Introduction

On 24th June 2024, Russam hosted its 16th round table event, focusing on the critical issue of social mobility. The event featured Mark, chair of a volunteer-led employee resource group (ERG) at HSBC, which supports colleagues from lower socioeconomic backgrounds or those who are first-generation professionals. The discussion was hosted by Cathy Kay, manager of Russam’s commercial team.

Mark’s Personal Journey

Mark shared his inspiring story, starting from his humble beginnings in Staines and Farnborough. Raised by a baggage handler father and a partially deaf mother who worked as a carer, Mark’s childhood was marked by economic struggles. His father’s redundancy after a back injury significantly impacted the family’s financial stability.

Despite these challenges, Mark excelled academically, attending local comprehensive schools and eventually becoming the first in his family to attend university. His journey through university, funded by grants and without the burden of tuition fees, set the stage for his eventual career in banking.

“I was probably about that age when my dad came home from work one day and told my mum that he’d hurt his back moving suitcases. If you can’t lift heavy weights, you’re not much good as a baggage handler, so he got made redundant, and from then on my childhood changed.” – Mark Gadsby

Key Insights and Statistics

Mark emphasised that social mobility is not just a recruitment issue but also a progression issue within organisations. He highlighted several key statistics:

A low-ability child from a high-income family is 35% more likely to become a high earner than a high-ability child from a low-income family.

34% of the UK workforce comes from higher socioeconomic backgrounds, but 57% of senior ranks in banking come from these backgrounds.

Strategies for Enhancing Social Mobility

• Data Collection: Organisations should collect socioeconomic data to understand the background of their workforce and track progress over time.
• Mentoring Programmes: Establish mentoring programmes where individuals from lower socioeconomic backgrounds can receive guidance from those who have navigated similar paths.
• Share Stories: Encourage senior leaders to share their personal stories to inspire and motivate others. This also helps normalise discussions around socioeconomic diversity.
• Affinity Groups: Create or support affinity groups within organisations to provide a community for employees from lower socioeconomic backgrounds.
• Fix Processes, Not People: Focus on changing organisational processes rather than expecting employees to change. This includes recognising and addressing unconscious biases in hiring and promotion practices.

The discussion resonated deeply with the audience, many of whom shared their own experiences and reflections on social mobility. Ian, for instance, shared his journey from attending one of the worst schools in Croydon and experiencing bullying to achieving professional success.

“It’s about spending some of your social capital to help someone else as well. And that doesn’t necessarily mean a youngster; it could be someone older in your organisation who needs help.” – Mark Gadsby

Nikki, an independent people engagement consultant, stressed the importance of not just recruiting diverse talent but also ensuring their progression within the organisation.

The event concluded with a call to action for organisations to prioritise social mobility as part of their diversity and inclusion efforts. The next round table event will be a live event in September, focusing on decision-making using artificial intelligence.

Key Takeaways

• Collect socioeconomic data to track and enhance diversity.
• Implement mentoring programmes and share success stories.
• Create supportive affinity groups.
• Focus on changing organisational processes to support diverse talent progression.

This round table highlighted the importance of social mobility in creating a diverse and inclusive workforce. By sharing personal stories and practical strategies, the event inspired participants to take actionable steps towards improving social mobility in their organisations.