Ethics and core values have become a more frequent topic of conversation – does the company have a positive impact on its community and the environment and how satisfied are their employees?
Research done by Deloitte1 suggests that millennials (young adults aged 18-35) place far greater emphasis on the less tangible aspects of a business. They prefer to do business with companies who reference the quality of their products, treat their employees fairly and focus on customer satisfaction.
Royal London became a mutual insurance company in 1908, owned by and run for the benefit of our members. As the years passed, we widened our scope to include pensions and investments, but our principles remained the same – doing our best for our customers, our communities and our employees. And we’re proud to say that we hold these values today.
Here are a few ways we can demonstrate our values to your clients.
We believe in treating all customers fairly, and while we’re developing simple, transparent products we also believe it’s important to explain them clearly.
For example, our Royal London Asset Management (RLAM) business is committed to being a responsible investor. This means being a good steward of assets and promoting responsible investment with other stakeholders. And as part of that commitment, RLAM seeks to understand environmental, social and governance risks and opportunities within the investment process.
We encourage our employees to volunteer, and recognise the commitment, time and energy they give to the community.
As a business, we’ve been partnering with Bloodwise (previously Leukaemia and Lymphoma Research) since 2013. Our employees’ energy and enthusiasm has raised over £170,000 to date. We also support the causes that matter most to our staff by matching their fundraising efforts and offering time off for volunteering in their local communities.
And through our sponsorship of one-day international and domestic cricket, we’re supporting grassroots cricket through The Gilbert Cup – encouraging under 11s to play more cricket during the summer holidays. We’re also the principal supporter of the Professional Cricketers Association (PCA) Benevolent Fund, which helps current and former players and their dependants in times of hardship, and helps them to readjust to their world beyond the game. Learn more about The Gilbert Cup.
Royal London has recently partnered with the Royal Zoological Society of Scotland and the Royal Parks Foundation in London in support of two of the UK’s pelican colonies. Read more about our partnership.
For us, this means things like minimising our business travel to reduce carbon emissions, and investing in video and teleconference technology. It also means increasing recycling facilities in our buildings, and reducing water and energy usage as best we can.
We understand that as a significant owner of UK commercial property, we have an inevitable impact on the environment through the use of energy, natural resources and the production of waste. We take these responsibilities very seriously and have developed sustainability policies to show how we are managing our environmental impact.
We value our employees. Because we think healthy people are happy people, we offer workplace health initiatives and a range of flexible benefits to improve their working life. We’re also committed to recruiting, developing, promoting and training employees based on individual competencies and performance, respecting and valuing a diverse workplace.
We realise that not all your customers fall into the millennial age bracket, but these values are being noticed by the wider population. By recommending providers who can evidence these values, you’re showing your customers that you care too.
Deloitte Millennial Survey 2016 – http://www.deloitte.com/millenialsurvey
Senior Protection Marketing Manager
Ross joined Royal London in May 2014 as Senior Protection Marketing Manager bringing with him extensive experience in financial services having started his career in the industry back in 1998. He has held various marketing roles during this time and has experience working across a number of markets including savings and investments, individual pensions, workplace pensions, platforms and most recently protection. He has a keen interest in behavioural economics and how this can be applied practically to change consumer behaviour in financial planning.