Lloyds Banking Group, a UK asset finance provider, has unveiled a race action plan, including releasing data on its ethnicity pay gap, as part of a bid to “do more” to promote equality in its ranks. 

The move comes after global protests that erupted in the wake of the killing of George Floyd in the US by a white police officer in May.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The bank acknowledged that some groups were “still significantly under-represented” within its ranks. Its programme includes a target of increasing five-fold the proportion of senior roles held by black employees by 2025, and publicly releasing data on its ethnicity pay gap.

The bank said: “We have spent time in recent weeks listening to many of our Black colleagues across our business to hear their experiences and views on how we can continue to create an inclusive environment for everyone. These conversations have not only helped us to understand the specific issues we must tackle, but also brought home that we have not made enough progress for our Black colleagues.

“Getting this right is at the heart of our purpose of Helping Britain Prosper. We know that a company that is truly reflective of the society it seeks to serve is better able to fulfil its purpose. It’s clear that achieving an inclusive environment for everyone is our priority but right now we have very specific challenges that we have to address urgently for our Black colleagues.

“In 2018 we were the first FTSE 100 company to make a public commitment to increase the ethnic diversity of both our overall and senior workforce. Today 10.3% of all colleagues and 7.3% of our senior management population identify themselves as Black, Asian or Minority Ethnic.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“This collective target has led to positive changes, but we recognise that specific groups face difficult and at times nuanced challenges, and as such Black colleagues are still significantly under-represented. Our Black colleagues currently account for 1.5% of our total workforce and 0.6% of our senior management.

“We recognise that our Black, Asian or Minority Ethnic target has not led to enough progress in the development of Black colleagues to senior levels. We need to break that ceiling. The ‘Race Action’ plan announced today will drive change within our organisation to accelerate our aim of creating an inclusive environment for everyone in our Group.”

Lloyds Banking Group ‘race action’ plan will focus on three key areas of culture, recruitment and progression including:

  1. Setting a new public goal, complementing our broader 2018 Black, Asian and Minority Ethnic target, to specifically increase Black representation in senior roles from 0.6% at senior grades to at least 3% by 2025 to align with the overall UK labour market.
  2. Setting up a new advisory board made up of Black, Asian and Minority Ethnic colleagues to influence and inform our ongoing diversity strategy and ensure we are making the right progress.
  3. Working in partnership with external experts to develop a race education programme and removing issues of bias within the organisation.
  4. Undertaking regular listening sessions to gauge our colleague experiences and progress against our goal.
  5. Publication of our Ethnicity Pay Gap report this year.
  6. All recruitment shortlists at executive leader grade to have a Black, Asian or Minority Ethnic candidate.
  7. Nurturing our talented Black colleagues through specific development and sponsorship programmes for both middle management and senior grades so that we can help break the ceiling for senior role models, including additional secondment opportunities