By Sophie Hulm, CEO, Progress Together
Our new report, Shaping the Sector, offers encouraging signs of progress across UK financial services, though there is still much work to be done. Conducted in partnership with The Bridge Group, our research reveals that the proportion of senior leaders from lower socio-economic backgrounds has risen from 26% in 2023 to 28% today. Additionally, we are seeing that more employees are willing to share their socio-economic data, hopefully this is a sign of growing trust and psychological safety across the sector.
These shifts are positive, but the data also highlights the challenges that remain. For example, 58% of those in senior roles are from a higher socio-economic background, compared to 45% at junior levels. This disparity points to a persistent ‘class ceiling,’ especially at more senior levels, where white men from privileged backgrounds are still 33 times more likely to hold leadership positions than women of colour from lower socio-economic backgrounds. Why does all this matter? Check out the clear message from Mark Hoban, Chair of the Financial Services Skills Commission. With an aging workforce, financial services will lose the war for talent if we don’t broaden the talent pool. Link to this Shaping the Sector: What People Said – Progress Together
At Progress Together, we are committed to addressing this imbalance, and we’re incredibly grateful to our members for their unwavering support. Pilot initiatives like the Accelerated Progress Programme (APP), funded by Nationwide in partnership with Coventry Building Society, Yorkshire Building Society and Paragon Bank are already making a difference. This programme brings together employees from lower socio-economic backgrounds and provides them with the skills, mentorship, and opportunities to accelerate their careers. It’s just one example of the practical steps being taken to create lasting change.
Our recent VOICE report, a collaboration with LSE and funded by HSBC, also underscores the importance of amplifying the perspectives of employees from lower socio-economic backgrounds. If you haven’t yet read it, do take a look at the tips for individuals and people managers.
In other news, I attended the Labour conference this year. No surprise that social class was referenced by the Prime Minister, The Chancellor and the Business Secretary. I eagerly await news on the socio-economic duty, referenced in the election manifesto.
I’m incredibly proud of the collective efforts of our members, partners, and the Progress Together team. Thank you for your continued dedication and commitment to making real, measurable change. Together, we can build a future where everyone, regardless of their background, has the opportunity to thrive.
Let’s keep pushing forward.
