Diversity and inclusion
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Difference adds value: whether it’s coming up with a different way of looking at the world or the willingness to call out when something doesn’t look right or fair.
Innovation and strong governance are key ingredients to the success of our business: that’s the real value of diversity. We don’t just get the same voices around the table. We value everyone’s point of view and are open to new perspectives. We encourage a disruptive mind-set, a positive one which helps us to be thought leaders rather than followers.
Our hugely ambitious 50/50 by 2020 initiative which started in 2014, continues to push hard on gender diversity, ensuring our board is diverse and working hard to remove the barriers to women’s progression throughout the organisation.
Performance against target 2016
In 2016 our Equality, Diversity and Inclusion Committee were set a number of targets. Here's how we have done so far:
- We aspire to 50/50 by 2020 – balanced gender diversity at all levels in the organisation. We will increase gender diversity at middle and senior management grades (grade 5-8 and LGIM grade 4-7) from 35% to 40% women by the end of 2017
In 2016 our progression against the 40% target remained unchanged (as shown in the employee data centre numbers) for a number of reasons. The main one is that our closure of our Kingwood office, which has a high proportion of senoir women, meant higher than average number of female leavers. We hope that the interventions we have implemented will continue to move the gender mix back to a positive manner in 2017. This will bring us back on target.
- Target: We will create diverse shortlists when recruiting
At least one woman is on every shortlist for roles at grade 5+ (LGIM grade 4+). This is now in place with our recruitment teams and suppliers. Information on employee grades can be found in the data centre.
- Target: Divisional action plans will be in place for each business with gender diversity targets aimed at improving the female talent pipeline.
We encourage career sponsorship and mentoring for female talent. We have over 20 women receiving sponsorship from the leadership team. Our maternity coaching programme supports our female talent to manage the transition from professional to parent and back into the work environment.
- Target: Roll out unconscious bias training to all employees across the group in 2016.
We have rolled this out across the group.
- Target: Improve our diversity index from 78% to 85% across the group in 2016.
Diversity index scores measured by the employee survey increased from 78% to 81% in 2016. We will be working harder this year to achieve the 85% target.
We also achieved a number of standards and joined a number of networks in 2016 to improve the diversity of our workforce.
- We achieved a BITC Gold Award in January 2016 for Gender
- We are an early signatory to the Women in Finance Charter. Setting gender diversity targets has ensured we remain focused, not just on board diversity but also on the diversity of our leadership teams and the pipeline of female talent within our organisation.
- We have achieved a 30% gender diversity at the senior executive level, in line with the Hampton Alexander Review
- We are members of both the Advisory and Steering groups of the Diversity Project – an initiative led by Helena Morrissey to increase diversity of all kinds in the asset and investment management industry.