Finance sector urged to appoint more managers from the working class

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Last Updated on August 13, 2022 by Bitfinsider

According to a report commissioned by the UK government on Thursday, financial services organizations should set “stretching targets” for elevating people from working-class backgrounds to top positions.

The financial sector has already made steps to increase the representation of women, Black people, and other ethnic minorities on boards and in leadership positions like chief executives and chairman, but corporate diversity initiatives have focused less on socioeconomic background.

More than 9,000 employees from 49 financial and associated professional firms participated in a taskforce study conducted by the government and chaired by the City of London Corporation, which found that the industry is out of step with society.

According to the taskforce, 64% of senior leaders come from a professional background, up from 49% across all levels of seniority in the banking sector. 37% of working persons in the UK come from a professional background as a whole.

According to the study, socioeconomic status can magnify other disparities, notably those based on gender and race.

Employees in the working class who are female or members of a minority group are considerably less likely to attain top level positions and to feel included in the workplace.

Only 13% of senior posts are held by white men from working-class backgrounds, compared to 45% of senior roles held by white men with a professional background and 23% held by women.

According to the report, being classified as working class means having a parent who has a routine job that requires manual labor, such a receptionist, a van driver, a plumber, or an electrician.

According to the taskforce report, the underrepresentation of people from working class origins puts employee productivity and retention at risk in the UK’s extremely competitive labor market.

The Progress Together initiative, which was created in May and provides best practice guidelines and benchmarks to promote changes in socioeconomic diversity, was urged to join by the report.

One of the first businesses in Britain to set a goal for hiring people from working-class backgrounds was the accounting firm KPMG, which did so to help overcome a wage gap and diversify its workforce.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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