Progress Together, in collaboration with Lewis Silkin, convened senior leaders from across financial services for a roundtable on socio-economic background in financial services and its implications for the global workforce. The discussion followed the publication of our report, Socio-Economic Background in Global Financial Services: Workforce Insight and Legal Analysis Across Jurisdictions.
What are the challenges of measuring socio-economic background in financial services?
Workforce patterns linked to socio-economic background are broadly consistent across markets. However, the ability to measure these patterns and act on them varies significantly due to differences in legal frameworks, data availability, and local practice.
The roundtable focused on how firms are responding to this challenge in practice. While organisations are increasingly recognising socio-economic background as a factor influencing progression and opportunity, approaches to data collection and analysis are not consistent across jurisdictions.
Legal and regulatory constraints remain a key consideration. Input from Ius Laboris highlighted how differences between markets shape what can and cannot be measured, requiring firms to take locally appropriate approaches.
What did the roundtable highlight about progression and opportunity?
Participants reflected on a consistent set of workforce dynamics across markets. Socio-economic background continues to influence progression, confidence, visibility and access to opportunity.
These patterns were observed regardless of geography. However, the extent to which organisations are able to track and respond to them varies.
There was a shared view that socio-economic background should be considered alongside other workforce factors, as part of a broader approach to talent and inclusion.
How are firms responding where data is limited?
The discussion highlighted the role of leadership judgement in shaping outcomes where data is incomplete or inconsistent.
While data remains an important tool, it is not always available in a comparable or usable form across markets. In this context, firms are focusing on establishing clear principles to guide decision-making, rather than relying solely on standardised metrics.
There was also recognition that action should not be delayed where data is limited. Many organisations are continuing to progress work on socio-economic background in financial services using available insight and internal experience.
What does this mean for leadership in financial services?
The roundtable reinforced that socio-economic background is not a market-specific issue. It is a global workforce consideration with implications for progression, talent development and access to opportunity.
For organisations operating across multiple jurisdictions, this requires a balanced approach. Data can inform decision-making, but leadership action remains central to driving change.
We are grateful to Lewis Silkin for hosting the discussion, and to Ius Laboris and the Financial Reporting Council for their collaboration on the report. We also thank our members for their continued engagement and contribution to this work.
