Lloyds Banking Group made a bit of history a few weeks ago by becoming the first firm within the FTSE 100 to “set a formal target to improve ethnic diversity among its top executives.” For those unaware, the FTSE 100 also known as the Financial Times Stock Exchange 100 Index, is an index listing companies from the London Stock Exchange with the highest market capitalization. According to the Guardian Lloyds, Britain’s largest high street lender, aims “to raise the proportion of staff from black, Asian or minority ethnic backgrounds to 8% of senior management by 2020.”
The purpose of the targets is to better reflect the company’s customer base which the bank estimates that “one in 10 of its customers are from a non-white background (based on customers voluntarily disclosing their ethnic origin)”. In addition to meeting 8% within senior management, Lloyds also “aims to increase the proportion of non-white staff to 10% of its total workforce by the end of the decade. Lloyds said 8.3% of its 75,000 staff and 5.6% of its 7,500 senior managers currently come from a BAME background. This compares with 12% of the UK labour force, and 14% of the UK population.”
Hopefully, Lloyds can create a process that many other British based companies can follow to improve their company’s workplace diversity. While the first step in what should be a larger movement, it is nice to see diversity expanding throughout the international space. Only time will tell if this can help to create an even bigger change in the industry, but we will find out soon.