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Companies Must Identify and Harness Emerging Talent at all Income Levels

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Global talent acquisition and management consultancy, Alexander Mann Solutions, is supporting organisations to tap into talent from all income backgrounds to boost innovation and profitability. This comes at a time when statistics from the Social Mobility Forum (SMF) reveal that a low ability child from a high-income family is 35% more likely to become a high earner than a high ability child from a low-income family.

SMF’s findings also reveal that just 4% of doctors, 6% of barristers and 11% journalists are from a working class background and up to 70% of professional service firms’ intakes come from private schools and grammar schools.

Furthermore, according to recent figures from Deloitte’s Fair Access to Work report, students from the least advantaged backgrounds earn, on average, nearly 10 per cent less than their most advantaged peers six months after graduating from the same subject.

In order to help address this issue, Alexander Mann Solutions is hosting an event on Thursday 27 April in conjunction with the Social Mobility Forum to share best practice in the engagement of young people from low-income backgrounds. The event will feature a keynote presentation from the Rt Hon Nick Clegg, MP, followed by a panel discussion between experts and influencers in this space.

Tim Campbell, Head of Client Services, Emerging Talent at Alexander Mann Solutions comments;

“While the vast majority of organisations now monitor and benchmark data around gender and ethnicity as part of strategies to increase inclusion, true diversity lies in a workforce which offers a spectrum of ideas and experiences.”

“As the Social Mobility Forum’s figures illustrate, individuals from lower socio-economic groups remain largely under-represented in professional roles. However by continuing to fish in familiar pools, decision makers risk missing out on a wealth of prized talent. Forward thinking companies are improving pipelines from this under-utilised group by taking a second look at existing communication channels, reassessing entry criteria and redeveloping assessment methods to focus on core competencies and potential rather than experience. And these companies are receiving a clear and demonstrable competitive advantage from engaging with this group of jobseekers.”

“We can all agree that diverse workforces are good for businesses and social mobility is critical. We’re supporting organisations to better explore how they can be engaging with emerging talent from low-income families to make a measurable difference to their respective companies and the UK economy at large.”