Definitions
What is socio-economic background and how is it measured?
Socio-economic background is the prevalent term used 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.
Parental occupation at age 14 is the key question recommended by the Social Mobility Commission and used in national surveys. It is also globally translatable (as opposed to free school meals or state versus private school), so we recommend all of our members ask their employees this question, as it gives the clearest and most consistent indicator of socio-economic background.
What is social mobility?
Social mobility is the link between a person’s income or occupation and the income or occupation of their parents. Social mobility focuses on individual people, rather than on the wider workplace and its policies, processes and working culture.
About Progress Together
When was Progress Together founded and why?
At Progress Together, our vision is a financial services sector where talent and potential, not socio-economic background, determine who leads. We were established following a government-commissioned taskforce on socio-economic diversity at senior levels, led by the City of London Corporation. That taskforce reached a clear conclusion: equitable career progression is essential for fairness, innovation and performance across the sector. In response, Progress Together was launched in 2022 to create a trusted peer network for financial services firms to share what works to create long-term change.
We are a not-for-profit organisation, funded by membership fees, grants and sponsorship. We do not receive funding from central government.
What are Progress Together's political aims?
We are non-partisan and seek to increase visibility and advocacy with cross-party collaboration. We want socio-economic inclusion to be part of the Government's growth agenda and strongly believe it is both a fairness issue and a business imperative.
There is strong evidence, including this report showing how social mobility can help drive business and the economy forward, and this report on how social mobility can boost Europe's economy.
Our data, in partnership with our data partner The Bridge Group, based on over 210,000 employees across UK financial services, shows that employees from lower socio-economic backgrounds progress 16% slower than peers. Evidence from the government-commissioned taskforce that set us up shows there is no link to job performance.
We were pleased to feature in HM Treasury's Financial Inclusion Strategy, as we believe the more representative the workforce, the better financial services products and services will serve the broadest range of consumers.
We would like to see the enactment of the socio-economic duty of the Equality Act 2010, included in the Labour Manifesto. This will impact public bodies, which may include the financial services regulators.
How can I share my progression story or my firm's success story with Progress Together?
Please get in touch with us at communications@progresstogether.co.uk. Our current campaign, Making the Invisible Visible, centres on uncovering barriers to progression faced by employees from lower socio-economic backgrounds that are hard to measure and have previously remained unseen. For this, we are asking firms and employees to share their lived experience and help us understand what these barriers look like. If you have a story of progression to share, or a successful initiative you would like to celebrate, please get in touch.
Membership, Partners and Champions
Does Progress Together only work with financial services firms?
Members need to be financial services firms, but non-financial services firms who wish to support our mission, to enable equitable progression to senior leadership in financial services regardless of socio-economic background, can join as partners or champions. We also have several supporters including regulators, trade bodies, executive search firms and social mobility charities who support firms to access junior talent from lower socio-economic backgrounds.
What are the benefits of joining as a member of Progress Together?
Progress Together helps financial services firms accelerate socio-economic inclusion at senior levels by combining a trusted peer community with practical, data-led support. Members learn and share what works through UK-wide workshops, introductions to peers and executive forums, and strengthen their approach with anonymous peer benchmarking and tailored recommendations. They also gain access to a comprehensive library of toolkits, case studies and 50+ on-demand webinars, plus a dedicated account manager to help prioritise actions. Alongside this, our public affairs and communications network and member resources support client and employee engagement and help amplify collective impact.
Members can also access the Accelerated Progress Programme (APP): a 12-month hybrid, cross-firm leadership programme delivered through the lens of socio-economic barriers, that builds promotion-ready talent, strengthens senior sponsorship, boosts retention, and delivers practical group-project outputs.
What is the joining process to become a member?
For firms interested in joining our network, they can trial one of our C-Suite events or workshops, designed for HR colleagues, Employee Resource Groups, or a range of stakeholders across the business functions of our members. We arrange a meeting to explore how we can add value, share how we work with our existing 60+ members, and explain our membership fees. If there's a fit, our Membership and Operations Team begin onboarding (sharing our membership agreement, providing logins for the members' area of our website which includes online resources and guidance, exchanging logos, introducing our data partner, The Bridge Group). We then provide ongoing relationship management at both Executive Committee (ExCo) and at a day-to-day level.
Are there different levels of membership?
All members receive the same benefits and can access all our events, tools, resources, anonymous peer benchmarking and bespoke recommendations report, advisory services, and firm-to-firm mentoring. Fees are proportionate to the size of the organisation. The only additional fees are where your employees participate in the Accelerated Progress Programme (APP).
When can we join the membership programme?
Organisations can join the programme at any time during the year and will gain immediate access to all membership benefits. The programme itself runs on an annual cycle from November to October. While you can join at any point, it's worth noting that data collection and benchmarking activities operate within fixed time windows. The data report itself is produced every other year: in the alternate, non-data year, member firms can instead access one day of advisory support from a specialist consultant. Depending on when you join, your data submission may therefore roll into the following programme cycle.
What are the benefits of joining as a partner or a champion?
It gives structured access to senior financial services decision-makers, boosts credibility with values-aligned clients, and increases brand visibility through events and communications. You can help shape sector standards, influence policy, and support evidence-led programmes, demonstrating value while strengthening relationships, insight and commercial opportunity.
Here are some examples of how non-financial services firms have partnered with us:
RISE with AI: Preparing Your Workforce for the Future of Financial Services (Accenture)
Socio-Economic Background in Global Financial Services (Lewis Silkin / FRC)
DE&I Interventions That Deliver (EY)
VOICE: A Blueprint for Inclusion in Financial Services (LSE / HSBC)
Data and Reporting
Why do we collect anonymous biennial data about the financial services workforce?
At Progress Together, data is what turns good intentions into real, measurable change. We ask firms to collect and share anonymous socio-economic background data by the second year of membership so we can see where the barriers are and whether things are genuinely improving.
Data gives employers a clear picture of who is progressing and who might be getting stuck. Working with our data partner, The Bridge Group, we have the world's largest dataset on socio-economic background in financial services. That gives us a unique view of where progress is happening and where challenges remain, so leaders know that actions are grounded in evidence. Importantly, it strengthens our collective voice, showing that the industry is serious about fairness and growth.
What data does Progress Together collect from members?
Progress Together does not directly collect personal workforce data from its members. Instead, member organisations collect this data internally and share it with our appointed data partner, The Bridge Group, who independently manages the data processing and analysis.
Every other year, member organisations are asked to submit workforce socio-economic background data (alongside role, seniority and progression information), supported by an annual survey on the interventions they have in place. This data is provided directly to The Bridge Group. The Bridge Group analyses the data to produce aggregated and anonymised insights on representation, progression, attrition and hiring across firms. Progress Together receives and shares these anonymised, aggregated outputs only.
The peer benchmarking report has historically been shared with executive leaders within member firms at high-profile events, including at the Bank of England and Mansion House. Leaders can assess where their firm stands compared to peers, and are provided with a member-only report, as well as an individual bespoke recommendations report.
Where members do not have workforce data on socio-economic background, or have low employee response rates, we support firms to collect this data through access to tools and resources, and by connecting them to firms who already do this well.
Member firms collect the data internally, typically via their HR systems or anonymous staff surveys. Members are supported with a Data Collection How-to Guide, communications toolkit, templates and FAQs to encourage disclosure and ensure consistency.
Does my firm have to collect and share data?
No. Collecting and sharing workforce socio-economic background data is not a requirement of membership. However, we expect members to work towards submitting data from their second year, and we provide practical guidance and support to help firms develop a robust approach to data collection and improve response rates.
Data is central to Progress Together’s work. It helps firms understand representation and progression within their own workforce, benchmark against the wider sector and identify where action is needed. It also allows us to understand what our leading members are doing differently, so that proven approaches can be embedded in our programmes, resources and recommendations. This ensures our work remains evidence-led and grounded in what is delivering results across the sector.
We collect member workforce data every two years, with the next submission taking place in 2028. All data submitted for sector benchmarking is anonymised and handled by our independent data partner.