Some key figures from the City met on Thursday night to support the work of Progress Together, the recently-launched organisation committed to bringing about socio-economic change at senior levels in the UK’s financial services sector.
On the night Chair of Progress Together and Lord Mayor of London Vincent Keaveny welcomed the room, and detailed the work of a government-commissioned taskforce, led by the City of London Corporation, that conducted the research which highlighted the growing gaps in equality.
- Across UK financial and professional services, 45% of senior leaders are white men from professional backgrounds.
- 23% are white women from professional backgrounds
- 13% are white men from working class backgrounds
- 9% are white women from working class backgrounds.
- But a staggering 1% of senior leaders are working class women from ethnic minority backgrounds.
Sophie Hulm, Progress Together
From the work of the taskforce, Progress Together was born, and CEO Sophie Hulm followed the Lord Mayor with a moving talk which looked back on her own upbringing and the very real and urgent need for change.
“Two years ago I had an idea.
To create a safe environment where financial services firms could collaborate and benchmark against one another.
As a child, I remember my Dad being on the dole, applying for dead-end jobs that he didn’t want. I remember having lodgers in the house as my mum strove to get an education as a mature student.
I remember my parents fighting to build a better life.”
Following an interactive polling session hosted by Programme Manager, Monabil Ali, where eye-opening statistics included the £17.5k class pay gap, Bridge Group CEO Nik Miller discussed the importance of data collection, from which to measure the progress and help drive change.
Sarah Atkinson, The Social Mobility Foundation, Hannah Awonuga, Barclays and Nadia Minors, HSBC Bank
Bridge Group is the newly-appointed data partner of Progress Together, with a remit to benchmark all members’ socio-economic diversity levels, and Nik emphasised that whilst this is undoubtedly the right thing to do for fairness, equality and a better society, the statistics show that providing equity of progressions also helps companies progress and retain the best talent, ultimately positively impacting their bottom line.
After networking and drinks, FCA Executive Director Sheldon Mills shared his experiences of entering the daunting world of business finance, on the bus with his books in a carrier bag, and Carolanne Minashi, Global Head of Inclusion at HSBC Bank, closed the speaker bill with insights as to why HSBC has chosen to join Progress Together and their experiences of the programme so far.
The room was filled with buzzing conversation and positivity throughout, with guests excited and ready to bring about the action needed, but as Nik Miller noted – we are preaching to the converted – the challenge remains, to get the message and the urgency to a wider audience, to level-up the whole of financial services, for a better, more inclusive, more profitable sector for all.
Sheldon Mills, FCA
Sophie concluded “If we want our friends, our family, our employees and our colleagues to think big, to be productive, to be their best selves, to have the confidence to put themselves forward for promotions, we must provide light bulb moments. To create and profile role models from a range of socio-economic backgrounds.
This isn’t collecting data for data’s sake, this is about making real change. To make a stronger, more competitive, more inclusive sector”
If you are interested in learning more about joining Progress Together visit our Membership page today.
The Progress Together Team
