lloyd's register group case study recommendation

Lloyd Register Group Quality Improvement Tools Essay (Critical Writing)

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Introduction

Range of qi tools, methods, and models used by lrg, analysis and recommendations.

Lloyd Register Group (LRG) is a company that is engaged in high-risk business because their clients work with valuable assets in the industries where mistakes can be costly. Quality improvement (QI) is thus a critical element for ensuring that the services the company provides are excellent. Notably, QI is based on a systemic approach, rather than changes that target a single aspect of operations, which allows businesses to implement tools and techniques of quality assurance across different departments and operational activities. This paper aims to critically appraise the LRG’s strategy for QI, examine the tools and techniques implemented by management, and strategic application of quality.

LRG is a multinational company and an industry leader that helps companies ensure that their products and services align with recognized standards. As such, by reviewing the QI process of this company, one can assess the main tools and techniques used by private organizations. In basic terms, QI is possible when the output of operations, in the case of LRG, aligns with the set standard, and in instances where the two are not aligned, actions to correct the process are implemented. LRG achieves this by combining the main methods used in total quality management (TQM) – Six Sigma, Lean, and P30. As the company outlines the results, they can have cohesive documentation and outcome records, a well as retain knowledge and learn continuously to enable improvement.

The main element of QI that LRG developed and implemented is a unified group plan, which is based on non-financial metrics, as opposed to previous performance reviews, which considered only the latter. Before this, the performance appraisals were based mainly on meeting the financial targets of different subsidiaries and groups within this company, which arguably overlooked essential aspects of operations.

By focusing on financials only, the organization fails to account for the number of satisfied clients or the alignment of LRG’s service with the purpose. QI’s goal is not merely connected to a better service provision, the underlying purpose of implementing QI tools is profitability. Better quality translates into lower costs and higher profits. However, when focusing on financial measures alone, the company overlooks essential elements that contribute to the provision and sustainability of high-quality services. Therefore, LRG’s step towards different measurement metrics and techniques that focus on a variety of key performance indicators (KPI)’s.

In traditional thinking, investment in quality is not always associated with the enhancement of a firm’s financial performance. However, the Taguchi loss function displayed in Picture 1, demonstrates that the increase of variation leads to a subsequent decrease in client satisfaction. This is an essential concept for understanding quality because providing a service that is consistent and always presents the high-level expertise of LRG’s employees is crucial.

The variation, in this case, is the difference in the quality of services that LRG presents. Lower specification limit (LSP) and upper specification limits (USL) used to be considered as a range across which customer satisfaction does not change, regardless of the ratio. According to Taguchi’s view, any change in quality irrespective of the specifications affects client satisfaction and thus must be addressed. The case study does not explicitly outline how LRG approaches variation. However, one can assume that benchmarks and KPIs are the primary tools allowing for tracking and addressing them.

This case provides an understanding of the methods applicable to QI and used in private organizations. However, both private and public organizations aim to provide excellent quality that aligns with the expectations of individuals using the services while having work efficiency. Hence, the evaluation of LRG allows one to comprehend the applicability of QI tools in both domains. With any type of business or public work, quality is the crucial element of excellence, because it is the reflection of satisfying the client’s needs and expectations systemically.

Continuous improvement is the basis of total quality management (TQM). One example is Deming’s improvement cycle is one element of implementing this, which is manifested through the Plan-Do-Study-Act (PDSA) system. LRG uses PDSA when implementing new projects. LRG uses the “closed-loop improvement cycle” as its approach to continuous enhancement of work, in which the management defines the strategy, objectives quality assurance measures, monitors and appraises outcomes, and finally adopts the plan if it is useful. This is similar to the PDSA, with the main difference being the incorporation of management’s review of performance and business improvement projects that LGR has.

Benchmarking is another concept of TQM that LRG employed by developing and adapting balanced scorecards as a part of performance evaluation. This model was developed by Kaplan and Norton, and it allows critically appraise the outcomes of work based on quantifiable measures. Other methods, such as “Road Map,” “Results Onion,” and “Strategic Objectives” help outline the aim of the company and measures used to determine if those were reached. In general, this should positively affect efficiency and quality since it creates an alignment between quality goals and workflow.

Hence, the purpose of LRG’s case study is to illustrate the real-life use of QI tools and techniques applied by the organization. Moreover, this case study demonstrates the rationale for choosing specific approaches and the expected results. For example, the closed-loop model enables continuous improvement and allows the management to see performance gaps, and therefore address them when developing a strategy, as well as set benchmarks for certain performance elements.

Six Sigma specifically targets efficiency, and as a result, LRG should have an output of 99.9% work effectiveness. LRG states that their new approach to managing different groups allowed them to achieve decentralization, following the implementation of the six-sigma on a small scale. Picture 2 presents an overview of processes according to this concept, which incorporates the essential steps of this concept, such as analysis, control, the definition of a problem, and others.

In essence, the main aim of this approach is to examine variation within customer expectations and output. LRG claims to use Six Sigma in combination with other methods and tools. Similar to Taguchi’s approach, the reduction of variability is the crucial aspect of this method, and an important notion is that there is a notable distinction between the level of errorless of 99% and 99.9%, hence Six Signa is essential. The case study does not outline which methods LRG uses, however, DMAIC may be applied for existing projects, which focuses on improving current capabilities.

Next, Lean is another critical concept of QI, together with Six Sigma, which emphasizes the minimization of waste and maximizing the customer value of LRG’s services. The central question of Lean is the constant questioning of the existing workflow to determine how the services can be improved from the perspective of a customer. Root causes of issues, performance improvement, the image of an ideal process, and evaluation of results are all elements of Lean. Firstly, this approach requires mitigating the tasks that are of minimum value and automating those that repeat. From LRG’s strategy, one can argue that a clear line of sight and environment for improvement are key elements that allow LRG to leverage Lean.

Notably, LRG uses a combination of Lean and Six Sigma, which is a valid approach since the two are complementary and not mutually exclusive. LRG references an emphasis on accountability, which is one of the center elements of Lean, and arguably, its approach to measuring process performance displays the importance that processes have in general. SMART goals is another lean tool that leverages data-driven decision-making and that LRG uses. Therefore, LRG successfully implements Lean in its operations.

Training and empowerment of personnel are critical for quality improvement. LRG’s case study presents several examples of this QI concept, including the recruitment of the best talent and the provision of training programs to the interested individuals. The critical element here is the idea that the company does not impose the need to participate in training for all individuals. Instead, it provides this opportunity only to those who want to be further educated.

On the one hand, arguably, LRG can reduce costs allocated to training and development of human resources, while on the other, it is unclear what is the ratio of people wanting to participate compared to those who avoid additional training and how LRG is affected by the latter group. “Lunch Learns,” “Local Briefings,” are used as educational strategies for LRG, which help transfer knowledge across the organization and thus help improve the quality.

There are several well-established approaches to QI that can further improve LRG’s performance and efficiency. It should be noted that quality, as a concept, can be challenging to define precisely, as it can mean different things for different products, services, or organizations. However, across all of the mentioned elements, quality results in efficiency, durability, reliability, and other aspects that allow a business to reach its strategic objectives. Juran’s definition suggests that quality is when the offer meets the purpose of the product or service.

Moreover, since quality is a systemic matter, the final output must consistently align with the expectations, which is aided by a variety of QI tools and methods. QI is an approach that focuses on all elements of operations, the entirety of the supply chain, and product delivery to the client, which is why it is an essential change for LRG to include a more cohesive strategy and KPI’s into its planning and performance review.

Strategic application of quality relates to the alignment of QI with the businesses’ strategy and activities. The holistic view of quality and business excellence strategy, theory, process, structure, and systems is applied by LRG since the organization creates a unified vision of QI through its continuous improvement loop while allowing for autonomy and development of projects. In synthesizing the purpose, design, functions, and character of quality and business excellence, a company can achieve maximum efficiency, or in the case of Six Sigma, the 99.9% effectiveness of operations. Therefore, QI tools are essential for achieving operational excellence.

The purpose of methods used by LRG is to analyze the performance, with a focus on no-financial indicators, and create a system that will allow achieving the best performance possible repetitively. One should note that the financial element of operations is essential and can indicate a certain level of quality; however, it does not reflect the full spectrum of quality. For instance, LRG may be failing some clients in regards to the expectations of responsiveness or reliability, while still receiving a decent profit. However, in the long0term perspective, the clients that do not see the value of LRG’s product will choose to shift to a different service provider. Hence, the primary purpose of the tools and techniques implemented by LRG is to address this gap between quality and current performance, by designing approaches relevant to the specifics of this organization and aligning their functions with objectives. Notably, the character of quality affects the business performance, since, this notion is multidimensional and incorporates a variety of elements that will be reviewed in the next section.

Appraisal of Tools and Techniques for QI

From the case study, one can conclude that FRG uses process maps and other visualization tools to improve its operations. One example is Picture 3, where the elements that affect LRG’s operations are displayed. While this is not a normal process map that outlines one specific activity with the inputs, decisions, and process activities, it nevertheless provides a brief outline of the workflow. Thus, one recommendation to FRG is to use standard process mapping to ensure regular performance across its groups. Picture 4 depicts a process map for the service industry that FRG can use.

In comparison with the TQC concepts and QI tools, LRG successfully uses the main principles to improve its operational efficiency and quality. Histograms and check sheets help create an evidence-based representation of issues and the frequency of their occurrence. LRG uses Tally sheets, which are all methods for obtaining and examining quantifiable data of performance and quality, however, it is not clearly outlined which processes incorporate these tools.

Alternatively, LRG can use scatter diagrams that help determine the correlation between variables and thus examine the causes of problems that obstruct the quality of performance. The analysis suggests that the root cause aspect of quality improvement is not emphasized by LRG. Thus another recommendation is to use a fishbone diagram to determine the problems that may affect quality.

In general, FRG’s process of developing a systemic approach to QI is an example of successful and targeted improvement. The main strength of LRG’s approach to QI is a cohesive strategy that reviews the organization and quality performance from a systemic perspective. The weakness is that the organization does not employ essential tools such as root cause analysis, which are useful in planning and evaluating the day-to-day workflow.

Overall, this paper examined the case study of LRG and the QI approach the company adopted. The main positive change implemented by LRG that allows the company to advance the quality of its services is the adoption of a systemic view, where the strategy is created for all groups and the review of non-financial indicators. This is manifested through the continuous improvement loop, which allows developing a plan, creating benchmarks, testing, analyzing, and implementing it. Additionally, LRG successfully uses Lead and Six Sigma and the main principles of these techniques.

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1. IvyPanda . "Lloyd Register Group Quality Improvement Tools." August 3, 2021. https://ivypanda.com/essays/lloyd-register-group-quality-improvement-tools/.

Bibliography

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Lloyd’s register, data collection and diversity audit research to identify components for future success at this world leader..

Lloyd’s Register  is a marine classification society and world leading provider of professional services for engineering and technology. Dating back to 1760, their work now reaches 75+ countries to improve safety and increase the performance of critical infrastructures. Their global workforce exceeds 6,000 employees and profits generated by the organisation fund the Lloyd’s Register Foundation, their charity that supports engineering-related research, education and public engagement linking to their work.

EW Group has worked with Lloyd’s Register since 2019, and during our partnership, we have supported the progression of Lloyd’s Register’s inclusive culture and the evolution of their diversity strategy. Lloyd’s Register first commissioned us to deliver an  Inclusive Leadership  programme for their extended leadership teams, as well as specialist training and consultancy for their HR Leadership Team.

We have subsequently worked with colleagues from across their global HR department to examine how  unconscious bias  might take hold across workstream areas (recruitment, appraisal, talent, and development), and in 2020, our co-founder Annie Hedge designed a D&I Ambassador’s programme for their internal working group responsible for driving the diversity and inclusion agenda. The curriculum supported and refined the team’s expertise of workplace challenges around gender, ethnicity, accessibility,  LGBT+ , age, and care.

More recently, Lloyd’s Register tasked us with exploring how their  systems, policies and processes  are being applied worldwide. The aim was to ensure that people policies demonstrate best practice from a D&I perspective, and to provide recommendations to develop Lloyd’s Register’s ambitious three-year diversity strategy.

Led by a group of our expert diversity consultants, we conducted a detailed  Diversity Audit  that assessed Lloyd’s Register’s people-related policies, systems, and processes through a diversity and inclusion lens. The Audit explored global and regional policies – both what’s on paper, but also how this is being applied by Managers. The brief was to understand what works well, where processes might be susceptible to  unconscious bias , and where there are practices within areas which could either be improved, or learned from, at a global level.

How we conducted the work

EW Group Leadership and Diversity Consultant,  Sam Hernandez , led the delivery of this work, supported by two of our international diversity specialists, Fook-Mun Chung and Sam Goober. We set out by reviewing more than sixty people-related policies at both regional and global levels, to explore where systems might not fully account for difference or be holistically inclusive. We also looked for opportunities where Lloyd’s Register could further champion diversity through their policies and strategy.

We then conducted  focus groups  with over 125 colleagues and leaders across six global regions (UK and Ireland; North Europe; South Europe; the Americas; North Asia; and South Asia, Middle East and Africa). Gathering this qualitative data of first-hand experience was critical for understanding how Managers apply policy, and the experiences of staff regarding their employment at Lloyd’s Register within the existing systems. We conducted six focus groups for colleagues, six focus groups for managers, and twelve focus groups for HR leads and colleagues, each one focusing on a different aspect of the employee lifecycle; attraction and recruitment, global mobility, learning and development, and progression and promotion.

Our team also held one-to-one sessions with policy owners within the Leadership Team, Head of Global Operations, Head of Talent and Leadership Development, Global Head of Resourcing, and Regional HR Managers.

Finally, the consulting team regrouped to look for any patterns within the organisation – what does the demographic  data  suggest could be happening across the globe, and what are the differing experiences for colleagues region to region? Do variations in regional policies impact on employee experience and inclusion?

What the audit found

Following the research stage of the  Diversity Audit , we provided detailed recommendations in a final report. We outlined steps that Lloyd’s Register could take to further harness equality and inclusion to the core of their decision-making, strategy and policies. The recommendations included:

• Widen  diversity data collection  so that Lloyd’s Register has a robust evidence base on which to make future decisions.
• Revisit promotion and appraisal policies. A specific recommendation of ours was around global mobility – whereby European colleagues relocating to Asia regions, as opposed to international colleagues relocating to European offices, were found to have access to more support around  cultural adaptability .
• Sustain  senior management buy-in  to their diversity strategy and goals.
• Proudly communicate their  strategy and commitment  to D&I to the entire organisation, in all global regions.
• Harness the enthusiasm and expertise of staff by creating a structure and updating processes to enable inclusion and equal opportunities at a global scale.

“EW tailored the D&I audit to focus exactly where we needed. They were flexible and available, and Sam [Hernandez] was a great partner to engage with our steering group and leadership team. The outcomes have formed the basis of our three-year Belonging strategy, and I’m looking forward to having another audit in three years to see how far we’ve come!” Rebecca Berry, Director of Culture, Diversity and Inclusion at Lloyd’s Register

The practical outcomes following the Audit has already helped Lloyd’s Register to continue their  diversity and inclusion  journey. The launch of their three-year  diversity strategy  was underpinned by the Audit’s findings, which will project Lloyd’s Register as an industry advocate for inclusion.

We were amazed by the level of engagement and support that their  senior leadership  and Board pledged to the Audit. We look forward to continuing our partnership with Lloyd’s Register.

“Working with LR was an extremely enriching experience both at a personal and at a professional level: a global organisation with a huge appetite for change, driven by operational excellence, daring to hold up the mirror and really address its diversity gaps. I cannot wait to see LR in the not-so-distant future actively driving inclusion in the industry and firmly positioned as a thought leader.” Sam Hernandez, Lead Consultant

Conduct a Diversity Audit and unlock full diversity potential.

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Yahoo Finance

With 80% ownership, lloyds banking group plc (lon:lloy) boasts of strong institutional backing, key insights.

Significantly high institutional ownership implies Lloyds Banking Group's stock price is sensitive to their trading actions

The top 22 shareholders own 50% of the company

Insiders have bought recently

If you want to know who really controls Lloyds Banking Group plc ( LON:LLOY ), then you'll have to look at the makeup of its share registry. The group holding the most number of shares in the company, around 80% to be precise, is institutions. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).

Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. Hence, having a considerable amount of institutional money invested in a company is often regarded as a desirable trait.

In the chart below, we zoom in on the different ownership groups of Lloyds Banking Group.

View our latest analysis for Lloyds Banking Group

What Does The Institutional Ownership Tell Us About Lloyds Banking Group?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

As you can see, institutional investors have a fair amount of stake in Lloyds Banking Group. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Lloyds Banking Group, (below). Of course, keep in mind that there are other factors to consider, too.

Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. We note that hedge funds don't have a meaningful investment in Lloyds Banking Group. Our data shows that BlackRock, Inc. is the largest shareholder with 8.2% of shares outstanding. Meanwhile, the second and third largest shareholders, hold 4.9% and 4.4%, of the shares outstanding, respectively.

A closer look at our ownership figures suggests that the top 22 shareholders have a combined ownership of 50% implying that no single shareholder has a majority.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.

Insider Ownership Of Lloyds Banking Group

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Our data suggests that insiders own under 1% of Lloyds Banking Group plc in their own names. As it is a large company, we'd only expect insiders to own a small percentage of it. But it's worth noting that they own UK£25m worth of shares. Arguably recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.

General Public Ownership

With a 18% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Lloyds Banking Group. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.

Next Steps:

While it is well worth considering the different groups that own a company, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Lloyds Banking Group , and understanding them should be part of your investment process.

But ultimately it is the future , not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future .

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

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