In a bid to better reflect its customer base, the group is aiming to have 8% of its senior executives and 10% of its total workforce be from BAME backgrounds by 2020.
The move is a key element of Lloyds’ 2018 Helping Britain Prosper plan, which is due to be published next week. This sets out public targets that the bank believes will help solve some of the UK’s significant social and economic issues.
As Fiona Cannon, Lloyds’ director of responsible business and inclusion, points out, “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.”
At the moment, 10% of the group’s customer base is from a BAME background, compared to just 8.3% of its workforce and 5.6% of its senior executives. Nationally, BAME people make up 12% of the labour force and 14% of the UK population.
“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,” Cannon added. “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.”
Lloyds says that it is currently working to remove barriers that prevent BAME employees from progressing into management positions.
It has already established career development and leadership programmes and a group-wide network that offers an allies programme to help encourage supporter engagement and advocacy among colleagues.
The group also publishes an annual list of ethnicity role models and sets up opportunities where staff can meet them and hear their stories.