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UK banks given new targets to boost working-class senior hiring

The UK financial services sector has issued a new target for at least half of its senior leaders to come from working class or low socioeconomic backgrounds by 2030.

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London — The UK financial services sector Do more to “break the ‘class’ ceiling” and have at least half of senior leaders come from working class or low socioeconomic backgrounds by 2030, according to a government-backed task force I am asking for

The City of London Corporation, the governing body that oversees the UK’s financial industry, said Wednesday that the move is important not only to improve board diversity but also to boost growth in the sector. rice field.

and new reportthe governing body’s Socioeconomic Diversity Task Force, which was commissioned in 2020, outlined a path for companies to ensure that accent and parentage do not determine progress in the workplace.

“We need to break through the ‘class’ cap. Removing unfair barriers to advancement is not only the right thing to do, but it also helps companies improve productivity,” said task force chair Catherine McGuinness. , retention and innovation.”

lack of diversity

According to the survey, around half of all UK financial services employees now have a non-professional background, defined as working-class and middle-class backgrounds. Still, they tend to progress him 25% slower than his peers.

According to the report, just over a third (36%) of these employees manage to climb the senior-level ladder. Employees with non-professional backgrounds, on the other hand, tend to be paid up to £17,500 ($20,890) less per year and have nothing to do with professional performance.

The report also says that the UK has one of the lowest levels of social mobility in the developed world, with “those who are already financially advantaged tend to stay at the top”.

For too long, personal growth has been constrained by people’s socioeconomic backgrounds.

Andy Holden

City of London Corporation, co-chair of the Socioeconomic Diversity Task Force

https://www.cnbc.com/2022/12/01/uk-banks-given-new-targets-to-boost-working-class-senior-hires.html UK banks given new targets to boost working-class senior hiring

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