How socio-economic diversity drives success

We’re passionate about creating an inclusive culture for all employees, making sure everyone has an equal opportunity to develop and thrive. By ensuring every team across the bank is socio-economically diverse, we can better reflect the customers we serve.

Your chances of a successful education and career are directly influenced by the area in which you grow up and your parents’ occupations. Our most recent internal survey showed that 47.5% of us working at the bank come from a higher socio-economic background (SEB), compared with 37% of the UK adult population. Our data also shows senior managers and executives are less likely to be from lower or working-class backgrounds.

These trends are not new, but our approach to tackling them is. Sam Bowerman, People Director for Retail, Wealth and Ulster and the new co-Sponsor of Socio-economic Diversity, shares our new strategy and details her journey from a council estate in Essex to being a member of Retail ExCo as their People Director.

‘We know, from external research, that a person’s socio-economic background is the biggest determinant of career progression,’ says Sam. ‘We also know that when this combined with other characteristics such as your sex or ethnicity, the challenge becomes more difficult. This is something that my co-chair and I really want to focus on this year.

‘We have a very motivated working group who are passionate about this. There are some great examples of work already happening in the bank and we’re focussing on three main themes for 2025.

‘The first is “Education and Awareness” which focusses on ensuring there’s sufficient knowledge and visibility on the benefits of greater social mobility and the role that colleagues can play in supporting this. The second is “Career Progression” which addresses the systemic barriers to advancing at work. And the third is “Addressing Regional and Intersectional Challenges” which involves establishing a closer working relationship with our regions including our Regional Boards, to better understand how to develop this agenda in India and offshore, while delivering solutions that link together common DEI issues.’

Learning and the career journey

‘I was brought up in a working-class household in Essex,’ says Sam. ‘We lived in a council house that we rented, my parents divorced when I was 11 and I went to a comprehensive school with my sister who is 14 months younger than me. I wouldn’t say I was under-privileged, but we didn’t have a car or a disposable household income. I was the first person in my family to have ever gone to university, so that was a big deal. My mum, despite leaving school herself at 15 was very passionate about education and I really enjoyed learning as a child, and still do.’

Sam studied Economics and Management at Cardiff University before joining the world of work through a graduate programme which ultimately led to the bank in 2003.

‘I don’t think I’ve ever felt that as a woman that I couldn’t progress,’ she explains, ‘but certainly that my background was not the type of background shared by many others I worked with when I moved into Financial Services. I was conscious of the way I spoke and had feedback for a number of years that I needed a bit more gravitas.

‘I do think the bank has come a long way in my time here. It’s far more inclusive, but there’s always more to do as parity is still a long way away. I’ve never felt I couldn’t bring the best of myself or be my real self at work but that’s probably more about my character and the things I’ve learned along the way. Quite a few people have told me over the years that I’m “authentic”, and that’s a strength I am very proud of.

‘I’ve had roles in most parts of the bank including Functions, Wealth, Commercial & Institutional, and Retail. I’ve worked with many types of people from all different backgrounds and supported many senior stakeholders who have different expectations. Although of course you need to flex your style to meet the needs of different audiences, I’ve always tried really hard not to change who I am at the core or try to be something different. As I tell several people I mentor, you put yourself under huge stress trying to do that. I have also found that it has helped me build huge personal resilience for the challenges life throws at you both at work and personally.

‘One of the lessons I learned in my career was from a former coach. I would always say things like, “I pride myself on treating others the way that I like to be treated”. The coach told me that it’s not about treating everyone how you want to be treated, but rather treating people how they want to be treated. I guess she was talking a little about inclusion before it became the “thing” we know it as today.

‘There’s no shortage of career advice and coaching opportunities out there. I think the best advice and guidance I’ve received was from those who force you to hold the mirror up and really have a difficult conversation with yourself about what you want. When you’ve worked that out, getting a different perspective to help you figure out how you get there is important. Having someone explore what you’re passionate about and help you articulate what you want to achieve is so useful. Coaches, mentors, and sponsors are hugely important. They have played key roles at different times in my career and helped me increase my self-belief, which was something that I think held me back historically.’

Holding the door open

‘I think a lot of people are grappling with the same issues and challenges, often from different contexts and backgrounds. Outside the bank, I’m a vice chair of a charity for disabled children and young adults and one of the people I mentor there has real imposter syndrome and we’re working on how they can overcome it. I think it’s so important to try and help others to benefit from what you’ve leaned on your own journey. As a mum to two daughters aged 14 and 11, I very much encourage them to also be themselves and when they are in listening mode, which happens occasionally, share some of my wisdom so that hopefully they have the self-belief, when it comes to their own careers, to do whatever they aspire to do.’

The task at hand

Sam and her co-Chair, Robert are meeting with external companies as well as internal teams to understand what ‘good’ looks like.

‘It sounds like an obvious thing to say but diversity is hugely important; diversity of thought and perspectives is crucial. We should strive to reflect those that we serve. Our 19 million customers represent the whole socio-economic landscape and so should we.

‘We rightly have a focus on gender and ethnicity, and other protected characteristics. I am delighted however that socio-economic diversity is now also firmly in the spotlight as it crosses all the other areas of diversity and inclusion and we are proud and passionate to lead our focus on this.’

Our diversity, equity, and inclusion plan is focussed on making sure we have a diverse workforce that reflects the people and communities we serve. We’re using employee data to understand where we need to do more – from recruitment to filling senior roles – to give all employees the same opportunities to succeed in our organisation.

A place you can belong

Learn more about how we’re working towards building a more inclusive place to work.

Inclusion