Social mobility and why it matters

Why social mobility matters at EY

It’s Social Mobility Awareness Day ?today which is a key date that promotes important and wide-ranging conversations about the socioeconomic make-up and movements within our workplaces. At EY, social mobility is one of our key priorities to help us become a more inclusive and equitable workplace. Here’s how we’re bringing about impactful change inside and outside of EY.??

What is Social Mobility?

Social mobility tells us how likely we are to climb up (or fall down) the economic or social ladder of life. Most studies focus on intergenerational mobility, which describes movement in status during a person’s own lifetime, from childhood to adulthood.

While sociologists track the changing status of people in terms of social classes, based on the jobs people and their parents do; economists on the other hand traditionally assess mobility patterns by studying individual or family earnings and income.

Class, unlike other areas of social identity (race, sex, disability etc.) is not a protected characteristic in the UK.?

Why does it matter?

Royal Holloway lecturer Dr Louise Ashley’s research entitled “Smoke, Mirrors and Glass Slippers” focuses on the effect of socio-economic background on access to key labour markets.

She introduced the glass slipper analogy, where, if your foot doesn’t fit exactly into what is being offered, many de-select themselves. From an employer’s perspective, it is easy to discount those who do not fit the mould, without looking beyond the label.?

In addition, research from the Sutton Trust tells us that children’s home environments?have a?significant impact on future outcomes, and that the?workplace is at least as important?as education in determining mobility prospects.

Students from low socio-economic backgrounds often lack access to career advice from their social networks and can have a narrower view of options open to ‘someone like them.'

At more senior levels, candidates research by the Bridge Group suggests ‘polish’ may be more highly valued than technical competence or ability to do the job. 89% of?senior roles in financial services are held by people from higher socio-economic backgrounds?compared?with 37% across the UK?working?population.

What are we doing at EY?

Social mobility is important to us at EY. We want to recruit the best people, from diverse backgrounds, and help them succeed in an environment where they can bring their whole selves to work.

Through employee engagement campaigns, we’re encouraging our people to disclose their personal data. This gives us insights into the gaps where we need to take action. Recent initiatives include pioneering student recruitment practices that ensure equitable access for those from lower socio-economic backgrounds.

Through the EY Foundation, the firm’s independent charity, we’re tackling the barriers to employment faced by young people from less advantaged backgrounds. EY Foundation, through its Smart Futures and Our Futures programmes, is providing employability training and paid work experience to help young people on free school meals thrive in the workplace.

The charity operates out of four regional hubs based in London, Glasgow, Birmingham, and Manchester to tackle the significant variation in income and opportunity across the UK. This ensures they support young people living in some of the country’s most deprived communities.

We’re also working with our peers to make our industry more accessible. We established Access Accountancy with the UK’s top accountancy firms to collaborate on removing barriers to entry. and we’re founding members of Rise , together with some of the largest employers in the UK, to help young people develop the skills that business needs.

Whilst entry-level opportunities are important, so is progression and who is hired at the most senior levels. EY is a member of the Government and City of London’s Social Mobility Taskforce , which aims to boost socio-economic diversity at senior level. As part of this we’ve helped start Progress Together a membership body focused on senior level, socio-economic diversity, progression and retention for those in the Financial Services sector.?

Final thoughts

EY’s Chris Woolard , Partner and Social Mobility Partner Sponsor, who is also a member of the City of London Taskforce says:

“Social mobility is about levelling the playing field to ensure the brightest and best talent can reach their full potential, regardless of background. This matters now more than ever as the UK economy recovers from the pandemic.”?

EY’s Joanne Conway , DE&I Leader, and doctorate student adds:

“Coming from a lower socio-economic background myself, qualifying for free school meals and leaving school after my GCSEs to go into work. I had a real insight into some of the barriers and stereotypes that existed for people with backgrounds like me.?This is one of the reasons why I’m studying for a doctorate on the topic of privilege, which includes a focus on class.?It is key that there are contributions both academically and from a business perspective to closing the class gap.”

Further resources

• Find out more on how all organisations can increase social-economic diversity from the Social Mobility Commission here
• Learn more about EY’s DE&I agenda here
• Find more information on Progress Together here ?