A report by the Socio-Economic Diversity Taskforce has called for people with more non-professional backgrounds to enter the boardroom.
According to City A.M, the SEDT report calls for the industry to break the ‘class ceiling’ and make the workforce more socio-economically diverse.
The report has a goal of at least half senior leaders in financial and professional services being from that background by 2030.
The City of London Corporation said the report provides government, regulators, sector bodies and employers with a 5-point pathway intended to boost socio-economic diversity at senior levels in UK financial and professional services.
The report has been two years in the making, after it was originally commissioned back in 2020.
The taskforce is also calling for UK financial services firms of all sizes to join the newly launched membership body, Progress Together.
The body is the first of its kind to focus on progression and retention to improve socio-economic diversity at senior levels in the financial services sector.
Catherine McGuinness – chair of the Socio-Economic Diversity Taskforce – said, “It is vital that UK financial and professional services firms act now to enable people from all backgrounds to rise to the top. Boosting socio-economic diversity will enable firms to boost productivity, retention levels and innovation. Using this practical guidance, we can bring about change, ensuring a fairer and more equitable sector for all.”
Co-Chair of the Socio-Economic Diversity Taskforce and Chair of Progress Together, Alderman Vincent Keaveny, added, “Socio-economic diversity is key to all sectors. It is vital that firms take action to create a more equitable pathway to the top for people from all backgrounds. I am excited to continue this great work as Chair of Progress Together so we maximise the potential of talented people and boost productivity.”
Last year, the CEO of insurance and investment specialist Legal & General said the City was struggling more than other UK regions to bring workers back to their offices.
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