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UK banks set new targets to increase working-class senior employment

 


The UK’s financial services sector has announced a new target to have more than half of its senior leaders come from working-class or lower socio-economic backgrounds by 2030.

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According to a London government-backed task force, the UK’s financial services sector needs to do more to “break the ‘class’ cap”. 2030.

The City of London Corporation, the governing body that oversees the UK’s financial industry, said Wednesday the move was important not only to improve board diversity, but also to spur growth in the sector.

In a new report, the board’s “Socioeconomic Diversity Task Force” commissioned in 2020 outlined a path for companies to ensure that accents and ancestry do not dictate the development of the workplace.

Task Force Chair Catherine McGuinness said: “We believe that breaking the ‘class’ cap and removing unfair barriers to progress is not only the right thing to do, but also allows businesses to increase productivity, retention and innovation.” said.

lack of diversity

Research shows that around half of all financial services staff in the UK come from non-professional backgrounds, currently defined as working-class and middle-class backgrounds. However, they tend to progress 25% slower than their peers.

More than a third (36%) of these employees have barely been promoted to senior positions, the report found. Meanwhile, employees with non-professional backgrounds tend to earn up to 17,500 ($20,890) less per year and are not related to professional performance.

The report also said that the UK has one of the lowest rates of social mobility among developed countries, meaning “those who are already economically well off tend to stay at the top”.

For too long, personal growth has been limited by people’s socioeconomic backgrounds.

Andy Holdane

Co-Chair, Socioeconomic Diversity Task Force, City of London Corporation

The goal requires banks and other financial and professional services companies to collect data on the socioeconomic background of their employees to provide an accurate baseline as they work towards their 2030 targets.

Working with more than 100 sector representatives, the task force will review sectoral targets for 2025 to ensure they remain realistic.

The report did not address the possible impacts that companies that do not meet the criteria may face.

The goal coincides with the release of a separate report by the Task Force outlining the business benefits of increased socioeconomic diversity. In addition to helping to increase productivity and innovation, the report said socioeconomic diversity can increase company profits by up to 1.4 times.

“We can’t grow as a nation if people don’t grow. For too long, individual growth has been constrained by people’s socioeconomic backgrounds. Today’s recommendations represent a break with the past,” said Co-Chair of the Socio-Economic Diversity Task. Andy Haldane Power, who is, said.

It comes as the UK’s financial services industry is racing to reaffirm its position as a global financial hub following a series of post-Brexit company moves and a decline in international rankings.

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2/ https://www.cnbc.com/2022/12/01/uk-banks-given-new-targets-to-boost-working-class-senior-hires.html

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