Building the Baseline: Breaking the Class Barrier
I am part of the taskforce (which is now winding down) from the Local Authority Pension Fund Forum (LAPFF). If we continue to prevent talented working class employees from senior positions in our financial services industry then this will have an impact on the long term performance of our funds (never mind everything else!)
"First of its kind report highlights stark lack of socio-economic diversity across senior leadership in UK financial and professional services sector. 64% of senior leaders in UK financial and professional services are from higher socio-economic backgrounds. How does this compare to your workforce? Are you collecting the data?
Here's why it matters. UK financial and professional services are out of kilter with the rest of the economy and are unrepresentative of the communities they serve. These inequalities not only threaten the productivity and competitiveness of the sector, but they reinforce existing inequalities and opportunities for the UK to thrive. This is a threat to businesses as it means that vital talent is being missed in the sector, especially at senior leadership level.
I am proud to be a part of the Socio-Economic Diversity Taskforce and help contribute to this report and champion socio-economic diversity in the industry. I encourage other businesses to collect employee data on socio-economic background, setting stretching targets and monitoring progress towards ensuring a level playing field for all.