Lloyd’s has said it will focus on improving the experience of Black and Minority Ethnic talent after announcing the results of its 2020 annual culture survey.
While the survey saw a noticeable uptick on the experience of women in the market the priority will now turn to Black and Minority Ethnic talent.
The survey, which is designed to track the market’s collective progress towards a more inclusive environment and identify areas that need specific attention and action to drive culture change, showed the market’s efforts were having an impact according to Lloyd’s.
“Following a challenging year, the results of the survey demonstrate that the actions being taken by Lloyd’s are delivering positive and measurable change, with improvements across all priority areas,” it stated.
It said there had been notable progress in the experience of women working in the Lloyd’s market over the past 18 months, following targeted action to drive change at pace, including the setting of gender targets. However, the survey has also highlighted areas for ongoing and concentrated focus, including continued focus on wellbeing across the market and improving the experience of Black and Minority Ethnic talent as a top priority.
“The results of our second annual culture survey show good progress in our efforts to sponsor gender parity and to our commitment as leaders to make needed and valued change,” said Lloyd’s CEO John Neal. “Though we are encouraged by the results of the survey, the feedback from our Black and Minority Ethnic colleagues has reinforced our commitment to address the inequalities and lived experiences of Black and Minority Ethnic colleagues across the market. We can feel confident in our ability to make change quickly and are more determined than ever to create an inclusive and inspiring culture for all.”
Lloyd’s said the results of its 2020 annual culture survey show that progress has been made across the four priority areas that Lloyd’s originally identified in 2019 as foundational to driving cultural change:
- Gender Balance – Women’s perceptions have improved by 7 points on average across all characteristics, with men’s scores up 3 points. While women’s perceptions still lag men’s in several areas, the gap has closed substantially in nearly all of the criteria measured. In addition, there was a 5 point improvement in the number of respondents believing that people do not have equal opportunities (2020: 14%; 2019:19%).
- Speaking up – There was a 5 point improvement in the percentage of respondents who would feel comfortable raising concerns about behaviour in the Lloyd’s market (2020: 50%; 2019: 45%), as well as a 16 point improvement in those who raised a concern feeling they were listened to and taken seriously (2020: 57%; 2019: 41%).
- Wellbeing – Fewer respondents said that working in their organisation had a negative impact on their health and wellbeing (2020: 15%; 2019: 23%), however, there was no improvement in survey respondents feeling under excessive pressure to perform at work (2020: 40%; 2019: 40%). Encouragingly, nine in ten respondents felt that their line manager had supported them throughout the coronavirus crisis.
- Leadership – The number of respondents who do not believe senior leaders in their organisation take responsibility, especially when things go wrong notably decreased (2020: 8%; 2019: 16%). In addition, the proportion of respondents who said that people in their organisation turned a blind eye to inappropriate behaviour fell to 15% (2019: 22%) which, although unacceptable, demonstrates progress.
“Although these results show progress, insights into the perceptions of Black and Minority Ethnic professionals in the market demonstrated that additional focus is needed to improve opportunities and experiences amongst these groups; Black and Minority Ethnic respondents were less likely to raise concerns relating to discrimination, had a higher level of disagreement about whether their colleagues act in an honest and ethical way, and a higher level of distrust in senior leaders,” it stated. “These insights continue to inform Lloyd’s current and future commitments and actions level the playing field and create an environment free from injustice for Black and Minority Ethnic talent across the market.”
The market said it recognised that cultural transformation takes time.
“With the continued support and guidance of Lloyd’s Culture Advisory Group, Lloyd’s continues to build momentum as it works to deliver progress, adding additional measures for 2021 to drive positive change within each of the five priority areas (Ethnicity, Gender, Leadership, Speaking Up, and Wellbeing),” it said. “These include continuing to drive and track progress against the gender target and the setting of a market target for ethnicity in Q2 2021, supported by the launch of a long-term ethnicity action plan. Alongside these measures, and against the backdrop of the current and future working environment, we will continue to maintain a strong focus on wellbeing and transparently measure progress against all of our priority areas through the culture dashboard.”