This year we launched Lloyd’s Culture Strategy which describes how we define, engage and measure progress on culture across the Lloyd’s market.
2022 Lloyd’s Culture Dashboard
About the dashboard
One of the loudest messages we heard in 2019 was that we need to radically improve the experience of women working in the Lloyd’s market.
We are pleased that we have maintained progress on achieving gender balance across the market, yet recognise there is still a long way to go.
Just as important is our commitment to rooting out any injustice or negative experiences when it comes to our Black and Minority Ethnic colleagues, whose lived experience is not the same as it is for white colleagues. We have developed a long-term plan to support and develop ethnic minority talent.
Improving the representation of ethnic minority people at all levels is a priority for us, yet we need the right data to measure our progress. To further improve the data set we mandated the collection of ethnicity data in 2021 and we have seen progress in this area.
The Corporation aims to lead by example and is acutely focused on creating an inclusive environment in which everybody across the Lloyd’s market can thrive.
We have already reached gender parity at an overall leadership level and our pay gap continues to reduce. Our long-term ethnicity plan builds on the foundations of our 2020 commitments and will continue to demonstrate a path for the market to follow.
There are four main components:
- Data and targets: We have set our ambition that a third of all new hires should come from ethnic minority backgrounds. We have also invested in our data capability to analyse trends for attraction, recruitment, progression and performance to understand where we can do more for each of our functions. We will also publish our ethnicity pay gap annually.
- Talent and attraction: Enhance inclusive hiring practices for all roles and increase the diversity of available interviewers for interview panels. To increase ethnically diverse shortlists for experienced hires, we will work with external recruiters and build more external partnerships. For early careers, we will work with the London Market Group to raise the profile of opportunities in the insurance industry.
- Talent management: Identify participants for Accelerate, our leadership development programme for ethnic minority colleagues within the Corporation and market. We will also establish sponsorship and mentoring opportunities for ethnically diverse employees.
- External Promotion, Advocacy & Engagement: We have recruited an archivist to increase our understanding of Lloyd’s historical artefacts and will embed our commitment to ethnic diversity in our narratives about Lloyd’s. On an ongoing basis, we will share stories that illustrate and celebrate ethnic diversity within the Corporation and the market.
Read our case study examples of how firms in the market have made great strides to improve culture within their organisations.
Transforming our culture
Cultural change takes time and we remain committed to accelerating progress and making a real difference to those working in our market.
Transforming our culture is essential if the Lloyd’s market is to attract, develop and retain the very best talent.
Whilst we are making good progress, we must redouble our efforts if we want to achieve our ambitions.
Together we can accelerate our progress and create a truly inclusive environment for everybody working in our market.
Download our previous dashboards.