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Lloyds Banking Group: Striving for Gender Equality

Category: Women

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Britain can gain true prosperity only when women are able to fulfil their real political and economic potential 

Fiona Cannon from Lloyds Banking Group wrote regarding gender equality, which is an issue of great importance to the company. 'Deeds Not Words – How To Reach a 50/50 Parliament’, an event by House magazine is sponsored by the Lloyds Banking Group.

Fiona expressed pride on behalf of the organisation, for being able to support the cause of gender equality. She explained that the company took the issue seriously, across all backgrounds.

The discussion will be led by politicians who are inspirational individuals and role models. Women who are young can look at the examples of Rachel MacLean and Jess Phillips becoming successful in Parliament. Such instances can give them the power to face challenges and thrive in their respective careers.

Fiona expressed awareness that business arena, and especially the domain of financial services, required vast improvements. According to her, the speed of progress is quite low.

Fiona acknowledged the Lloyds Banking Group’s pride for being the company to be first within the FTSE 100. The company is committed to a 2020 objective of 40% of women in senior roles. The current figure stands at 34%, and the aim now is to raise it to 36% by the end of the year.

The company has recently released a statement that the gap stands at 32.8%, to adhere to the legislation of the Government which requires organisations with 250-plus employees to reveal their pay gap, based on gender. With steps being taken for enhancing senior-level gender equality. However, there was a lot more work to be done.

The company also made a recent commitment to have 10% of its entire workforce, and 8% of its senior management personnel to be taken from BAME (Black, Asian, and Minority Ethnic) communities. It is working towards gaining this objective by 2020.

The above-mentioned objective is also the first one set by an FTSE 100 organisation. Another objective set by LBG is to have its workforce become a representation of varied communities and customers it serves. The company also knows that organisations with a presence of diverse teams on the senior management level are prone to take increasingly fair decisions.

But, the issue clearly encompasses a lot more than just one company. It actually affects everyone. The core objective of the LBG is to see Britain gain financial as well as social prosperity. It entitles setting enthusiastic targets, such as training about 2 million persons, charities and businesses regarding digital capabilities by 2020, and extending support to 7,500 small-scale charities. In addition, the company will also lend an additional £30 billion to enable people to purchase their first home.

The company will also utilise its scale and size for demonstrating, encouraging and supporting best practices regarding diversity, in association with its suppliers, stakeholders, clients, and customers.

For example, the mentoring plan named ‘Women in the Real Economy’, which is the Lloyd Banking Group’s unique partnership scheme with the All-Party Parliamentary Group on Women in Parliament. Senior-level women leaders at Lloyds are partnering with MPs for offering counsel to females who come from less fortunate backgrounds. The goal is to help them realise and fulfil their actual potential.

Fiona stated that it is was time to acknowledge Suffragettes’ sacrifices on the 1918 Representation of the People Act’s centenary. She said that the difference made by politics can be quite effective, with a female voice. According to her, Britain will fulfil its potential for prosperity only if women are able to achieve their political and economic ambitions.

 

 

 

 

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Lloyds Banking Group

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