Social class impacts career prospects of young people, KPMG finds

Social class and nepotism are impacting early career opportunities for young people, according to new research from KPMG UK, which was carried out ahead of Social Mobility Awareness Day this week on 15 June. The study of 2,000 adolescents found that those from low socio-economic backgrounds were less likely to have gained either formal or informal work experience. 40% of those from low socio-economic backgrounds had gained exposure to the world of work, compared to 47% of young people on average. Meanwhile, 71% of those surveyed felt that certain professions – such as becoming a doctor or lawyer – are easier to get into if your parents or guardians also worked in a similar profession. Of those who obtained work experience, this was more commonly arranged via a family member or friend (45%), rather than via their school (32%). When asked about accountancy specifically, 48% of those surveyed thought the profession favours those with parents or guardians from a professional background – such as doctors, lawyers and other accountants. According to the firm, it has focused on increasing social mobility in its profession for over a decade. It was also among the first businesses to publish its socioeconomic background pay gaps in September 2021 and set targets to increase the socioeconomic diversity of its workforce. In December 2022, the firm also published a ‘progression gap’ analysis to deepen its understanding of social inequalities in the workplace. It showed that socio-economic background, which was measured by parental occupation, has the strongest effect on an individual’s career progression, compared to any other diversity characteristic. Jon Holt, chief executive of KPMG UK, said: “So many young people face an unlevel playing field and it’s limiting their long term prospects. The reality is, without access to decent and fair work experience and someone to show you the ropes, it can be hard to break into some professions. And talented individuals are therefore being ruled out of the running for jobs, at a really early stage of their career. “Businesses, including our own, need to play an active role to change this. If we want to nurture the talent of tomorrow, we need to open our doors and offer the opportunity to come and see inside our firm to learn what work is like. We need to equip them with skills that are highly valued in the workplace, such as problem solving and creative thinking.”