Insights

The social mobility opportunity

26 Feb 2024

2 min read

"Let's start by finding all the areas of unfairness... and eliminate them."


The average worker is 2.5 paychecks away from destitution.

 

That stark reality gives employers immense responsibility - and an immense opportunity. When employers step up on social mobility, their people can work up the social ladder. 

 

At the Financial Wellbeing Forum 2023, Zahoor Ahmad, Head of Social Mobility, Inclusion and Belonging at Co-op, took to the stage to discuss blockers to social mobility, and Co-op's nine-point action plan to take inspiration from.

 

  1. Create a taskforce with a defined remit and objective

  2. Align the taskforce with your FinWell strategy: wellbeing and inclusion are symbiotic

  3. Set targets for voluntary declarations of socio-economic background, to enrich data and strategy

  4. Develop a mentoring initiative. Not every colleague has the same social capital

  5. Document, publish and be accountable for gender and minority pay gaps

  6. Advocate internally for buy-in and investment of inclusion as a strategic priority

  7. Redesign internal  job opportunities and drive greater intra-organisational movement

  8. Advocate at sector level: start conversations with sector peers about what your sector can do to tackle exclusion

  9. Advocate at policy level: employers could play a key role in improving the Equality Act

Key takeaways

2.5

The no. of paychecks the average worker is from hardship

Mentoring

Social capital is not born equal

Sectors

have greater power to create change than individual organisations

This topic featured on our keynote agenda for the Financial Wellbeing Forum, in October 2023. Our expert speakers and panels also covered a range of topics relating to employee engagement, workplace wellbeing, and social mobility.

Register your interest for 2024 here.
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