Financial services firms struggle to gauge social mobility |
| Research by the UK's Financial Reporting Council, law firm Lewis Silkin and Progress Together suggests that financial services firms are struggling to measure how social mobility barriers affect employees, making it harder to tackle inequality in the workplace. The study found that workers from lower socio-economic backgrounds face common obstacles worldwide, including lack of confidence, weaker informal networks and fewer opportunities. However, differences in legal systems and cultural attitudes mean firms cannot collect or compare data consistently across countries. As a result, businesses face challenges designing effective talent and progression policies. The report says many firms are now using hybrid approaches, combining limited data with changes to recruitment, promotion processes and leadership practices. Researchers say firms should focus less on data alone and more on creating fairer systems and inclusive cultures that help talented staff progress regardless of background. |
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