Jessica BirdIn the lead up to International Women’s Day, Workplace Journal spoke with Katherine Carnegie (pictured), chief commercial officer at LV=, about the importance of a strong internal culture when catering for an evolving customer base
According to LV’s ‘Wealth and Wellbeing’ report, 40% of non-retired women surveyed say they will have enough saved to be comfortable in retirement, compared with 53% of men. Women (9%) are also less likely than men to have increased their pension contributions above the standard amount than men (15%).
LV’s ‘Reaching Resilience’ report found a similar imbalance, with 48% of women having received financial advice, compared with 57% of men, while 8% fewer women had income protection than men.
Pair this with the fact that, overall, more than four in 10 households report that they would only be able to survive for up to three months without an income, and a picture starts to emerge. There is a protection and financial resilience gap affecting consumers across the board, which often becomes more acute among female cohorts.
Katherine Carnegie, chief commercial officer at LV=, says that providers have a key role to play in creating the kind of product propositions that bridge this gap, as well as the flexibility to help people of all backgrounds and characteristics to reach financial resilience.
This is not just an external effort. Indeed, Carnegie voices the importance of “nurturing talent from all different backgrounds,” and helping those individuals recognise their own abilities and thrive within a business, as being key to LV’s commercial success.
This includes employee-led networks across the organisation, championing key areas of inclusion identified by staff themselves. The LV= Balance network focuses on supporting staff through the key milestones in life, with a focus on gender diversity – areas such as menopause, parental support, improving women’s financial resilience, and investing in their careers.
In 2016, the firm signed up to the Women in Finance Charter as part of its pledge to promote gender diversity, while Carnegie also speaks to the importance of initiatives such as ‘reverse mentoring’, whereby younger employees can help senior leaders gain fresh perspectives and tackle barriers they might not realise are in place.
Carnegie herself has benefitted throughout her career from mentoring from both men and women who helped ensure her talents were recognised.
“Both before LV=, and very importantly within LV= as well, I have been very lucky to have a number of really supportive mentors,” she explains.
“These are individuals that have provided coaching, advice and in some instances, they’ve provided those opportunities to succeed. That person that has faith in you, and who makes sure you recognise those opportunities that arise, is extremely important.
“Personally, my career mantra has always been: ‘never say no to opportunities’. That’s the foundation stone.”
At LV=, this nurturing approach is core to the values of the business, Carnegie says: “We deliver our member-first philosophy by delivering the right outcomes and returns for our members, which they have rightly come to expect. We also achieve that by attracting the right talent within the organisation.
“At the heart of that is an inclusive, value-led culture. It’s one of the reasons I’ve been here for 12 years.
“This means being inclusive in the products and services that we offer, but also creating an inclusive environment where people want to come to work.”
Carnegie concludes: “A lot has been done over the years, but there’s always more that can be done to promote diversity, equality and inclusion.
“Leaders and businesses all have a role to play, whether as advocates or in terms of providing the opportunities to progress.”
