Lloyd’s has made notable strides in its efforts to become more inclusive, according to its 2020 Culture Survey, but there is still a long way to go, especially when it comes to the experiences of black and minority ethnic talent.
The annual survey, started in 2019, is designed to track collective market progress towards a more inclusive environment and identify areas that require attention.
Survey results show progress has been made in the four priority areas identified by Lloyd’s in 2019 as fundamental to driving cultural change: gender balance, speaking out, well-being and leadership. .
However, the survey also revealed the need to add a fifth priority area: ethnicity. Black and ethnic minority [BAME] respondents indicated that they were less likely to raise concerns about discrimination, had a higher level of disagreement about whether their colleagues were acting honestly and ethically, and a higher level of mistrust of senior leaders.
Following negative press reports in 2019 which described widespread sexual harassment in the market, Lloyd’s launched a program to foster cultural change, which included conducting surveys to assess progress.
Highlights of the survey:
- Gender balance. Women’s perceptions improved by 7 points on average across all characteristics, with men’s scores increasing by 3 points – and the gap between the two narrowed significantly in almost all of the criteria measured. There was also a 5 point improvement in the number of respondents who felt that people do not have equal opportunities (14% in 2020 compared to 19% in 2019).
- Speak. There was a 5 point improvement in the percentage of respondents who would feel comfortable raising concerns about Lloyd’s market behavior (50% in 2020 vs. 45% in 2019), as well as an improvement in 16 points among those who raised a concern about feeling heard and taken seriously (57% in 2020 vs. 41% in 2019).
- Well-being. Fewer respondents said working in their organization had a negative impact on their health and well-being (15% in 2020, compared to 23% in 2019); however, there was no improvement in the feeling that survey respondents feel under undue pressure to work (at 40% for both years).
- Direction. There has been a noticeable decrease in the number of respondents who do not believe that senior leaders in their organization are taking responsibility, especially when things go wrong (8% in 2020, down from 16% in 2019). Respondents were also less likely to believe that members of their organization turned a blind eye to inappropriate behavior (15% in 2020 versus 22% in 2019).
Covering the period from September 29 to November 1, 2020, Lloyd’s acknowledged that it would be difficult to determine the effect of the new virtual work environment brought about by the COVID-19 restrictions. However, that does not change the emphasis placed on results and Lloyd’s continued commitment to building an inclusive and successful culture, Lloyd’s said in a statement.
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