About socio-economic diversity
Socio-economic diversity means having people from a range of backgrounds. This would include people of varying upbringings, school type, economic statuses and education levels.
Diversity means recognising and valuing differences amongst individuals, for example, in relation to gender, ethnicity, socioeconomic background, sexual orientation, age and disability. Diversity also generally refers to increasing the representation of groups that are under-represented in particular organisations.
Recognising that employees are collectively diverse helps to move away from seeing one group or culture as the ‘norm’, with others expected to adapt to that norm.
‘Socio-economic background’ is the prevalent term to refer to the particular set of social and economic circumstances in which an individual grew up. This can be measured objectively by capturing information on, for example, the type of school individuals attended, whether they received free school meals and their parents’ occupation and level of education. This term facilitates fair and objective discussion of the influence of social and economic circumstances on individuals’ educational and career trajectories.
We note that individually any one indicator does not necessarily determine whether someone is from a more or less advantaged socio-economic background (particularly in relation to school type), but that collectively they create a picture.
Socio-economic background is determined by parental occupation at 14. What your parents did for a living determines the class you were born into.
However, your social class can change throughout your life through your own education, career and other factors.
The term social mobility is used frequently, especially in politics. It means supporting and creating opportunities for individuals from lower socio-economic backgrounds to enable them to become more economically successful. Social mobility focuses on individual people rather than on the wider workplace and its policies, processes and working culture.
Socio-economic diversity means having people from a range of backgrounds. This would include people of varying upbringings, school type, economic statuses and education levels.
Recognising that employees are collectively diverse helps to move away from seeing one group or culture as the ‘norm’, with others expected to adapt to that norm.
- Working class background: receptionist, butcher, van driver, electrician, long-term unemployed
- Intermediate background: clerical worker, shop owner, nursery nurse, secretary, garage owner
- Professional background: journalist, doctor, teacher, nurse, solicitor, CEO
Source: Social Mobility Commission: https://socialmobilityworks.org/toolkit/financial-and-professional-measurement/
Research shows that socio-economic diversity at senior levels does not match that at junior levels. Employees are leaving the industry but do not have opportunities to progress.
Our 2023 report, Shaping our Economy, revealed that socio-economic background is more more likely to impact career progression than gender or ethnicity.
About Membership
A Progress Together member is a financial services company from any subsector which pays a fee determined by the number of employees.
Members benefit from a range of services, including benchmarking, an annual socio-economic diversity report, and access to a number of events activities and services, including workshops, a socio-economic diversity toolkit, webinars, peer-to-peer networking, mentoring and support, access to speakers and presence in Progress Together communications channels.
Our membership is an annual programme and runs from November to October each year.
We welcome you to join us at any point in the year because our program spans throughout the year.
There’s no specific enrolment period, so you can join us whenever it’s convenient for you. We look forward to having you as a member!
We have a tiered fee structure that is based on the size of your organisation in relation to your UK headcount.
Progress Together is a not-for-profit membership body. There is an annual fee, dependent on the number of permanent employees within UK and Ireland:
- 0-250 employees – £3,000 + VAT
- 251-1000 employees – £6,000 + VAT
- 1001+ employees – £12,000 + VAT
As this is an annual membership, we will require the membership fee to be paid at the beginning of the membership year.
We do not offer a monthly subscription model as our programmes are designed and set at the beginning of the year
Can we request a refund on part of my membership fee if I decide to leave part way through the year?
Our team works closely with our members to ensure that our services and content provide the greatest value. However, there may be occasions when you no longer wish to continue your membership.
As a not-for-profit organisation that relies on membership fees to cover our operating costs and deliver content to all our members to drive change within this industry.
Once you’ve had an initial conversation with us to learn more about our program, we’ll send you a copy of our membership agreement to review, sign, and return to us. Simultaneously, we’ll introduce you to our data partner, the Bridge Group, who will require you to agree to a data protection agreement.
Additionally, we’ll send you an invoice for the appropriate membership fee, which must be paid within 30 days. We understand that the onboarding process may vary depending on your procurement procedures, and our team will do their best to accommodate these processes.
Progress Together members receive a range of resources, events and activities, including:
- Webinars – On everything from data collection to influencing leaders. Our webinars explore a range of topics that look to address barriers to achieving socio-economic diversity at senior levels within the financial services sector.
- Workshops – An opportunity to meet peers from across Progress Together membership for half a day of learning, networking and hearing from specialists and industry leaders.
- Toolkit – Access to our online toolkit which includes exclusive resources to assist members in their journey to greater socio-economic diversity at senior levels. It includes templates, how-to guides, explainers and top tips.
- Quarterly catch-ups – This is your opportunity to meet your relationship manager to ensure you’re getting the most out of your membership.
- Annual report – Member data is collated annually, and members receive a membership-wide anonymised report alongside their own data to allow them to benchmark against others in the industry.
- Shared Problem Solving – Members group together to solve specific challenges they have in common.
We focus specifically on progression and retention with UK financial services. We are evidence-led, and collecting and sharing anonymous data is a core requirement for members. In return, you will be able to benchmark yourself against peers. We are a safe space for collaboration and sharing what works (and what doesn’t).
Our members share our values and collaborate with fellow members. Our work is data-driven, and our members use this to drive change within their own organisations in order to affect change across the sector.
Our member commitments span across four pillars:
- Advocacy – publicly advocate for improving socio-economic diversity through providing case studies and success stories and promoting the activity on your company website or social media.
- Community – collaborate confidentially with other members and engage with the programme of offerings.
- Data – commit to capturing workforce data on socio-economic background, and collect refreshed data annually to measure real progress.
- Leadership – executive leadership involvement and check-ins.
Our membership agreement automatically covers you for subsequent years unless there are any changes, which we will communicate to you in writing. Membership fee requests for the next year will start being issued at the end of the membership year, typically in October.
We understand that some members may have internal processes for renewals, and we will work closely with each member to ensure a smooth process. Rest assured, during the renewal process, we will ensure there is no interruption in your access to our services.
Our members have access to our Supporters, some of whom work within the fields of skills and talent acquisition. Our programme of events can help you establish how a focus on socio-economic diversity can assist with existing initiatives and programmes within your organisation.
About being a Supporter
A Member pays a fee for support and access to exclusive resources, guidance, events and activities.
A Supporter may be an organisation that does not qualify for membership but agrees to support Progress Together in other ways, such as advocacy, events, publicity or pro bono support.
There is no charge to become a supporter; however, we do have a certain level of commitment that we require from you to become a supporter.
Our offer to Supporters
- Promotion – Your logo on our website, a joint launch press release to announce the partnership, and opportunities to be seen by our audience via organisation profiles and social media sharing.
- Events – Joint online and/or in-person events focussing on socio-economic diversity or as part of a wider diversity event.
- Thought leadership – Share your knowledge, expertise and experience via our newsletter, website, social media channels and our ‘Supporter Recommends’ feature.
- Speakers – Access to speakers from Progress Together, its board, Founding Partners and members.
- Expertise – Benefit from the expertise and experience of our people and regular contact with the Progress Together team.
- Affiliation – Credibility within the socio-economic diversity space.
To learn more or express your interest as a supporter, please reach out to us at communications@progresstogether.co.uk.
Upon contact, we will provide you with a letter of engagement that outlines the support services your organisation would like to participate in.
About data collection
Members must submit their employee data within two years of Progress Together membership. Our data partner, The Bridge Group, process and analyse the data.
Progress Together does not process any data. Members can read more about data sharing by logging in to the member portal.
The Bridge Group works with our members to support them in the data exporting, processing and benchmarking.
We take the privacy and confidentiality of our members seriously. We have robust data protection measures in place, and member information is securely stored and only used in relation to the programme. Our privacy policy outlines our commitment to safeguarding member data.
Membership fees:
Progress Together is a not-for-profit membership body. There is an annual fee, dependent on the number of permanent employees within UK and Ireland:
- 0-250 employees – £3,000 + VAT
- 251-1000 employees – £6,000 + VAT
- 1001+ employees – £12,000 + VAT
Our Members
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