HR Stratigies
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NewHRStrategyMakesLloyd.docxNew HR Strategy Makes Lloyd’s a “Best Company”
After more than 300 years in business, a few years ago, the iconic global insurer Lloyd’s of London finally set out to establish its first true HR strategy, starting with the hiring of HR Director Suzy Black. “I was brought in to transform the HR function from one modeled on an old-style personnel office to a function that is more cutting edge, business focused, and value adding,” says Black.
Black’s first order of business was to evaluate the current state of affairs, particularly how the corporation’s senior managers perceived the HR role. With this information in hand, Black and her team began to develop an overarching strategic agenda as well as specific tactics, addressing everything from recruitment to performance management to basic policies to rewards and compensation.
Changing long-time employees’ perception of HR then took a bit of convincing, but employees quickly began to recognize the value of Black’s actions. Gradually, they could see how the HR strategies were effectively creating conditions in which they could develop in their careers, be successful, and find meaning and value in their work. Today, Lloyd’s employees list the company’s challenging work environment, healthy incentive programs, and meaningful community outreach programs among the key reasons they enjoy working for the insurance giant.
Black’s efforts gained her recognition outside of Lloyd’s and has enhanced its position as a desirable place to work. The average tenure of employees at the company is, incredibly, 21 years. The insurer has been named one of the “Top 100 Best Companies to Work For” (in the United Kingdom) by the Sunday Times and hailed as one of the United Kingdom’s Top 40 Business Brands by an independent researcher.
Each year, new graduates scramble to get hired by Lloyd’s. These new hires rotate through three to four different assignments within Lloyd’s so they get a perspective of the company and the insurance market as well as a better idea of the departments in which they would like to ultimately work. Besides goods and benefits, the company also offers employees time to do charity and non-work-related activities to further their personal growth, says Black. “Employees are very sophisticated people, and they have more drivers than just wanting to earn money,” she notes.
Ironically, Black’s position was the first HR position she had ever held, having risen through the ranks in other arenas in business. But her experience has given her a clear definition of the ideal characteristics of the HR professionals. “They must understand change and transformation, excel at operations, and balance tactical and strategic thinking and acting,” she says. “They will have to be able to manage and navigate organizational complexity and ambiguities and not be afraid to say no occasionally in order to establish appropriate boundaries with the business.”
Questions
1. What skills does Black think employees need to work successfully in the area of HR?
2. What are some of the outcomes of the company’s new HR strategy?
3. What do you think might be some of the challenges of establishing HR policies for a global company?
4. What types of situations do you think might require an HR manager to say “no”?
New HR Strategy Makes Lloyd’s a “Best
Company”
After more than 300 years in business, a few years ago, the
iconic global insurer Lloyd’s of London finally set out to
establish its first true HR strategy, starting with the hiring of HR
Director Suzy Black. “I was brought in to transform the HR
function
from one modeled on an old
-
style personnel office to a
function that is more cutting edge, business focused, and value
adding,” says Black.
Black’s first order of business was to evaluate the current state
of affairs, particularly how the corporation’s sen
ior managers
perceived the HR role. With this information in hand, Black and
her team began to develop an overarching strategic agenda as
well as specific tactics, addressing everything from recruitment
to performance management to basic policies to reward
s and
compensation.
Changing long
-
time employees’ perception of HR then took a bit
of convincing, but employees quickly began to recognize the
value of Black’s actions. Gradually, they could see how the HR
strategies were effectively creating conditions in
which they
could develop in their careers, be successful, and find meaning
and value in their work. Today, Lloyd’s employees list the
company’s challenging work environment, healthy incentive
programs, and meaningful community outreach programs
among the
key reasons they enjoy working for the insurance
giant.
Black’s efforts gained her recognition outside of Lloyd’s and has
enhanced its position as a desirable place to work. The average
tenure of employees at the company is, incredibly, 21 years. The
insur
er has been named one of the “Top 100 Best Companies to
Work For” (in the United Kingdom) by the
Sunday Times
and
hailed as one of the United Kingdom’s Top 40 Business Brands
by an independent researcher.
Each year, new graduates scramble to get hired by L
loyd’s.
These new hires rotate through three to four different
New HR Strategy Makes Lloyd’s a “Best
Company”
After more than 300 years in business, a few years ago, the
iconic global insurer Lloyd’s of London finally set out to
establish its first true HR strategy, starting with the hiring of HR
Director Suzy Black. “I was brought in to transform the HR
function from one modeled on an old-style personnel office to a
function that is more cutting edge, business focused, and value
adding,” says Black.
Black’s first order of business was to evaluate the current state
of affairs, particularly how the corporation’s senior managers
perceived the HR role. With this information in hand, Black and
her team began to develop an overarching strategic agenda as
well as specific tactics, addressing everything from recruitment
to performance management to basic policies to rewards and
compensation.
Changing long-time employees’ perception of HR then took a bit
of convincing, but employees quickly began to recognize the
value of Black’s actions. Gradually, they could see how the HR
strategies were effectively creating conditions in which they
could develop in their careers, be successful, and find meaning
and value in their work. Today, Lloyd’s employees list the
company’s challenging work environment, healthy incentive
programs, and meaningful community outreach programs
among the key reasons they enjoy working for the insurance
giant.
Black’s efforts gained her recognition outside of Lloyd’s and has
enhanced its position as a desirable place to work. The average
tenure of employees at the company is, incredibly, 21 years. The
insurer has been named one of the “Top 100 Best Companies to
Work For” (in the United Kingdom) by the Sunday Times and
hailed as one of the United Kingdom’s Top 40 Business Brands
by an independent researcher.
Each year, new graduates scramble to get hired by Lloyd’s.
These new hires rotate through three to four different
