Introduction
In today’s fast-paced financial services landscape, addressing social mobility and socioeconomic diversity is not just a moral imperative – it’s a strategic advantage. Newable, a forward-thinking financial firm based in London, recognized this critical need after scoring low on the social mobility index. Determined to turn this challenge into an opportunity, the Newable people team decided to embark on a journey to understand and enhance socioeconomic diversity within the organization. To ensure they made the most of this effort, Newable partnered with Ladder Consulting, experts in combining workplace learning with data-driven insights. This collaboration aimed to benchmark Newable’s current state against UK and industry standards while igniting a broader conversation about inclusion across the firm.
The Workshop
To lay the groundwork for the project, Ladder Consulting hosted a virtual workshop titled “Socioeconomic Diversity at Newable.” The entire workforce was invited to join, ensuring that every employee became a part of the conversation. Ladder Consulting crafted a bespoke agenda tailored specifically for Newable, weaving together current research and industry insights with the fundamentals of social mobility and social inequality. The workshop not only clarified why these issues matter but also helped employees understand their personal and professional implications. By demystifying these concepts, participants gained a solid foundation on which to build further discussions. At the conclusion of the session, employees were introduced to the next phase of the project – a comprehensive socioeconomic background survey – equipping them to contribute meaningful data to the project.
The Data Collection
With the Newable workforce now informed and engaged, Ladder Consulting designed a customised socioeconomic data collection form that reflected Newable’s unique brand and culture. The survey was structured to be both concise and inclusive, capturing a wide range of demographic and socioeconomic indicators. Although there were initial concerns among senior leaders about typical low engagement with company-wide surveys, the thoughtful communication strategy and interactive workshop led to an impressive turnout. Out of a total of 177 employees, 119 participated by submitting their responses anonymously. This robust participation provided a rich, detailed dataset that not only painted a clear picture of Newable’s current socioeconomic diversity but also demonstrated the genuine interest and commitment of the team to this critical subject.
The Impact
Ladder Consulting analysed the data and developed a detailed report and presentation for Newable’s HR team, offering a clear snapshot of the firm’s socioeconomic landscape. This analysis benchmarked Newable’s performance against national averages and the broader financial services industry, highlighting both strengths and areas for improvement. The findings provided targeted, actionable recommendations that Newable could integrate into their strategic planning. Moreover, these insights empowered the firm to set realistic goals for enhancing diversity and promoting social mobility. To ensure transparency and collective buy-in, the results were shared with the entire organisation during a Town Hall meeting. This open dialogue not only reinforced the importance of the project but also underscored Newable’s commitment to fostering a culture of inclusivity and continuous improvement.
Hear from Newable's Chief People Officer, Monica, about the project and its impact here:
