Lloyds Banking Group reports 5.7% mean ethnicity pay gap

Lloyds Banking Group pay
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Lloyds Banking Group has reported a 5.7% mean ethnicity pay gap for 2023, which is a 1% increase on its 2022 figure.

The group’s median ethnicity pay gap was 12.5%, remaining the same as 2022’s figure. Its mean ethnicity bonus gap was 29.2%, which is 17.1% higher from the prior year and its median ethnicity bonus gap was 28.6%, a change of -0.4% from 2022.

In order to combat these gaps, Lloyds Banking Group has set aspirations for a diverse leadership team to reflect society, increasing representation to 50% women, 13% black, Asian and minority ethnic, 3% black heritage staff and 12% employees with a disability in senior roles by 2025.

The group’s 2023 mean gender pay gap was 26.7%, down 2.6% from 2022 and its median gap was 32.8%, down 2% from the prior year. Its mean gender bonus gap was 54.9%, up 3.5% from the previous year and its median gap was 59.4%, up 21.4% from 2022. A total of 95.6% of males and 96.4% of females received a bonus last year.

No bonuses were awarded for the 2020 performance year, which would have been paid during 2021. This impacted the bonus data for the 2021 and 2022 reporting periods.

Sharon Doherty, chief people and places officer at Lloyds Banking Group, said: “We continue to invest in making our organisation a leading inclusive employer, where the unique differences our people bring to work every day are valued. Inclusion creates a place where we can attract and retain diverse talent in a place they love to work.

“We’ve learnt that to successfully increase representation requires long-term focus and visible commitment from the top of the business, as well as a delivery plan with milestones, accountability, and robust governance. Holding ourselves to account by measuring our progress in gender and ethnic diversity and publishing our pay gaps is an important part of maintaining momentum towards achieving this vision.”