Improving social mobility is a priority for 96% of mid-sized businesses in the Midlands, with almost a third (31%) ranking it as their biggest priority, according to BDO’s latest survey of 500 UK mid-sized businesses.
The Economic Engine survey revealed that businesses in the region are investing in practical ways to support young people and unlock talent. Over a third (36%) of companies polled in the Midlands are using work experience or insight programmes to improve social mobility, while 39% of businesses have employee-led advocacy groups in place.
As Prime Minister Keir Starmer announces plans to increase the numbers of young people gaining a technical qualification, the research also found that 37% of businesses are leveraging the apprenticeship levy to improve social mobility.
This focus on providing direct, hands-on support into the workplace is personal for Midlands business leaders, with many building their own careers on similar opportunities. Half (50%) stated that graduate programmes helped them get started in their career, and over four-in-ten (43%) benefited from work experience and placements to get on the ladder.
The push to improve social mobility comes as talent challenges intensify, with a third (33%) of Midlands businesses surveyed citing plugging skills gaps as their biggest current workforce challenge.
Specific barriers include competition from other employers (41%) and difficulties matching pay expectations (35%). Location and lack of transport connections was also flagged by over a third (37%) of surveyed leaders as a challenge when it comes to accessing talent.
Kyla Bellingall, regional managing partner at BDO in the Midlands, said: “Social mobility matters to the Midlands business community and mid-sized businesses are taking real action to improve access to career opportunities through a range of initiatives – from work experience programmes to leveraging the apprenticeship levy.
“Many of today’s leaders benefitted from similar opportunities and clearly feel a sense of duty to support the next generation. However, providing opportunities to a wider range of young people today is not just driven by personal experience, it’s also about building a resilient workforce for the future and tackling the growing skills gap that’s threatening growth in the region.”
