Around seven in 10 black Lloyd’s participants have experienced barriers to recruitment, twice as many as their white colleagues, according to a Lloyd’s survey.
The report, Ethnic Diversity in the Workplace, which drew survey responses from more than 900 professionals, found that 70% of black insurance professionals had also seen barriers in the promotion process, compared with 45% of white counterparts.
The report also said 39% of black respondents felt undervalued at work. Black and minority ethnic (BAME) staff were twice as likely to feel undervalued than their white colleagues, the survey found.
Meanwhile, the study also said 63% of black respondents consider visible representation of black people in an organisation a key factor in applying for a role, while a commitment to diversity and inclusion (D&I) increased the likelihood of an application for 69% of participants.
The publication of the study comes following a pledge from the Corporation to set a target for market ethnicity in Q2 2021, following extensive collection of ethnicity data in the market to determine a starting point.
In a foreword to the report, Lloyd’s CEO John Neal said: “The success of our market depends as much on creating the best environment for our people and setting a framework for the most inclusive culture, as it does on executing our performance and strategic priorities. A key element of inclusivity is ethnic diversity.”
The report focused on the best ways of attracting, recruiting, developing, retaining and championing BAME staff to the Lloyd’s market.
To attract BAME staff, the report recommended targeted internships, scholarships and access programmes as well as school outreach schemes and working with university diversity networks.
In recruitment, the report also recommended insisting on diverse shortlists from recruitment consultants, using inclusive language in job descriptions, diverse interview panels and delivering unconscious bias training to recruiting staff.
To properly develop BAME staff, the report said companies should ensure managers have D&I training, and make sure managers are focused on ways of providing staff with opportunities for training and development. Mentoring, networking and the appointment of diversity champions were also important.
To retain BAME staff, the report said companies should make their advancement processes fair and transparent. It also said companies must combat racial harassment and bullying, and vary company social events to be more inclusive.
Kishan Mangat and Ajay Mistry, co-chairs of the Insurance Cultural Awareness Network said: “When approached by Lloyd’s to support the Ethnic Diversity in the Workplace report, we immediately recognised its importance.
“We have no doubt this report will open eyes, provoke thought and enable a broader understanding of this complex issue. That is important, but what is more important is that this report will incite action.”
Junior Garba and Godwin Sosi, co-founders of the African Caribbean Insurance Network, also commented: “We’re proud to have supported Lloyd’s on the creation of this report but know that this is just the start.
“We need to see positive action at all levels to create the systemic changes needed to make this market the inclusive workplace we know it can be.”
The full report can be found here.