On the 24th November 2020 The Bridge Group in collaboration with 8 companies launched the research ‘Who gets ahead and why?’. They were joined on Zoom by over 500 individuals and businesses keen to learn more about the research they’d produced.
The research, authored by the Bridge Group, shows that 89% of senior roles in financial services are held by people from higher socio-economic backgrounds (defined by parental occupation at 14), this compare with 33% across the UK working population.
The report, which draws on data from eight major employers, shows that employees from lower socio-economic backgrounds progress 25% slower than peers, with no link to performance. These employees are exhausted by efforts to conform to dominant cultures, impacting individual performance. This evidence chimes with existing research in professional services.
In response, and to boost productivity and levelling up opportunities, HM Treasury and the Department for Business, Energy and Industrial Strategy have commissioned the City of London Corporation to lead an independent Taskforce to boost socio-economic diversity at senior levels across UK Financial and Professional Services.
The independent taskforce will be led by Catherine McGuinness, Policy Chair at the City of London Corporation; Sandra Wallace, Interim Chair of the Social Mobility Commission; Andy Haldane, Chief Economist at the Bank of England; and Alderman Vincent Keaveny, Senior Alderman at the City of London Corporation.
For more information contact [email protected]
They are using the hastag’s listed below and encourage anyone interested in hearing more to reach out.
#performanceoverpolish
#whogetsahead
#socioeconomicbackground
