Lloyd’s Survey Shows More Inclusive Culture, But Improvement Still Needed

Lloyd’s has made notable progress in its push to become more inclusive, according to its 2020 culture survey, but it still has plenty of room for improvement—especially when it comes to the experiences of Black and minority ethnic talent.

The annual survey, begun in 2019, is designed to track the market’s collective progress toward a more inclusive environment and identify areas that need attention.

50% of survey respondents say they would feel comfortable raising concerns about behavior in the Lloyd’s market

Survey results show that progress has been made across the four priority areas Lloyd’s identified in 2019 as foundational to driving cultural change: gender balance, speaking up, well-being and leadership. However, they also reveal the need to add a fifth priority area: ethnicity. Black and minority ethnic respondents indicated they 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.

Survey highlights:

Women’s perceptions have improved by 7 points on average across all characteristics, with men’s scores up 3 points—and the gap between the two has closed substantially in nearly all of the criteria measured. There also was a 5-point improvement in the number of respondents believing that people do not have equal opportunities (14 percent in 2020 vs. 19 percent in 2019).

There was a 5-point improvement in the percentage of respondents who would feel comfortable raising concerns about behavior in the Lloyd’s market (50 percent in 2020 vs. 45 percent in 2019), as well as a 16-point improvement in those who raised a concern feeling they were listened to and taken seriously (57 percent in 2020 vs. 41 percent in 2019).

Fewer respondents said that working in their organization had a negative impact on their health and well-being (15 percent in2020, down from 23 percent in 2019); however, there was no improvement in survey respondents feeling under excessive pressure to perform at work (coming in at 40 percent for both years).

There was a notable decrease in the number of respondents who do not believe senior leaders in their organization take responsibility, especially when things go wrong (8 percent in 2020, down from 16 percent in 2019). Respondents were also less likely to believe that people in their organization turned a blind eye to inappropriate behavior (15 percent in 2020 vs. 22 percent in 2019).

Source: Lloyd’s