Diversity and Inclusion
Innovation and strong governance are key ingredients to the success of our business: that’s the real value of diversity. We don’t just get the same voices around the table. We value everyone’s point of view and are open to new perspectives. We encourage a disruptive mind-set, a positive one which helps us to be thought leaders rather than followers.
Diversity doesn’t mean that we seek to segment our employees into different groups and treat each group differently. It means that people are recruited, developed and rewarded on their merits and that we build diverse teams at all levels of the company.
An inclusive work environment
We have taken steps to ensure that we are creating a positive, flexible and inclusive work environment for everyone. We introduced agile working contracts in 2018, providing many employees with more flexible working arrangements.
Improvements in technology are enabling our employees to be more agile in terms of where they work, with many no longer fixed to one office location. We have put in place strong family-friendly policies including a parental leave coaching programme and emergency back-up care. This means our people can access nannies, nurseries, child-minders, holiday clubs, or eldercare specialists at short notice, with two days a year paid for by us.
Our 50/50 by 2020 gender initiative started in 2014 and we continue to work with leading diversity campaigns to help us achieve our goals, including the 30% Club, the Diversity Project and the Women in Finance Charter.
We still have some way to go to reach our Women in Finance target of 40% of women in senior roles, and our aspiration of gender balance at all levels, but we’re starting to see our actions making a difference. For instance, we were recognised in the Bloomberg Gender Equality Index for the first time in January 2019.
Our focus on gender diversity initiatives has resulted in a positive impact on the recruitment and promotion of women. We’ll continue our efforts to ensure women are represented at all levels in our business, but we’re taking a broader approach to make Legal and General group a place where talented people, whatever their identity or background, can thrive.
Gender pay gap
We have now produced our second Gender Pay Gap report which measures the difference between the average pay of men and women across the whole company. Although we’re pleased to report that we’ve seen a 2.6% reduction in our median gender pay gap, we know there is much more to be done. Despite a positive change overall, the slight increase in the gender pay gap in our investment management business underlines that this is an on-going challenge.
Our gender pay gap report provides a full analysis of pay by gender.
We recognise that we have a long way to go before the proportion of people in our executive team and senior management team begins to reflect the UK’s ethnic profile. In 2018, we made a small start by responding to the BEIS Ethnicity Pay Gap consultation and signing the Race at Work Charter. We welcome the greater transparency on pay, recognition and diversity that these initiatives will bring.
Our support for the LGBT+ community
We want to create a culture where LGBT+ people feel comfortable to work and express their individuality. Our L&GBT network has successfully partnered with LGBT Great to raise awareness of LGBT+ inclusion in the investment management industry. Their success has resulted in awards for both the network chair and its business sponsor. We have promoted activities that recognise the importance of the LGBT community such as Pride events in all our major locations.
It is important that we foster an inclusive and genuine environment for employees to be themselves. Our LGBT network and initiatives are important as we strive for equality, diversity and inclusion in the workplace. We are also proud that LGIM’s LGBT+ employees and colleagues will be marching at London Pride for the first time this year, one of many initiatives coordinated by our internal L&GBT network
Mark Zinkula, CEO, Legal & General Investment Management