Lloyds Banking Group Describes Its $3B Business and Talent Transformation
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 talent transformation strategy.
Additional Information
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