This report makes the business case for social mobility, looking at what businesses stand to gain from introducing strategies and practices that promote social mobility in their workforce and what widespread adoption could mean for productivity and economic growth at a national level.

While there has been growing interest in the importance of workforce diversity, equity and inclusion, the report argues that socio-economic status is often overlooked. Through surveys of employers, employees, and consumers, it shows an appetite for increased social mobility in business, while detailing the benefits this can bring to employers, employees, and their communities. The report uses analysis of business survey data to describe 'the opportunity effect’ as the substantial boost social mobility can give to business outcomes. 

Findings

• 40% of survey respondents agreed that promoting social mobility would increase job satisfaction and staff retention. 
• 29% said they would be more likely to purchase a product or service from an organisation promoting social mobility.
• 28% said they would be more likely to stick with a financially struggling business if they were promoting social mobility. 
• 33% of young consumers (and 20% across all ages) would pay more for products from businesses promoting social mobility.

Recommendations

1. The national skills body should have a statutory responsibility to improve outcomes for those from lower socio-economic backgrounds.
2. A Better Opportunities Fund should be developed to deliver the UK government’s mission of ‘breaking down barriers to opportunities’.
3. Consider introducing minimum training and skills expenditure per worker measures for large employers.
4. Introduce lower business rates for social enterprises and cooperatives.
5. Ensure that increasing social mobility is part of the social value calculation for government procurement.
6. Expand pay gap reporting to include socio-economic backgrounds.
7. Businesses should be encouraged to ask job applicants to voluntarily share information about their socio-economic background.
8. Create a ‘Social Mobility Data Lab’ to bring together data and information from across the public sector, business and civil society.