Why focus on socio-economic background?

Why focus on socio-economic background?

Competitive advantage

Raise your game. Employees from lower socio-economic backgrounds perform at least as well as their more advantaged colleagues, and often outperform them. In professional service firms, for example, trainees from lower socio-economic backgrounds are more likely to achieve the highest performance. 

Why restrict your talent pool? Diverse workforces give you access to a wider recruitment pool. You may also benefit from higher employee engagement and lower turnover. Greater diversity could make you a destination employer for the high-performing individuals that will drive your success in the future.

Work on your image. People want to see people who look like them, and they want to work for a business with a purpose. Building a visibly diverse workforce signals a commitment to inclusion and improving society. Companies interested in the long term recognise the benefits of this for their reputation and image.

The next frontier

Recent years have seen a drive to increase diversity in businesses. So far, these efforts have focused primarily on gender and ethnicity. However, forward-looking companies across industries are now looking at how to increase socio-economic diversity as part of this thriving agenda.

The socio-economic backgrounds of people in professional jobs From a professional background From a working class background

An untapped opportunity

Individuals from lower socio-economic backgrounds are a positive asset to businesses, but they are under-represented in professional occupations. People whose parents held professional jobs are more likely to be in a professional job themselves. Likewise, people from professional backgrounds are three times more likely to move
to London where the greatest concentration of professional jobs exists. However, larger employers are increasingly recognising the benefits of shifting this pattern, and are targeting the UK’s social mobility ‘coldspots’ to benefit from talent that exists there.

The power gap: the percentage of privately educated people in leading UK roles People attending independent schools Privately educated people in leading roles

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Reaching talented people from all backgrounds

On 25 February we held the second employers’ masterclass series of the year, exploring how you can reach, attract and foster a diverse pool of talent. Outreach is about attracting candidates who may not traditionally apply for roles within your organisation, yet could make a significant contribution in future. They may not have been to […]

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#SMFIndex2021 submissions are now open!

01/03/2021

The Social Mobility Foundation’s Employer #Index is a great way for employers to measure #socioeconomic #diversity and highlight their achievements.

#SMFIndex2021 submissions are now open! ➡️ https://lnkd.in/gxCpbbG

Now entering its fifth year, the #Index has become the leading authority on best practice. It’s a great starting point for #employers new to social mobility. While for those more advanced on this journey, it’s the perfect way to #benchmark and #monitor progress. PwC took the top spot last year, with an impressive array of initiatives – delivered virtually during the #pandemic.

At whatever stage you are at, the Index shows your firm commitment as a #business to driving #diversity and #inclusion – and it is a good way to attract new talent.

It’s free of charge, you can enter anonymously, and your organisation will receive a comprehensive #audit.

#socialmobility #diversityandinclusion #careers #jobs #training

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