Leathwaite hosted an informative and insightful roundtable discussion for Talent leaders in the Insurance sector.
We explored how improving socio-economic diversity in leadership can enhance decision-making and innovation, by bringing varied perspectives, boosting employee engagement and better representing customer needs.
Progress Together was launched in 2022 and was created as part of a government-commissioned taskforce led by the City of London Corporation; it is a not-for-profit membership organization, focused on improving socio-economic diversity at senior levels within the UK financial services sector.
The 2024 Progress Together study, compiled by The Bridge Group, is the largest of its kind globally, examining the link between socio-economic background and progression to the most senior and influential positions in UK financial services.
Promotion disparity:
It takes significantly longer for individuals from lower socio-economic backgrounds to be promoted compared to their peers.
One organisation shared that their internal data highlighted that it took 1.4 times longer for individuals from a lower socio-economic background to achieve promotion.
Data collection and building trust:
Collecting employee data and measuring progress is essential for change.
Disclosure relies on trust and a clear understanding of how the information will be used and the purpose behind it.
Leadership should also reflect the customer demographic.
Effective initiatives:
Role modelling and storytelling are critical for driving employee engagement.
Patterning the Executive team and demonstrating the breadth of socio-economic diversity of leaders in an organisation can encourage others to share and disclose.
Implementing a ‘No CV’ interview process has been effective in reducing bias and preconceptions.
Sponsorship vs. mentorship:
Sponsorship is crucial for advocating, creating pathways, and removing barriers for individuals from lower socio-economic backgrounds.
Reverse mentoring programs raise awareness, develop understanding and build empathy.
Tackling bias and nepotism:
Bias related to dialect and accent was discussed, highlighting challenges faced by individuals from certain regions.
An objective, impartial recruitment process is critical to increasing diversity in leadership – processes run without the support of an external partner often resulted in non-diverse hires.
Growth Mindset and the business case:
People from a lower socio-economic background often demonstrate high levels of resilience, grit, determination and a growth mindset – seeing challenges as opportunities to learn and grow, rather than as obstacles.
This supports the business case for diverse leadership teams, bringing different perspectives for more balanced decision-making.
Focus on skills and strengths:
The move to a greater focus on skills and strengths in talent acquisition have been instrumental in driving positive change.
Removing barriers in the recruitment process such as the requirement for specific university degrees can help in widening the aperture for future talent.
Creating inclusive cultures:
Given the polarization of views on DEI in the current climate, creating a culture where everyone feels they belong remains crucial.
Everyone in an organisation has a responsibility for inclusivity.
