Lloyd's announces signature actions to drive cultural change
Lloyd’s today announced a series of signature actions designed to make the Lloyd’s market a place where everyone can feel safe, valued and respected.
These actions are Lloyd’s response to the findings* of the largest culture survey ever conducted in the insurance sector. The survey was commissioned by Lloyd’s in the wake of reports of sexual harassment in the Lloyd’s market, however the results paint a more complex picture, with four key themes emerging:
- The experience of women in the Lloyd’s market – women scored more negatively than men across the piece, whilst one in five respondents do not believe people have equal opportunities regardless of gender.
- Speaking up – 8% of all respondents had witnessed sexual harassment over the previous 12 months, however just 45% said they would feel comfortable raising a concern.
- Wellbeing – 40% of survey respondents felt under excessive pressure to perform at work, whilst 24% had observed excessive consumption of alcohol during the past 12 months.
- Leadership – 22% of respondents have seen people in their organisation turn a blind eye to inappropriate behaviour.
The programme of measures** announced today builds on the five-point action plan^ put in place earlier this year and is intended to further accelerate the pace of change. Actions include:
- A Gender Balance Plan, setting clear and measurable targets for improving the representation of women at senior levels within the Lloyd’s market, based on the principles set out in the Hampton Alexander review.
- Setting Standards of Business Conduct requiring every person and every organisation operating in the Lloyd’s market to act with integrity, be respectful and always speak up
- Introducing a Culture Dashboard to closely monitor progress in the Lloyd’s market against key indicators of a healthy culture, to be published in Lloyd’s annual report.
In addition, to provide challenge and ensure that Lloyd’s is taking the right actions, we will appoint an independent advisory group comprised of leading experts with experience of successful cultural transformation. This group will be chaired by Fiona Luck, a Lloyd’s board member and non-executive director responsible for talent and culture.
A range of further measures will be rolled out through 2019 and 2020 to address the four key themes. These include promotional campaigns intended to increase confidence in speaking up, and awareness of mental health and wellbeing.
I am determined that we create a working environment at Lloyd’s where everyone feels safe, valued and respected. Cultural change takes time, but we have to accelerate progress and the measures announced today are intended to do just that.Lloyd’s CEO, John Neal
The vast majority of people working at Lloyd’s are as committed as I am to taking the action we need to drive measurable results. Creating an inclusive marketplace is a priority for Lloyd’s and crucial to our long-term success.
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*Lloyd’s Annual Culture Survey Findings
- 8% had witnessed sexual harassment in the Lloyd’s market in the last 12 months
- 1 in 5 respondents do not believe people have equal opportunities
- For every question, women’s answers reflected a more negative experience than men’s
- 38% of respondents stated they did not know who to raise concerns to in the Lloyd’s market
- Only 45% were comfortable to raise a concern in the Lloyd’s market
- Only 41% who raised a concern felt they were listened to and taken seriously
- 24% have observed excessive consumption of alcohol in the Lloyd’s market during the past 12 months
- 40% felt they were under excessive pressure to perform
- 23% said that working at their organisations had a negative impact on their health and wellbeing
- 1 in 6 respondents do not believe senior leaders in their organisation take responsibility, especially when things go wrong
- 22% of respondents have seen people in their organisation turn a blind eye to inappropriate behaviour
- 24% of respondents agree that their organisation primarily focuses on short term results
** Further set of measures announced 24 September 2019
- A Gender Balance Plan, setting clear, measurable and achievable metrics for the Corporation and the Lloyd’s Market, alongside a commitment to continue to grow targeted training and development programmes to increase the gender balance of future leaders, such as Lloyd’s Advance.
- Standards of Business Conduct informing individuals and organisations of the standards that Lloyd’s expects them to meet and the consequences of failing to do so.
- A campaign to encourage Speaking up, including expanded courageous bystander training and further promotion of Lloyd’s independent bullying and harassment support line.
- Enhanced focus on Wellbeing with a market-wide campaign to raise awareness of personal resilience and mental health, with an expanded programme of workshops, events and resources.
- Establishing an Advisory Group formed from a group of leading experts on different aspects of cultural transformation to support and inform ongoing actions. This will be chaired by Fiona Luck, a Lloyd’s board member and the non-executive director responsible for talent and culture.
- A Culture Dashboard, designed to monitor and report progress against key metrics to improve culture across the Lloyd’s market. Progress will also be published in Lloyd’s Annual Report.
^ Five Point Action Plan
- Provision of an independent bullying and harassment support line. This line will provide confidential advice and support for those experiencing inappropriate behaviour at work and will help them decide on their next steps.
- Confirmation that, where investigations conclude that individuals have a case to answer, they will be subject to sanctions from their own companies and also from Lloyd’s. They may be banned from entering Lloyd’s for a fixed period and potentially for life.
- Undertaking an independent and market-wide culture survey to identify the scale and scope of the issue, and to inform further action.
- A comprehensive review of policies and practices across the Lloyd’s market, with a view to identifying and sharing best practice.
- Provision of training focused on prevention, as well as reporting and supporting those who have been subjected to inappropriate behaviour.
Lloyd’s Annual Culture Survey Methodology
The Employee Survey was developed by the Banking Standards Board (BSB) with support from leading academics in organisational behaviour and ethnography. The questions explore respondents’ perceptions, observations and beliefs about their firm’s and the Lloyd’s market’s culture, drawing on their personal experience. Questions are both positively and negatively framed to reduce the risk of acquiescence bias (the tendency of survey participants to agree with questions). All respondents answered the 36 questions that form the main body of the Survey. Respondents are asked demographic questions for analytical purposes. We receive all Survey responses in anonymised form. We hold no information on the identities of the individuals who are sent the Survey or respond to it.
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