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Lloyds Banking Group Describes Its $3B Business and Talent Transformation

Feb 4, 2025

Holly Quincey, Chief Talent Officer at Lloyds Banking Group, is at the forefront of a £3 billion transformation that goes beyond business. She discusses the bank’s shift from traditional methods to a tech-centric, customer-focused culture. Key initiatives include a skills-based hiring approach and the in-house development of leadership programs like 'Prescient' for top executives. Holly also highlights significant cost savings from revamped recruitment strategies, emphasizing alignment between talent acquisition and the organization’s future skills needs.

18:43

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Episode guests

Holly Quincey

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Quick takeaways

Lloyds Banking Group's £3 billion transformation emphasizes a collaborative culture and enhanced customer experience by integrating services and leveraging technology.

The organization's talent strategy includes developing internal leadership capabilities and transitioning to in-house hiring, yielding significant financial savings.

Deep dives

Cultural Transformation and Customer Focus

The organizational shift at Lloyd's Banking Group emphasizes a cultural transformation from siloed operations to a collaborative and customer-centric philosophy. This growth mindset fosters a focus on improving customer experiences by integrating products and services, like linking mortgages with home insurance, to enhance user satisfaction. By investing £3 billion, the bank aims to redefine customer expectations and streamline service through technology. This comprehensive transformation not only aims for financial savings but also strives to align employee experiences with customer needs.

Intro

2min

A Comprehensive Transformation Journey in Banking

6min

Transforming Leadership at Lloyds Banking Group

5min

Cultivating Leadership and Organizational Growth

2min

Transforming Recruitment Strategies

5min

Lloyds Banking Group, the largest bank in the UK, is undergoing a £3 Billion business transformation focused on enhancing customer experiences, integrating products and services, and leveraging technology to improve service delivery.

Holly Quincey, Chief Talent Officer, describes the company’s accompanying talent transformation, particularly its skills-based hiring strategy.

Talent Acquisition: This includes bringing executive hiring and leadership development in-house, saving millions. A program called “Prescient” was developed for the top 340 leaders, incorporating tools like Hogan and Raven assessments, 360 feedback, and external benchmarking to build leadership capabilities and align with future skills needs.

Cultural Transformation: Lloyds is shifting from siloed thinking to a more collaborative, customer-obsessed, and growth-oriented culture. This involves fostering a mindset where the bank sees itself as a tech company that does banking, rather than a traditional bank with good technology.

Recruitment and Workforce Planning: The recruitment function was remodeled in 2024, with a focus on reducing agency dependency and aligning talent acquisition with strategic workforce planning. This included hiring leaders with experience in campaign hiring and demand planning.

Financial and Operational Impact: The transformation has already generated significant financial savings, including £20 million in 2024 alone from in-house initiatives like talent acquisition and leadership development. The organization continues to hire thousands annually while embedding innovation and efficiency across its operations.

This WhatWorks interview will give listeners the inspiration to “think big” in your end-to-end talent transformation strategy.

Additional Information

Leadership Development Insights,

Human-Centered Leadership, Certificate Program in The Josh Bersin Academy

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