Shifting mindsets for better business

Today, the UK will celebrate Social Mobility Day, a pivotal occasion that underscores the importance of social mobility in shaping the future of businesses, individuals, and society as a whole. This year’s theme, #ShiftMindsets, invites everyone to reevaluate outdated views regarding socio-economic backgrounds and appreciate the potential in cultivating more diverse and inventive organisations. Social mobility involves creating opportunities for individuals from less privileged backgrounds, allowing them to realise their full potential while enabling businesses to tap into a wider spectrum of skills and perspectives.

Fostering socio-economic diversity goes beyond mere gestures; it is a means of unlocking innovative ideas, enhancing problem-solving capabilities, and forging a competitive edge. As highlighted in recent reports, organisations that prioritise diversity can outperform their counterparts by as much as 36%. Greater social mobility could also yield a staggering £1.8 billion boost to UK business profits annually, while neglecting it could lead to a loss of £19 billion in GDP growth each year due to entrenched barriers. Moreover, recent findings reveal that nearly a third of UK consumers are more inclined to support companies advocating for social mobility.

In light of Social Mobility Day, organisers are encouraging individuals and businesses to share their transformative experiences—deemed shift moments—that challenge stereotypes and reshape possibilities. These narratives can play a significant role in dismantling biases and inspiring others to understand that one's background should not hinder success. Examples of these stories include individuals overcoming expectations to achieve remarkable careers, such as a former council estate child who became an Oxford graduate and is now the Head of HR at a prominent law firm.

Businesses can engage with this initiative by sharing their shift moments on social media using the hashtag #ShiftMindsets, while also utilising the provided asterisks tool, which allows others to see how individuals and organisations are working towards enhancing socio-economic diversity. Resources are available to assist organisations in joining this vital conversation, including tips and templates for advocacy.

Clarke Willmott LLP, a national law firm, has showcased its commitment to social mobility through its partnership with the Social Mobility Foundation over the past two years. The firm has actively engaged with students by supporting networking events and providing mentoring to help them navigate career and educational pathways. Jamila Hadi, a paralegal at Clarke Willmott, remarked “I became a mentor as I was the first in my family to go to university.” Natalie Maloney, the head of Onboarding at the firm, echoed similar sentiments by stating, “Mentoring allows you to support students as they explore different options.”

Karen Higgins, the Head of ESG at Clarke Willmott, further emphasised the firm’s dedication to social mobility, saying, “Social mobility is a key priority for us.” By participating in assessments like the Social Mobility Foundation’s Employers Index, the firm aims to continuously evaluate and elevate its social mobility efforts.

As we delve into today’s celebrations, it is vital to recognise that moving towards greater social mobility is not just virtuous; it is a key component of thriving business practices and a more inclusive society.