Lloyd’s has announced plans to recruit a third of its workers from ethnic minorities to boost diversity in the market.
The “ambition” applies across the market, including leadership roles and at the Corporation of Lloyd’s.
“This should be targeted at all levels of our organisations…and not just focused on early careers,” said Lloyd’s in its 2021 Culture Dashboard.
Lloyd’s data shows that only 8% of the market’s overall workforce comes from an ethnic minority. This number increases to 22% for the Corporation of Lloyd’s, which oversees the market.
Lloyd’s also said it will make the collection of ethnicity data mandatory across the market this year. Currently 74% of Lloyd’s firms give this data, compared to 43% in 2020.
“Improving the representation of ethnic minority people at all levels is a priority for us, yet we need the right data to measure our progress… We must be strong in our resolve to address this issue in a meaningful way,” said Lloyd’s.
It is trying to improve its diversity and boost its reputation after conceding the market had problems with sexual harassment and daytime drinking.
It published its first environmental, social and governance (ESG) report last year as part of efforts to shift the market’s culture. This targeted gender balance in leadership positions across the market.
Figures released in this year’s culture dashboard show that 28% firms across the market have already achieved this, but there remains a way to go to hit the 35% aspiration. Lloyd’s said the Corporation has already achieved gender parity at leadership level.
“We are pleased that we have maintained progress on achieving gender balance across the market, yet recognise there is still a long way to go,” it said.
The Lloyd’s dashboard also shows that there has been 24% increase in risk committees and 31% in increase in boards having culture as a standing item on their agenda. “We will continue to ensure that culture remains a priority,” said the market.