TheTalentPeople’s Post

🚨 Lack of Social Mobility Costs the UK £19bn in GDP Growth Each Year 🚨 A recent report from cross-party thinktank Demos and the Co-op highlights a £19bn annual loss in UK GDP due to limited social mobility. 💵 Key findings reveal: 1. People from lower socioeconomic backgrounds remain less likely to earn good incomes, even with comparable education levels. Sarah Atkinson from the Social Mobility Foundation notes the income gap between working-class professionals and their more privileged peers averages £6,000 annually. 💰 2. The UK ranks 21st out of 82 countries on the Global Social Mobility Index by the World Economic Forum, signalling a “systemic failure” in promoting equal opportunities. 📉 3. Surveyed business leaders linked social mobility initiatives to higher turnover. Co-op’s Arza Keely points out that UK social mobility is “moving backwards”- with rising university costs, underfunded apprenticeship schemes, and unequal property ownership access. 🎓 🏠 Research also shows countries with better social mobility, like Sweden and Denmark, experience greater productivity. A call to action for businesses and policymakers: addressing social mobility isn’t just about fairness – it’s an economic imperative. 📢 #SocialMobility #EconomicGrowth 

7 years ago, the DfE had already identified that social mobility would be helped by connecting schools with workplaces. From what I've seen, there is an appetite on both sides for this to happen, but so far there are very few strong relationships between schools and local businesses. If you are a company that is interested in becoming more involved with local schools, please get in touch: [email protected]. Be part of the change that we need to see in the UK to unlock the squandered potential of so many young people. ......... DfE, 2017 "Unlocking talent, fulfilling potential: a plan for improving social mobility through education" (p. 29) Ambition 4: Everyone achieving their potential in rewarding careers. Some young people are held back because they are: • Less likely to have the right advice and guidance that can help to make the course choices to unlock their potential; this might be due to poor in-school careers provision; or it might be because they do not have the same family and peer networks that can offer knowledge and experience of how to access the most rewarding careers as those from more affluent backgrounds. • Less likely to live in an area with high concentration of employers that can help provide crucial work experience opportunities and secure employment; in London nearly half of employers offer work experience, compared to less than a third in North Yorkshire and the Humber – where there is also a far smaller concentration of employers and high skilled and professional jobs. This means that when some people enter the labour market they too often find themselves trapped in lower paying jobs – of all those low paid in 2006, by 2016 only one in six made a sustained progression onto higher wages over the ten year period.

“While inclusive hiring practices and alternative pathways to employment are on the rise, this has not yet translated to the actual employment of LSEB candidates.” Let me tell you why… How likely you are to be successful in a recruitment exercise is determined by a range of factors related to the individual AND the recruitment exercise itself. As an individual you need to be highly competitive in terms of your CV, experiences, cognitive ability and soft skills. What is the key factor that influences all the individual related factors above? Parental income and socio-economic status (which is a resource itself). The effects of which drive disparities and begin at conception (before birth!) and accumulate over an individual’s life (as total parental expenditure racks up). Some people will say inequality will always exist and so on average we will never be able to close these recruitment disparities. However, I’ve been in schools and know organisations that develop children and young people from low-income backgrounds into individuals that are highly competitive in these recruitment exercises. The outcome…highly articulate, well rounded, confident, unwavering, well-informed and highly knowledgeable young people. These same individuals go on to smash these recruitment exercises. There are many ways the system needs to change, but we also have to be honest about disparities in some of the tangible skills that these recruitment exercises are looking at assess. The difficult part is we all need to do our bit to provide young people with the opportunities and resources they wouldn’t otherwise have access to, no matter how small that may be… #socialmobility #recruitment

Why are we still talking about social mobility? Because on #SocialMobilityDay2024, the career barriers facing those from low socio-economic backgrounds have still not been removed. One thing remains true: talent is everywhere, but opportunity is not. Our recent research highlighted some stark findings: ➡️ Students with two or more social mobility indicators (such as receiving free school meals or attending a state school) have the lowest confidence in securing a graduate role ➡️ 45% of students who feel their background has hindered them in their career journey specify their socioeconomic background as something that holds them back ➡️ Only 34% of students with three social mobility indictors think the graduate job marketplace is inclusive (compared to 44% for all respondents) ➡️ Students from state schools are expecting a graduate salary of £28.2k, whereas their private school counterparts are expecting £30.6k These stats only scratch the surface of how social mobility is affecting the confidence and career concerns of bright emerging talent across the UK. On our mission to connect the next generation with the opportunities, insights and advice to succeed as the workforce of tomorrow, we are striving to create a graduate marketplace where students from all backgrounds can reach their potential. We are committed to continuing our work to level the playing field for the next generation by connecting them with the opportunities they may not have had access to otherwise, along with our dedicated employer partners. We'll also continue to use our platform to #ShareMoments that spread further awareness for the importance of talking about social mobility. #SocialMobilityDay2024 #SocialMobility #ShareMoments

📣 SOMOs Key Findings Report 2024 📣 We’re excited to release our latest report: "Joining and Thriving? Advancing Social Mobility in 2023-24", highlighting insights from this year’s UK Social Mobility Awards entrants. This report examines the social mobility work of employers spanning 20 sectors, covering organisations employing nearly 1.3 million people in the UK. Our key findings are: 💼 While inclusive hiring practices and alternative pathways to employment are on the rise, this has not yet translated to the actual employment of LSEB candidates. 🤝 Social mobility networks are critical, providing mentorship and allyship for LSEB colleagues. 📊 Data collection is vital for understanding socio-economic diversity and shaping strategy. 🚧 Many employers reported barriers in raising awareness of social mobility, but there has been a move from some to voluntarily recognise LSEB as a distinguishing characteristic, despite it not legally being so. To read the full report, visit our website here 👉 https://lnkd.in/dZi2gsrF

A global survey by YMCA, Deloitte Australia, and Service Now in 2023, involving over 10,000 young people across 120 countries, revealed that 4 in 10 lack the skills, qualifications, or experiences to enter the workforce or start a business. What's behind this? The gap between the skills employers need and those being developed is widening. Digital skills, in particular, are in short supply. Only 44% of young people have received "very basic" digital training, and 12% have had none at all. The impact of COVID-19, conflict, climate change, and the cost of living are only making this worse. Zooming out: Youth unemployment isn't just a social issue; it's an economic imperative. With over 1.1 billion young people from the Global South entering the workforce in the next decade, this challenge will define our future. It’s time to act. #YouthEmployment #SkillsGap #FutureofWork #DigitalSkills #EconomicGrowth

Could “the best and the brightest” also be myopic? As I read one more article about the “brain drain” like this one (may be paywalled), I wonder what smart analysis drives someone to take a step down from Canada, which by global standards ranks higher than most G7 countries in what really matters for quality of life. Just a couple of hard data points: GINI income equality index and a healthcare system equal for all that does not discriminate the less fortunate. Not to mention that our cities and towns rank top in safety in North America. Facts like these are what make the truly bright and best stay. Maybe this is for the better. Could it be something positive that those who appreciate values more important than just money are the ones who stay? What do you think? Could the bright and best be really just be myopic and not see beyond money? #marketing #branding #management #mentoring

Tackling Australia's Skills Shortage with Innovative Initiatives Despite low unemployment rates and a robust labour market, Australia faces a growing skills shortage, with recruitment difficulty sitting at 54% according to a February 2024 report by Jobs and Skills Australia. Addressing this challenge calls for a united approach involving vocational and higher education, industry stakeholders, and a streamlined migration system. However, the Great Place To Work Certified™ community in Australia is taking notable strides by engaging with underserved communities to bridge these workforce gaps and build future talent. Key Initiatives Include: Educational Outreach: Engaging with primary and high school students in underrepresented areas, including Indigenous and rural communities, and focusing on aspiration-building in science, technology, engineering, and mathematics (STEM) careers. Empowerment Programs: Conducting well-being and leadership programs, particularly for girls and women in Indigenous communities. Apprenticeships and Traineeships: Offering school-based opportunities for First Nations students and at-risk youth, providing a pathway into in-demand industries. Inclusive Hiring: Actively recruiting individuals with disabilities, refugees, and older women seeking to re-enter the workforce, supported by job-readiness programs. These efforts by certified companies not only address critical skill gaps but also inspire a new generation to envision and achieve brighter futures, thereby fostering a more inclusive and equitable society. Discover more about these transformative practices in our latest Insights Report, "Trust Matters – Navigating Uncertainty: The Power of Leadership." https://lnkd.in/gp7QdHD6 #GreatPlaceToWork #SkillsShortage #InclusiveHiring #Leadership #AustralianLabourMarket #gptw4all https://lnkd.in/gu49v_Wf

It is a question that parents often ponder: what are the skills required to deliver job security in, say, the 2040s? It’s a bit like wondering what skills might be required in 2024 from a vantage point of the year 2000. At the turn of the century we didn’t countenance record levels of immigration triggered by a resources boom and the delivery of education services (at scale) to overseas students. No-one seemed to connect the dots: more students, more knowledge workers, more (skilled) migrants converts to a need for more housing. In the year 2000 we did not question the logic of trade routes based on unfettered access to global supply chains.  And, seemingly, neither did we consider the idea of buying and/or building nuclear-powered submarines. My point is that we need to be bold in our thinking about the future. And I don’t think we have been sufficiently so in the past.  Australians need to have confidence that someone somewhere is thinking about, is scenario planning, is war-gaming a range of impacts that could shape our nation. It’s not enough to say, oh well, this is unexpected.     What does Australia look like by the middle of the 2030s when half the baby boomer population is aged 80 and over? I have a contrarian view of the future of work. Less focus on technical wizardry, more attention on delivery of basic human needs such as security, care, shelter (to accommodate more workers).  If Australia is to grow, defend itself, house its people, care for its aged then we need to allow a greater role to be played by those who deliver vocational training.    The last 25 years has been the era of the university and the knowledge worker (and the hipster), maybe the next 25 years will be the era of the trade college and the technical worker (the tradie). Perhaps this big shift could start with parents being equally supportive of their son or daughter choosing to pursue an apprenticeship and/or a trade certificate as opposed to a university degree.  I can see an even greater need for technical skills in the Australia of the future. See my column in The Weekend Australian Magazine $5 p/w https://lnkd.in/gs4Y3pny