1 November 2021
You have the chance to contribute to the UK’s first baseline for socio-economic diversity in financial and professional services.
We will be contacting all IFoA members based in the UK in November, with an invitation to take part in a short survey on behalf of a UK Government commissioned taskforce, led by the City of London Corporation.
The short survey requests anonymised data on your socio-economic background, which will be used to help develop a sector-wide baseline to track progress and support action. The survey asks a few short questions (recommended by the Social Mobility Commission) about your family and educational background, where you are in your career, and how you have felt in your career and workplace.
The independent taskforce aims to improve socio-economic diversity at senior levels in UK financial and professional services. Research from the Bridge Group shows that employees from non-professional backgrounds progress 25% slower than peers, with no link to job performance. To drive forward successful businesses, it is crucial that people from all backgrounds can perform to their potential and have their abilities recognised.
IFoA Chief executive, Stephen Mann, is a member of the taskforce, participating in the workstream which reports on the productivity impacts to build the business case for socio-economic diversity at senior levels:
“In the financial and professional services, the unequal access to roles and opportunities is well documented. There is a need for urgent coordinated senior leadership to drive meaningful change and create much greater socioeconomic diversity.”.
You can help us deliver on our commitment to encourage an inclusive sector where everyone has the same opportunity to progress their career, regardless of their socio-economic background.
You can find out more about the taskforce and how you can get involved on the socio-economic diversity task force web page.