Our journey to a responsible business
We’re passionate about creating an inclusive culture – a work environment where all of our talented people can succeed, regardless of background, culture, gender, gender identity, sexual orientation, disability or ethnicity.
Head of Inclusion and culture, LGIM
What ‘responsibility’ means in practice
We are committed to acting responsibly and with integrity. We respect the rules and the best practice principles that are laid down the regulatory authorities.
Ethical behaviour is an integral part of the way we do business. It’s crucial that all our stakeholders are able to trust us to treat them fairly. We strive to earn and retain an excellent reputation and, therefore, take our responsibilities towards the people we come into contact with very seriously by showing the highest standards of integrity in all dealings with them.
- always be open, honest and fair in our dealings with colleagues, staff, customers, business partners, suppliers and the community at large and treat them with respect;
- never tolerate any act of discrimination, harassment or victimisation;
- ensure the ethical of conflicts of interest at all times;
- operate within all applicable laws, rules and regulations in all areas where we have a presence;
- safeguard personal data and any information of a non-public nature; and
- avoid acting in any way that could bring Legal & General into disrepute or undermine the values it represents.
Understanding our workforce
We updated diversity data across UK recruitment and onboarding platforms, enabling employees to self-service their personal (diversity) information.
We now ask for gender, ethnicity, marital status, disability, sexual orientation, gender identity – giving people the option to define their gender identity– caring responsibilities and socio-economic backgrounds.
Alongside this, we developed a Culture, Inclusion & Diversity Dashboard which monitors and assesses gender and ethnicity across the employee life cycle to ensure we can report how we are creating an environment where we are not only attracting diversity, but retaining it as well.
The Voice survey, introduced in 2018, is our most powerful mechanism for listening to our people.
We ran three surveys in 2019, using a digital tool that allows managers to receive real-time engagement data and focused action plans. The insight gained has allowed us to refine our approach further for 2020, when we will increase the number of managers receiving reports, provide them more training and support, and therefore enable more specific and meaningful actions to be taken at a team level.
Our employee engagement score rose from 72% in 2018 to 74% in 2019. This helped improving our employee turnover from 13.6% in 2018 to 11.7% in 2019.
We’ve also reappraised our approach to internal communication. ‘Our Story’ is a new way of communicating, putting our people’s stories at the heart of our messaging. Meanwhile, our new corporate intranet allows improved dialogue and interaction with our communications.
Our gender pay gap
Despite a slight increase in our gender pay gap for mean hourly pay, we saw a 1.8% reduction in our median hourly gender pay gap, and a decrease in both the mean and median gap for bonus pay.
Please see our separate Gender Pay Gap Report for a detailed exploration of this topic, information on what actions.
People and Culture
As at 31 December 2019, female representation across our core UK and US businesses stood at 48.2% and at middle/senior management level, our female population was 38.4%.
Hitting these targets by 2020 remains an extremely challenging task but we are heavily focused on embedding new ways of working and building integrated action plans to drive accelerated, sustainable change.
- In the Stonewall Workplace Equality Index we are now ranked at number 256, up from 335 in 2018.
- We continue to do more work in this area including ensuring parental policies and benefits are LGBT+ inclusive.
- We ranked as one of the Top 75 UK employers in the Social Mobility Employer Index 2019.
We strongly believe social mobility is critical to ensuring that our workplace thrives. It’s important we make the most of our talent, ensuring everyone has access to opportunities, and an equal opportunity to succeed and to realise their potential, whatever their background
We stepped up our work to address modern slavery risk in our supply chain. We have worked closely with ‘Stronger Together’, a Modern Slavery consultancy, to build a robust risk process for all our suppliers.
We have taken a number of actions these include setting a clear five year strategy for the group, reviewing policies and procedures, mapping supply chains, training, and developing a robust risk assessment process. Our responsibility is to respect all human rights. Our proactive approach reflects our ethical commitment and helps to establish and maintain successful relationships with all stakeholders.