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Who has been watching ‘The Gold’ on BBC iPlayer? 

Aside from it being a great bit of TV, there was one quote that stuck in my mind. 

“I do a lot of reading, Micky, about England, about the way it was. And the funny thing is, right, this  country, it wasn’t always like this, there wasn’t always kings and queens. Because sometimes, for  whatever reason, one of our lot got on top for a while and found themselves in charge. But it never lasted  long because, you see, when they got there they’d panic. They’d think ‘hold up, this ain’t me, this ain’t natural, I ain’t no king.’ And they took off the crown and they gave it back.” 

Why aren’t working class employees reaching the top? Evidence shows us that there is zero link to job  performance. 

In fact, evidence from the legal sector shows us that employees from state schools are 75% more likely to  be in the top decile of performers. 

Some of it is about confidence, some of it is lack of opportunity. Those from state schools, those from  council estates, those whose parents didn’t go to university, don’t necessarily have the same foundation,  the same networks, the same experiences as those from higher socio-economic backgrounds. Often they feel they don’t ‘fit in’ in an industry still largely led by traditional networks. They don’t feel they’re worthy  of the ‘crown’. Yet, let’s reiterate that evidence shows there is no link to job performance. 

Only 11% of senior employees come from a lower or intermediate socio-economic background. Yet at  these same firms, it’s a whopping 53% of junior employees. 

So why isn’t career progression led by performance? Why aren’t firms doing more to ensure that all their  employees thrive and have the opportunity to progress based on performance? 

The financial services sector is one of the largest contributors to the UK economy, employing over 1.1  million people across the country, serving families and communities and acting as an enabler to other  businesses. 

The sector is, however, at risk of losing talented and skilled workers to other sectors, especially at senior  leadership level, because talented people are held back by their backgrounds. Who wouldn’t be tempted to hand the crown back and move to a different kingdom, enticed by the lure of higher pay in a more equitable environment? The class pay gap in financial services is four times that of the tech sector. That’s a powerful draw for mid-level employees missing out on opportunities to reach their potential in financial  services. 

And that is important, because as we navigate high inflation and economic challenges, we will need  diversity of thought and experience; we will need to seek innovative solutions to maximise talent and  productivity; we will need to ensure that there are no artificial barriers as people move through their  careers.

We know that opaque processes around work allocation, promotions, and access to senior sponsors are  key barriers. Alongside a lack of public role models and workforce socio-economic diversity data. 

As CEO of Progress Together – a new membership body chaired by the former Lord Mayor Vincent  Keaveny – I am determined to level the playing field. Not just because it’s the fair thing to do, but  because it makes commercial sense. It’s good for business to have diverse perspectives to broaden the  horizon at all levels of seniority. 

Thankfully, there is light at the end of the tunnel. As the architect of a Government-commissioned  taskforce, led by the City of London Corporation, I’ve watched with interest as increasing numbers of employers have absorbed the business case, led by former Bank of England Chief Economist Andy  Haldane – who knows a thing or two about productivity. Employers are increasingly engaging their employees, clients and investors and branding their socio-economic diversity work as the “S” in the ESG. 

There’s certainly a head of steam. Progress Together now has over 30 member organisations committed  to taking action, from insurance to asset management, from investment banking to building societies.  These members represent nearly 30% of the UK financial services workforce. Together we want to create  a UK financial services sector in which everyone working in it, from all socio-economic backgrounds, can  achieve their full potential. 

If you want to join the growing crowd of UK financial services employers, and demonstrate your  commitment to the “S” in the ESG, do feel free to get in touch. www.progresstogether.co.uk 

If we work together, we might just give employees a fair opportunity to keep hold of that crown.