Businesses need to do more than pay lip service to socio-economic diversity in the workplace, with ICAEW among the business voices calling for a change in attitudes towards social mobility as a cornerstone of successful, forward-thinking teams.

The theme of today’s Social Mobility Day 2025, #ShiftMindsets, aims to shine a light on the business benefits of a socio-economically diverse workforce and shatter some of the outdated assumptions about careers, progression and success.

This year, the campaign is asking its supporters to share their Shift Moment – the turning point in their career or organisation that defied expectations, proved people wrong, or challenged traditional narratives about success. 

A strategic investment

“Engaging with social mobility is way more than a gesture – it’s a strategic investment that can directly benefit your business’s bottom line. Building a workforce with diverse socio-economic backgrounds brings fresh perspectives, fosters creativity and delivers innovation. This, combined with better decision-making and problem-solving, delivers a significant competitive edge,” the campaign’s organisers explain.

However, a report from Demos and Co-op published last October warned that the UK economy is missing out on £19bn in GDP growth every year due to a systemic failure to promote greater social mobility in the workplace. The report - The Opportunity Effect - revealed that greater social mobility could increase UK business profits by £1.8bn per year. 

Almost two-thirds of the 500 senior business leaders questioned said social mobility was a priority,

three quarters said they believed promoting social mobility would help attract and retain staff, while 71% believed it would help achieve business results. Meanwhile, a separate survey of 2,000 UK consumers found that 29% are more likely to purchase from a company promoting social mobility.

Social mobility integral to business success

ICAEW Vice President Rob Tindle says: “Social mobility is 100% integral to both individual business success and success of the wider UK economy. We tend to think in a deficit mindset, that says those from low socio-economic backgrounds won’t have the same skills as their more advantaged peers and that will require businesses to put more effort into developing them. We need to shift to an advantage mindset, which focuses on the advantages and benefits that a socio-economically diverse workforce brings.” 

In addition to lending its support to Social Mobility Day, ICAEW has long advocated for greater social mobility across the accountancy profession and beyond.

ICAEW currently chairs social mobility charity Access Accountancy, established in 2014 to boost access to – and progression within – the sector in the face of overwhelming evidence showing that applicants from lower socio-economic backgrounds are less likely to be hired. 

An increase in employer partners – from 26 to 33 in the last six months – suggests that messages about the positive impact of social mobility are cutting through.

Mark Pavlides, ICAEW’s Interim Managing Director, Operations, and Chair of Access Accountancy says: “This year’s theme, #shiftmindsets, shines a light on the message that social mobility is good for business, which underscores the importance of raising awareness about the day.” 

Importance of role models

He continues: “Throughout my career, I’ve worked extensively overseas and have seen the benefits and value of a culturally diverse workforce. So, it’s not merely about meeting quotas or selecting numbers; it encompasses much more than that. The idea of redefining possibilities resonates deeply with me. Despite neither of my parents going on to higher education, having their support allowed me to be the first in my family to attend university. I understand the value of strong role models, whether it be family or through other professional channels.

“However, not everyone has this support, which is where Access Accountancy steps in. We provide young people with opportunities to explore different career paths, particularly in accountancy, helping them get a foot in the door. The more we open doors, the stronger and more diverse our profession will become.”

Meanwhile, ICAEW’s Rise programme has offered more than 140,000 children from areas of low social mobility the chance to improve their workplace skills since its launch in 2021. Now partnered with 43 employers, it provides an opportunity for volunteers to pass on their knowledge and helps shift their mindsets about the potential of these young people. 

Building a more resilient economy

Phillippa O’Connor, Chief People Officer at PwC UK, one of the employers involved in the Rise initiative, says: “By joining forces with the Rise Initiative, we’re not just supporting young people; we’re building stronger communities and a more resilient economy.”

With professional and business services one of eight priority sectors identified by the government as part of its Industry Strategy, full details of which are due to be announced imminently, ICAEW believes it is essential for the profession to lead the charge on social mobility. 

Will Holt, Managing Director, Education and Training at ICAEW, says: “As a world-leading professional body for the accountancy sector, we are not only committed to supporting young people from all socio-economic backgrounds to come into our profession, but we have an important role to play in closing the skills gap for less advantaged students across the UK. Being more diverse and inclusive makes the profession more resilient.”