"Talented individuals should be able to succeed in financial and professional services on their own merit regardless of socio-economic background. "
The launch of the new taskforce comes after new research revealed that almost 90% of senior roles in the financial and professionals services industries are held by people from high socio-economic backgrounds, despite this group making up just a third of the UK population. The report, which used data from eight major financial services employers, found that staff from lower socio-economic backgrounds also take 25% longer to progress, despite there being no evidence of poorer performance.
The new taskforce will be chaired by Catherine McGuinness, policy chair at the City of London Corporation, alongside Sandra Wallace, co-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.
The Corporation has also commissioned MyKindaFuture, an HR tech company specialising in underrepresented talent, as one of three key Delivery Partners. MyKindaFuture will create a self-funded membership body for the financial services sector aimed at boosting socio-economic diversity at senior levels within the industry.
The membership body will include employers, social mobility experts and senior level industry body members and will offer a safe space to share best practice for boosting diversity and benchmark against peers in the sector.
Catherine McGuinness, policy chair at the City of London Corporation, said: “Talented individuals should be able to succeed in financial and professional services on their own merit regardless of socio-economic background. Unfortunately, for many people that does not yet seem to be a reality.
“There is a clear business – as well as moral – case for improving diversity across the sector. This research demonstrates that people from lower socio-economic backgrounds face greater barriers to progressing throughout their career. We hope that firms will seize the opportunity the taskforce provides to develop a more diverse pipeline by ensuring they are truly recruiting and promoting on merit.”
Simon Reichwald, strategic lead for Talent at MyKindaFuture, commented: “We are passionate about supporting overlooked talent to both secure quality employment and then progress within their chosen career, and we understand the huge business benefits that a diverse talent pool can deliver. We are thrilled to have been selected by the City of London Corporation to support its new social mobility taskforce, and are confident that the membership organisation we help build will have the power to bring about real, meaningful change in the financial services sector and beyond.
“Almost nine in ten senior employees in financial services come from higher socio-economic backgrounds according to recent research, while those from less privileged backgrounds take longer to progress. We want to change this, remove the barriers they face and ensure everyone receives the opportunities they deserve. By doing this UK employers will have access to the very best talent to boost their business and remain competitive – everyone gains.”
