New research conducted by Urban Synergy has revealed that pupils at schools with higher than average levels of free school meals have aspirations to work in professional careers in the City. However, the same children have varying levels of confidence and access to role models to help them find work in the financial, energy and technology sectors.
In response to this research, Urban Synergy has published a white paper titled “Ethnic Diversity & Youth Empowerment – The Business Case for Youth Empowerment”. The paper addresses the dilemma faced by companies seeking to increase diversity in their workforces and on their boards. While many large companies and FTSE500 are making progress in this area, the paper argues that they are at risk of solely recruiting from elite schools for their non-executive boards, instead of cultivating new executive talent.
The white paper calls for a dual approach to social mobility and diversity in Talent strategies. This “top down” and “bottom up” approach would involve bringing young people into organizations through apprenticeships and work experience, as well as recruiting from Russell Group Universities.
David Craig, Chair of Urban Synergy’s Corporate Advisory Board, explains, “We need to guard against the ‘golden skirts’ scenario that happened when business woke up to the fact that women were woefully under-represented on boards. Rather than nurturing women and bringing them through their ranks to be executive talent, companies appointed the same women to non-executive roles on more and more boards.”
The white paper argues that a dual approach to social mobility and diversity will allow businesses to reach the recommendations of the EY-Parker Report, prepare for the findings of the FCA’s consultation on diversity and inclusion, and build pipelines of talent at the executive level.
Leila Thomas, CEO of Urban Synergy, emphasizes the benefits of nurturing talent from under-represented groups, stating, “Nurturing talent from under-represented groups will increase companies’ access to raw talent, drive retention through loyalty, create an authentic pipeline, and save companies money in the long run.”
Urban Synergy’s research also shows that when young people participate in work experience, their desire to work in major companies increases to over 90%. The “Future Outlook: Next Gen Access to City Jobs Survey” by Urban Synergy surveyed 600 pupils at schools with higher than average free school meal recipients in 14 London boroughs and found that while 85% are aware of professional opportunities, only 49% are interested in applying for a career in places like the City of London. However, this interest increases to 64% for Black respondents and 38% for White respondents.
The survey also revealed that 79.4% of young people believe that work experience would make them more interested in working in the City, and this figure jumps to 90% when young people actually spend time in professional settings with work-ready preparation. In terms of confidence, just over half of all young adults are confident in their chances of getting a job in the City, with Black respondents slightly lower at 1%. Additionally, just over half of all young adults know someone in the City, but this figure is lower for Black young adults.
Urban Synergy is a charity founded in 2007 that has helped more than 27,000 young people in the UK get into work and higher education through mentoring. The charity connects individuals to mentors and industry-leading companies, inspiring, guiding, and igniting the ambitions of students and young people aged 9-24 years old. The founder, Leila Thomas, and her team connect individuals to outstanding mentors and industry-leading companies that help them see how their skills fit into the workplace, gain confidence, and access opportunities as they take their first steps towards career success.
For media enquiries, please contact Victoria Silverman on +447711331127 or email media@urbansynergy.com. To learn more about Urban Synergy, visit https://urbansynergy.com/.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.