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In the world of finance and banking, excellence is not just a goal, it is a necessity. But for Lloyds Banking Group (LBG) excellence is not just about numbers and figures, it is also about culture, diversity and innovation. Celebrating an astounding ten wins in six years at the prestigious Business Culture Awards, the bank has demonstrated an unwavering commitment to excellence and innovation when it comes to its culture.
In 2023 LBG clinched the title of overall winner at the Business Culture Awards and took away three category awards. From diversity and inclusion initiatives to supporting employees with cancer and transforming learning and skills development, LBG has consistently shown a dedication to creating a positive and inclusive culture.
Championing diversity and inclusion
One of the standout strategies of LBG has been its focus on increasing diversity through the recruitment of returners, specifically individuals who have taken a career break of at least 18 months.
By focusing on transferable skills and offering tailored support throughout the hiring process, LBG has successfully reintegrated returners into the workforce. As a result, the company has achieved a remarkable 90% representation of women and a 60% representation of Black, Asian, or Minority Ethnic professionals returning back in permanent roles. The strategy has also debunked the myth that returners are unable to move back into tech roles, with 60% of recent returners securing positions in this field. LBG’s commitment to diversity extends further with a public goal to increase the representation of disabled colleagues in senior management to 12% by 2025.
Lloyds Banking Group meets diversity targets with ‘business as usual’ returners strategy: [View full Case Study]
Empowering through education: The Data & Tech Academy
In addition to attracting tech people back through the returner strategy LBG has innovatively addressed its skills shortage in the technical field through the establishment of the Data & Tech Academy. Recognising the need for upskilling so that every colleague has the opportunity to become fluent in digital and data, it has created a centralised learning environment. By partnering with external providers and offering comprehensive learning experiences LBG has empowered colleagues to develop the necessary technical skills for ongoing transformation. The Academy has not only increased awareness and knowledge of new technologies but has also reduced the reliance on external contractors and increased retention of colleagues through further developmental opportunities. Now there is a structured development and internal mobility pathway into technical roles.
Lloyds Banking Group’s Data & Tech Academy transforms learning and skills development: [View full Case Study]
Supporting colleagues through wellbeing
The bank’s dedication to its employees extends beyond skill development and diversity initiatives. Recognising the importance of colleague wellbeing it has also taken research-based action to support employees with cancer. As a founding member of the Working with Cancer Pledge it created a workplace culture where employees impacted by cancer can feel supported and bring their whole selves to work. By conducting comprehensive research and implementing initiatives such as peer support communities and manager training LBG has created a psychologically safe environment for employees affected by cancer. The impact of these efforts has been significant, with hundreds of colleagues sharing their stories and actively engaging in support networks.
Lloyds Banking Group takes research-based action to support employees with cancer: [View full Case Study]
LBG’s impressive streak at the Business Culture Awards is not just about winning, it is about setting a precedent for what a supportive, diverse and innovative work environment should look like. Its commitment to its employees solidifies its reputation as a leader and sets a standard for the banking industry.
Grow with purpose
Lloyds Banking Group already had a compelling purpose to help Britain prosper and it had set out an ambitious five-year strategy to drive growth and deepen relationships. However, to achieve this, the bank needed to transform its culture from one focused on oversight and control to one that embraced growth and purpose. Its Grow with Purpose programme targeted the top 300 senior leaders.
An immersive three-day bootcamp inspired and challenged leaders to adopt a growth mindset and drive personal and team development. Feedback was overwhelmingly positive, with an overall score of 9/10 and high praise for the engaging sessions and world-class content. The programme’s success led to the creation of the Catalysts Programme, involving 6,500 colleagues, and “camp” events to continue driving cultural change. This resulted in visible shifts in leadership and purpose-led decision-making, setting the stage for the organisation’s continued growth.
Lloyds Banking Group grows with purpose to drive cultural transformation and purpose-led decision-making: [View full Case Study]
To delve deeper into Lloyds Banking Group’s approach explore the full case studies linked below:
1. Lloyds Banking Group meets diversity targets with ‘business as usual’ returners strategy
2. Lloyds Banking Group’s Data & Tech Academy transforms learning and skills development
3. Lloyds Banking Group takes research-based action to support employees with cancer
4. Lloyds Banking Group grows with purpose to drive cultural transformation and purpose-led decision-making
5. Your Best
6. Group Culture 2020
7. Putting customers first 2019
8. Using agile in cultural transformation with ?What If!