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Member Survey: Satisfaction Grows, Support for Strategic Partnerships Solidified, but More Work to Do
LBMA has published the results of its Member survey, which revealed that Member satisfaction has climbed to 70% - an improvement from 67% in the last in-depth Member survey in 2021 - and dissatisfaction has dropped from 8% three years ago to just 2% today. These results are a testament to LBMA’s unwavering focus on improvement. Furthermore, 80% of respondents agreed that LBMA’s new strategic partnerships pillar is a key priority for the market.
This extensive qualitative and quantitative research, conducted by an independent research consultancy, sought to understand sentiment towards LBMA, its new Three-Year Strategy and overall Membership offering. It also aimed to garner feedback on the quality of benefits associated with LBMA membership, as well as LBMA’s publications, events, and other tactical communications.
Feedback from Members, Refiners and Subscribers across many membership types and regions was included, which involved an online survey and confidential interviews undertaken by a third party. This ensured the feedback was anonymous, confidential and uncensored.
“Once again reaching out to Members, Refiners and other key stakeholders is an essential part of LBMA’s transparency and integrity. We are always keen to hear meaningful feedback and give our Members a say in the future direction of LBMA, and the independent survey is a fantastic way to do just that,” said Ruth Crowell (CEO, LBMA).
“Responses relating to our new Three-Year Strategy are also encouraging. Members shared exciting feedback about how stronger partnerships could transform the industry, from improving supply chain connectivity to unlocking new opportunities. We remain committed to reaching our Member Satisfaction goal of 75% and we are looking forward to building on our ‘strategic partnerships’ to help us achieve this.”
The Member Survey revealed lots of positive feedback. And while continuous improvement remains at the core of LBMA, it’s clear that more work is required in certain fields.
Action Plan
Survey Insights
Whilst the survey returned an overall satisfaction level of 70%, that does not mean that LBMA can rest on its laurels. We maintain our commitment to achieving a 75% satisfaction level. It is clear from the feedback that there is significant Member support for the Three-Year Strategy; now the focus must be to take these issues forward to a successful conclusion to meet and exceed Member expectations.
Insights to Action
LBMA has taken note of the comments and observations made by Members regarding where LBMA could do better. This feedback can be grouped into three specific areas:
- Strengthening Standards: enhancing industry benchmarks and sustainability practices.
- Governance and Integrity: increase transparency, responsible sourcing and trust.
- Engagement and Inclusion: expanding outreach, improving communication, and fostering two-way dialogue
Action Plan
In the spirit of continuous improvement, LBMA intends to continue the drive forward with its Three-Year Strategy, focussing on what the Members want us to deliver. Alongside this, we will take positive action to address those areas where Members feel LBMA can do better. LBMA has identified clear actions to be delivered under four distinct activity pillars, as below:
If you’d like to find out even more about the action plan, you can contact us on ask@lbma.org.uk.
You can read a longer summary of the Member Survey responses in the full report. Members can also read more about the data on the LBMA Portal.
Future LBMA Member Surveys
As usual, LBMA will repeat a truncated version of this Member Survey annually as part of a benchmarking exercise, to plot improvements in the various focus areas as we deliver against the new Three-Year Strategy and in the years to follow. The next in-depth survey will be conducted again in 2027 as LBMA approaches the point at which it will be setting objectives for its Three-Year Strategy for 2028 – 2030.
This exercise will keep LBMA accountable to its Membership base, while providing a sentiment pulse check.
Source: https://www.lbma.org.uk/