Lloyds Banking Group has become the first FTSE 100 company to set a public target to increase the representation of B.A.M.E workers in senior management positions.
The group says 10% of its customers are from a B.A.M.E background and that its long term ambition is to accurately reflect the customer base it serves.
The Group has set a target of 8% for senior management and 10% for the total workforce by 2020. Currently, 8.3% of all staff and 5.6% of senior management are from a B.A.M.E background. This compares to 12% of the UK labour force and 14% of the UK population.
The new target will be incorporated into the Group’s 2018 Helping Britain Prosper Plan, to be published on 21 February.
In 2014, as part of its Helping Britain Prosper Plan, the Group made a public commitment to increase the engagement level of B.A.M.E workers to 70% by 2020 and achieved this target ahead of schedule by reaching 73% in 2017.
The Group says it has already made progress in improving racial and cultural diversity, through initiatives including:
• Career development programmes for B.A.M.E workers and leadership programmes for senior management
• Increasing visibility of B.A.M.E role models
• A colleague network that aims to embrace the diversity of the Group’s race, ethnic and cultural heritage.
Fiona Cannon, Lloyds Banking Group Director of Responsible Business and Inclusion, says: “What gets measured gets done and we are confident we can meet our diversity goals with the right focus and determination. We recognise that companies with diverse management teams perform better and have made a public commitment to create a truly inclusive workforce. It is our ambition to better reflect the customers and communities which we serve.
“Our data shows that while we are making good progress, we think this rate of progress is too slow, so we are committing to bring change sooner. We want to put into place the right building blocks that will enable us to build our diverse talent pipeline and deliver on our commitment to Help Britain Prosper.”