Benchmarking for a fairer future.
In today’s fast-paced and competitive business landscape, companies are constantly seeking ways to improve performance, foster innovation, and attract top talent. Benchmarking has become a crucial tool in this pursuit – allowing organisations to measure their progress against industry peers, identify gaps, and refine their strategies for greater impact.
One of the most powerful benchmarking tools available to businesses committed to equity and inclusion is the Social Mobility Employer Index, run by the Social Mobility Foundation. This Index enables companies to assess how effectively they are supporting individuals from disadvantaged backgrounds through their recruitment, progression, and workplace policies. More than just a ranking, it serves as a blueprint for action, helping employers drive meaningful change while strengthening their business for the future.
The Social Case: Driving Equity and Inclusion
Social mobility, the ability for individuals to improve their socioeconomic standing regardless of their background, is often described as the golden thread of diversity. A truly inclusive society ensures that talent and hard work, not privilege, determine an individual’s success. Yet, for many from lower socioeconomic backgrounds, systemic barriers continue to limit access to education, professional networks, and career opportunities.
By applying to the Social Mobility Employer Index, organisations take a public stand against these barriers. It signals a commitment to creating fairer hiring and workplace policies, ensuring that potential outweighs postcode when it comes to career opportunities.
Here’s why social mobility matters:
- Breaking the Cycle of Disadvantage – When businesses actively remove obstacles to employment and progression, they help individuals and families escape generational disadvantage.
- Building a More Inclusive Workforce – A diverse range of experiences and perspectives leads to stronger teams, more creative problem-solving, and better decision-making.
- Strengthening Communities – When companies invest in social mobility, they contribute to stronger, more prosperous communities by ensuring economic opportunities are widely accessible.
Through participation in the Index, organisations receive invaluable insights into how their policies impact those from underserved backgrounds, helping them refine their approach and implement meaningful change.
The Commercial Case: Social Mobility is Smart Business
While the ethical case for social mobility is clear, there is also a compelling business case for companies to prioritise it. Businesses that champion social mobility often outperform those that don’t, benefiting from:
1. A Stronger Talent Pipeline
Companies that actively recruit and support individuals from diverse socioeconomic backgrounds tap into an overlooked talent pool. Many potential employees from underprivileged backgrounds have resilience, adaptability, and problem-solving skills that make them valuable assets to any organisation.
2. Enhanced Innovation and Creativity
Research shows that teams with varied life experiences and perspectives are more innovative. By embracing diversity in hiring and career progression, companies foster a workplace culture where fresh ideas flourish.
3. Greater Employee Engagement and Retention
Inclusive companies often experience higher employee satisfaction and retention rates. Employees are more engaged when they see their company is committed to fairness and social impact, leading to a more positive workplace culture and reduced turnover costs.
4. A Competitive Advantage and Stronger Brand Reputation
Consumers, investors, and employees are increasingly drawn to businesses that demonstrate a strong commitment to corporate social responsibility (CSR). Companies that rank highly on the Social Mobility Employer Index enhance their reputation as forward-thinking, ethical, and socially responsible organisations – making them more attractive to both talent and customers.
5. Long-Term Business Growth
A diverse workforce is a key driver of business growth and success. Companies that prioritise social mobility are more likely to be resilient, adaptable, and better equipped to navigate an ever-changing economic landscape.
Beyond Benchmarking
Applying to the Social Mobility Employer Index is about more than scoring well on a ranking – it’s a statement of intent and accountability. It demonstrates a company’s dedication to fostering a fairer society while reaping the business benefits of a more diverse and dynamic workforce. By applying to the Index, it could help your company to:
- Identify strengths and areas for improvement in recruitment, workplace culture, and career progression.
- Learn from best practices across industries and implement proven strategies for success.
- Gain public recognition as a leader in social mobility, boosting brand credibility.
- Drive meaningful change by breaking down barriers and creating new opportunities for underrepresented talent.
