London Chamber of Commerce and Industry (LCCI) - has joined Progress Together – a City of London led organisation – to help ensure people from all backgrounds get the chance to achieve senior leadership positions in the financial services industry.
Research has shown that people from working class backgrounds in financial services progress 25% slower than people from middle and upper class backgrounds.
Currently, only 11% of employees at a senior level in the financial sector come from a non-professional background, with ethnic minority women from working class backgrounds making up just 1% of leaders in the City.
Progress Together and the London Chamber of Commerce and Industry believe that more must be done to ensure talented individuals are able to reach the top.
In the months ahead, LCCI and Progress Together will collaborate as they take action to prevent the barriers to progression and retention which exist and so ensure all people working in the sector can attain their full potential.
London’s diverse talent pool underpins its standing as the best in the world to run or start a business, and harnessing the full potential of its workforce delivers significant economic and social benefits. LCCI’s Asian Business Association and Black Business Association are amongst its initiatives to secure a London business ecosystem in which everyone can thrive.
James Watkins, Head of Policy and Public Impact of the London Chamber of Commerce and Industry said “The commercial and moral case for improving socio-economic diversity within the financial sector is clear and undeniable. We look forward to working with Progress Together to drive concerted action that leads to greater representation at senior levels and maintains the sector’s globally competitive edge.”
Sophie Hulm, Chief Executive of Progress Together said “To be competitive, we must attract, retain and progress all high performing talent, regardless of socio-economic background. In UK Financial Services, the class pay gap is nearly four times that of the tech sector. Yet, evidence tells us that the progression gap between employees from working class and professional backgrounds has zero link to job performance. The cost of wasted talent should not be underestimated. We are calling on the sector to put this right. Progress Together supports its 30+ members to collect employee data, to share best practice, and to take action. Together our network of members is in a better place to respond to growing investor, employee, client and regulator interests.
As a new not-for-profit start up, the support from partner organisations is crucial in helping to raise awareness and gain traction. We are grateful to LCCI for pledging their support. We look forward to delivering progress, together. Now is the time to level the playing field.”