Improving social mobility in financial services is a career-long commitment, according to a panel of experts.
The Diversity Project hosted panels to mark Social Mobility Day last week (June 13).
Rachel Allen from the project said that in terms of recruitment "at an early career stage the barriers to the industry are pretty high".
"We are still asking for graduates from particular university groups," she said.
"I would like firms to start thinking about contextual recruitment. If you’ve got three Bs from a disadvantaged school, is that the same as three Bs from an elite school?
“We should think more about what skills people bring to the table and what potential they have.”
She added the commitment to social mobility needs to be there at all stages of a person’s career.
“Even in experienced recruiting, I still see people hiring from a very small pool of organisations,” said Allen.
“Firms should think less about cultural fit and more about cultural additions so we can diversify our industry.”
This was echoed by Vincent Keaveny, chair of Progress Together, which focuses on increasing socio-economic diversity in financial services.
He said: “There is so much really good stuff happening at the recruitment level and a lot of talent being recruited, but it is not being retained or people are not progressing as fast, so it is a career long problem.”
The Diversity Project has launched a social mobility toolkit which offers practical help and assistance for organisations.
The event, held at HSBC’s offices in Canary Wharf, also heard from three young people who have made their way into the sector through apprenticeship schemes and mentoring.
Harleen Pansar, a 19-year-old apprentice at HSBC Asset Management, heard about the opportunity after someone came to talk to her school about it.
She said: “Take a chance on us, I think we can add a lot of value to a team.”
While Rahim Hussain, an analyst at Redington, said having mentors in different parts of the industry supported him with his career.
He added: “My call to you is, you can do this for so many more people in the country to give them an insight into your world.
“Be a mentor. I owe so much to the people who gave up so much of their time.”
tara.o'connor@ft.com
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