Core-Asset and Progress Together partner on social mobility

A Scottish financial services recruiter, Core-Asset Consulting, has partnered with government-backed organisation, Progress Together, to combat the socioeconomic imbalance of the sector. 

This comes after a detailed study by a government commissioned taskforce revealed the UK financial services sector to have one of the worst socioeconomic diversity rates for employees within leading roles.

The study found that 89% of senior leaders are from higher socioeconomic backgrounds, while people from lower or intermediate socioeconomic backgrounds make up 53% of junior employees in UK financial services, but only 11% of senior employees. 

Core-Asset is hoping the collaboration with Progress Together will enable its client base to benefit from socioeconomic diversity with an introductory webinar, as it sets its sights on combating the issue facing the industry.

Research also found 45% of senior leaders in financial and professional services are white men from higher socioeconomic backgrounds, while only 1% of senior leaders are ethnic minority women from working class backgrounds.

Yet, businesses which have already adopted an emphasis on social mobility have reaped the benefits of a more diverse and integrated workplace, with profits 1.4 times greater than their competitors.

Core-Asset will be hosting a webinar on 25 April, featuring a discussion from diversity equity inclusion and resourcing director at Aviva, Jonathan Briggs, detailing how data has already helped the insurance giant improve its social mobility and increase its diversity.

Louise Powrie, managing director of Core-Asset Consulting, said: “Socioeconomic diversity presents businesses with a huge opportunity to increase their profits and source a pool of talent with untapped potential. We are partnering with Progress Together to help our clients from around the UK to understand the importance of collating data and implementing best practices to encourage diversity and maximise their profitability while they do so.

“The financial services sector has been singled-out for its lack of diversity and inclusion within senior positions, and so we hope our partnership and webinar with Progress Together will inspire our clients to adopt these progressive methods and data moving forward, and change the perception of the industry.”

Sophie Hulm, CEO of Progress Together, said: “There is proven evidence that embracing a more balanced and inclusive workplace will enhance productivity and innovation. Socio-economic data can provide crucial information as to where a business is thriving; and needs improvement.

“By teaming up with Core-Asset, we’re not only hoping to spark the discussions on the lack of socio-economic diversity within our industry but we also want the partnership to become a vehicle for positive change.”