2023 Culture Dashboard

• We’re pleased to see the proportion of women in leadership roles has increased +2 percentage points (pp) to 32%, with improvements across all three levels (Boards, Executive Committees and direct reports of Executive Committees)
• Ethnic minority representation in the market workforce increased by +2pp to 11%, and in leadership roles by +4pp to 9%, with improvements across all leadership levels
• Importantly, 88% of Boards have culture as a set agenda item: a +13pp increase on last year, demonstrating that leaders are paying more attention to culture, diversity and inclusion than ever before

Good progress has been made against our women in leadership target of 35%, with the number of women in these roles increasing by +2pp to 32% across all levels.

Promisingly, 35% of firms met or exceeded our 35% women in leadership target, up from 26% from last year – meaning our market-wide target to reach 35% by the end of 2023 is now within reach.

Of the 48,000 people that the survey covers, women now make up 43% of the total workforce and in 2022, 42% of new hires were women. More work is still required, however, to increase the number of women holding key executive roles (particularly CEO, CFO and CUO positions) which currently stands at 14%.

Improving ethnic minority representation at all levels has been a priority for the Lloyd’s market over the past few years. We’re delighted to see that efforts to collect ethnicity data have vastly improved, with 94% of firms (+16pp on last year) now collecting ethnicity data.

Ethnic minority representation in leadership roles increased by +4pp to 9%, with improvements seen at all leadership levels. Ethnic minority representation across the market increased by 2pp to 11%, demonstrating that progress has been made against our one in three ethnic minority hiring ambition, with 17% of all new hires coming from an ethnic minority background – an increase of +2pp from last year.

We must continue to focus our efforts on not only recruiting, but retaining ethnic minority talent in the market. The MP&P data does indicate a potential retention issue within this group, with a disproportionate attrition rate of 18% compared to 15% for the market as a whole.

There were almost 11,000 new hires in the market in 2022, showing there is real opportunity to effect change with each year. Of these new hires, 42% were women and 17% had ethnic minority backgrounds. Age data was collected for the first time, showing that 30-39 years is the predominant age group. Those under 30 years of age account for 21% of the market and in line with our early careers focus, we’ll be looking to increase the size of this group over time. It’s reassuring to see that 760 graduates and apprentices were hired last year and importantly, 40% of firms undertake outreach work to schools and universities. Succession planning is also at the top of many firms agendas, with 85% undertaking succession planning as a process for leadership and key roles, 88% considering gender balance and 63% considering ethnic diversity.

While culture change is hard and takes time, we’re making good progress and are committed to making Lloyd’s an inclusive place where everyone can thrive. This month we’re introducing an upskilling programme for market participants focusing on talent and succession planning, inclusive hiring, and diversity data collection. Importantly, more work is to be done to develop a talent pipeline for executive level roles, particularly in underwriting positions, and on the collection of disability, sexual orientation and social mobility data.

Our ongoing culture journey is essential if the market is to attract, nurture and retain future talent. Thank you for the hard work that you and your organisations have put in to move the dial towards a marketplace we can all feel proud to work in. The challenge is to maintain – and increase – that momentum and effort. Together we can, and will, accelerate our progress and make a difference for every individual working in our market.