On 30th September Lloyd’s of London published their vision for the Future at Lloyd’s. Here at r10 we have undertaken a detailed study of the contents of Blueprint One and in the eleventh of a series of bite-sized articles look at the proposals for modernising culture and developing people.
What are the proposed Culture and People initiatives?
The Corporation of Lloyd’s has reacted strongly to allegations of a culture of inappropriate behaviour and undertook a survey across the market to assess the current environment and inform future actions. The Blueprint document builds on these insights and sets out a series of initiatives to ensure that Lloyd’s becomes a market of diverse, high performing people in an inclusive environment.
What are the proposals?
The corporation will leverage existing investments that been made by market bodies, such as the LMG and has outlined three core themes:-
- The right culture
The first Lloyd’s culture survey showed that there is much to do to create the right culture across the marketplace. There Corporation has prioritised four initial areas for action
Establishing an external advisory group chaired by Fiona Luck to help guide cultural transformation and monitoring progress through the creation of a culture dashboard.
- Gender Balance
Set and publicly track progress towards gender targets, supported by targeted training and development programmes.
- Speaking Up
Publish straightforward standards of business conduct. Encourage people to speak up when they see inappropriate behaviour; facilitated with training and a confidential helpline.
Expand the current wellbeing@Lloyd’s programme and build out a network of wellbeing champions.
- A diverse and modern empowered workforce
The Future at Lloyd’s programme will require different mix of skills and capabilities. The Corporation will support initiatives to:-
- Educate market participants on the skills’ impact of the Future at Lloyd’s programme.
- Collaborate across market organisations to help develop the skills needed.
- Promote the Lloyd’s marketplace as a diverse and exciting career choice.
- The right people and capabilities
Lloyd’s will be creating a strategic workforce plan and invest in building the required skills for the Corporation of the future and link with educational establishments to build programmes to promote the market as an exciting employment proposition.
What is the proposed timeline?
The Future at Lloyd’s team will be at the vanguard of implementing the culture and people changes, working in agile ways and trialling new virtual spaces and methods of working together.
How will the cultural and workplace changes affect your business?
The Future at Lloyd’s programme seeks to build a modern, diverse & inclusive culture to attract the very best of talent to the Lloyd’s Market. The publication of new Standards of Business Conduct will require all market participants to educate their colleagues and monitor standards.
All market entities should review their own strategic hiring and training plans to ensure that they will have the required skills to compete.
How r10 can help?
With our in-depth London Market expertise, r10 is uniquely placed to help guide your organisation through the Future at Lloyd’s change programme and over the coming weeks will be updating our blog with insights & guidance on what the changes may mean for you.
Please get in touch for more information on how r10 can help you prepare to play your part in the market of the future.
Stay tuned for the next bite-sized article on “What are the proposals for the role of Corporation in the future?”, which is the twelfth and final of the twelve proposed Future of Lloyd’s capabilities.
Author: Chris Carney