The Society of Pension Professionals (SPP) has called on businesses to prioritise social mobility, warning that failing to do so risks missing out on top talent.
In its latest Inclusive Futures paper, the SPP describes social mobility as “an opportunity for forward-thinking businesses to set themselves apart and gain a competitive advantage.”
The paper features insights from Social Mobility Foundation chief executive Sarah Atkinson and Muse Advisory chief executive and SPP member Ian McQuade.
Atkinson highlights the scale of the talent challenge in financial services, noting that, according to the Financial Services Skills Commission, the sector is expected to lose 260,000 highly skilled workers by 2035, while 160,000 staff, around 16 per cent of the workforce, will require upskilling.
She notes that senior roles remain dominated by white men from higher socioeconomic backgrounds, who are 33 times more likely than women from ethnic minority and lower socioeconomic backgrounds to get those roles.
Atkinson urges firms to gather social mobility data, offer mentoring and remove barriers like degree requirements.
She says: “Given the pensions industry looks after the savings and investments of people from all backgrounds, the need for diversity of thought and experience should be clear.”
McQuade, who reached senior leadership through a non-traditional career path despite modest A-level results, stresses the importance of maintaining EDI initiatives.
He says: “I fear the impact of rolling back EDI initiatives across some companies. In a battle for talent, can we afford to ignore those talented individuals who did not come through what might be considered traditional routes?”
The SPP says companies should focus on social mobility to attract, retain, and develop diverse talent and promote inclusivity in the pensions sector.