Social Mobility Index - We're in the top 75!
20 Nov 2023
Improving social mobility is a key strand in achieving our DEI strategic imperative ambitions. It’s about ensuring that opportunities in our firm are available to everyone, regardless of their background, and making sure that the firm is recruiting from the widest possible pool of talent.
- Did you know that a child born into a low-income family today has only a 1 in 8 chance of becoming a high-income earner adult?
- While a low-ability child from a high-income family is 35% more likely to be a high earner than a high-ability child from a low-income family.
As well as being a significant barrier to those from less advantaged backgrounds, social mobility has a huge overlap (or intersectional impact to use the formal DEI term) with other areas of inequality.
So, for example, people from some under-represented ethnic groups and many in the disabled community are more likely to be from lower socio-economic backgrounds. The combination of different aspects or layers of a person’s identity can combine to have a significant impact on how they are viewed by others.
As part of our drive to improve social mobility, we take part in the Social Mobility Index, an annual benchmarking and assessment tool for employers. And we’re delighted to let you know that we’ve entered the Index’s top 75- placing at 32nd out of 143 entrants (versus last year’s placement of 81 out of 149 entrants – our first year participating).
“The Index has transformed how employers understand and deliver on socioeconomic diversity: improving the recruitment, retention, and progression of employees from lower socioeconomic backgrounds.”
By participating in the Index, we’re committing to:
- Improve social mobility and inclusion within Hymans
- Ensure we’re recruiting and retaining the best talent, which comes from a variety of social backgrounds
- Play our part in building a more equitable society for all.
What led to our improved position:
- A maturing Social Inclusion Network Group which partnered with the Diversity Project Social Mobility workstream to deliver a Diversity Dialogue knowledge sharing session
- Our Chapter One work with young people (helping with reading) in identified social mobility cold spots
- Removing minimum entry grade requirements for our Intern and Trainee Consultant Programmes (in line with the Actuarial profession)
- Introducing the key household occupation question to measure social mobility within our firm
- Our intersectional focus on social mobility and ethnicity
- Participating in the Social Mobility Foundation employee survey.
Our job here however is far from done. We’ve still lots to do, particularly in the areas of:
- Working with young people
- Routes into the employer
- Data collection
if you have any questions, please do get in touch.