Inclusive Leadership: Embracing Socioeconomic Diversity

In recent years, discussions surrounding diversity in leadership have gained significant traction, with gender and ethnic diversity rightfully taking centre stage. The FTSE Women Leaders Review on gender diversity on boards and the Parker Review looking into ethnic board representation both have facilitated advancements towards better gender and ethnicity balance.

However, there is an important facet of diversity that often goes overlooked in these conversations: socioeconomic diversity. While advancements have been made to shatter the glass ceiling for women and to a much lesser extent, underrepresented ethnic groups, we must also focus on breaking down socioeconomic barriers that persistently limit the upward mobility of individuals from less privileged backgrounds.

Indeed, achieving gender and ethnic diversity is crucial however it's important to recognise that these forms of diversity can sometimes inadvertently mask underlying socioeconomic imbalances within leadership teams. A gender-diverse or ethnically-diverse leadership team can be exclusively composed of members from privileged backgrounds, with no representation from individuals who faced financial hardships, limited access to education, or other socioeconomically-driven challenges.

Why should socioeconomic diversity be focus?

The experiences and perspectives that come from navigating different economic realities shape one's journey and worldview, contributing to richer thinking in board and leadership conversations. Just like any other form of diversity, socioeconomic diversity fosters innovation, creativity, and a broader range of insights that can drive business success.

It’s also important to bear in mind that, for commercial businesses who target audiences from all walks of life, including from less privileged backgrounds, a uniform, non socioeconomically representative leadership team may not be in a position to fully understand and relate to them to make the best decisions for the business to succeed.

How can businesses unlock socioeconomic diversity?

While efforts to improve gender and ethnic diversity must continue, we all need to ensure they don’t lead to tokenism — where individuals from underrepresented groups are chosen for their visible diversity, and make sure that socioeconomic backgrounds are considered too. We must be careful not to perpetuate the illusion of progress while sidestepping the broader goal of dismantling socioeconomic barriers.

Some of the practices businesses can adopt to actively foster socioeconomic diversity include:

Holistic recruitment practices

Expand recruitment strategies to actively seek candidates from diverse socioeconomic backgrounds. Consider partnering with organisations that focus on providing opportunities to individuals from disadvantaged communities.

Open dialogue

Encourage open discussions about socioeconomic backgrounds to destigmatise the topic. This can foster an environment where individuals feel comfortable sharing their experiences and challenges.

Talent development

Proactively create pathways for talented individuals from underprivileged backgrounds to access leadership roles.

Equitable benefits and resources

Ensure that leadership roles come with benefits and resources that promote inclusivity, regardless of socioeconomic status. This might include mentorship programs, professional development opportunities, and flexible work arrangements.

Socioeconomic metrics

Track and measure socioeconomic diversity within leadership teams. This data can provide insights into progress and areas that require further attention.

In conclusion:

True diversity encompasses a rich array of experiences, and socioeconomic diversity is a vital thread in this mosaic. While gender and ethnic diversity represent significant milestones, they should not obscure the importance of addressing socioeconomic imbalances. By acknowledging and actively pursuing socioeconomic diversity, we can create more inclusive leadership teams that reflect the true breadth of human experiences and perspectives.

It's time to break free from the confines of the glass ceiling and create a more equitable future for all.

Mai Fenton has over 20 years’ experience in marketing across consumer goods, retail and ecommerce, lifestyle and technology. She is passionate about brand building, digital marketing and data-informed strategies that deliver profitable growth.

Mai is currently Chief Marketing Officer at Superscript, a high-growth insurance technology scale-up where she is responsible for all aspects of their brand, digital and partnerships marketing. Mai is also a Non-Executive Director on the Board of Henderson International Income Trust plc.