Ethnicity Pay Gap Report before the end of the year – we’ve now published our first report.
News and insight
Black Business Advisory Committee completes recruitment
The first Black Business Advisory Committee meeting was held on 17 February 2021, with Chair Claudine Reid MBE and 11 other outstanding figures in the Black business community.