In an organization, diversity, equality, and inclusiveness (DEI) assist bring diverse viewpoints and ideas to build more innovative, productive, and resilient businesses. At all stages of the employment relationship, including hiring, retaining employees, promoting them, compensating them fairly, and giving them access to training and skill development, it also helps to ensure that everyone has the same opportunities and is treated fairly.
Over the past three decades, the gender gap in organisations has narrowed, attributed to labour mobility worldwide. There has been an increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, which helps to promote an open and inclusive workplace. However, labour market disruption due to the COVID-19 has had devastating consequences globally. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men.
Globally, banks are reporting diversity and inclusivity to ensure that all genders and backgrounds have a more equitable and inclusive workplace. Companies and banks benefit from a diverse workforce by attracting new customers as people want to do business with institutions that share their values.
Lloyds Banking Group Plc (Lloyds) is a provider of a wide range of banking and other financial services primarily in the UK. The company provides services such as wealth management, leasing, capital markets services, foreign exchange, and private equity. In 2021, the company reported 57.8% women participation in its workforce. Representation of women in the company at the senior management level increased to 37.7% by 0.7 percentage points over 2020.
In 2021, the representation of Asian employees of Lloyds Banking Group was 9.3%. Black & African American and White employees represented 2.1% and 86.3% of its workforce, respectively.
By 2025, Lloyds Banking Group Plc aims to increase a minimum of 3% of Black representation and 50% of women representation in senior roles. The company set a target of having 13% of Black, Asian, and Minority Ethnic employees in senior management positions by 2025.
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