In order to drive economic prosperity, infrastructure, investment and innovation are often the focal points. Social mobility is one of the most powerful – yet overlooked – levers for transforming society.
Social mobility is often presented as a moral imperative. However, its economic potential can be just as important. If people of all backgrounds have the resources to succeed, it will ripple out into businesses, communities, and the wider economy.
This economic potential can be unlocked by empowering people to develop skills that meet changing business needs. Businesses that offer learning opportunities and have a genuine focus on Equity, Diversity and Inclusion will be able to drive sustainable prosperity in the region and nationally with appropriate community outreach.
The UK’s Autumn Budget, released in October 2018, was presented as an action call to increase regional growth. In order to achieve success, business strategy must put addressing barriers to social mobility at the forefront.
The economic potential of opportunity
Research has consistently shown that an economy’s success is based on the availability of opportunities. Demos recently found that social mobility can add PS19 billion to the UK’s economy annually, increase business profits by PS1.8bn and generate PS6.8billion in tax revenue.
These figures show how important it is for individuals of all backgrounds to have access to training and development, as well as pathways to a career advancement.
Skills development is not just about helping people succeed. These opportunities include harnessing talent and perspectives that are untapped, strengthening regional economies, and catalyzing profitable growth on a national level.
It is obvious that opportunity and economic growth are linked. Businesses can create more diverse teams when they are inclusive. These teams outperform homogeneous teams in:
Businesses can also increase their operational efficiency and achieve tangible results by investing in the skills of employees. This is what sodexo achieved by offering Instep’s apprentice programmes to their managers and staff.
One participant, using their newly acquired skills was able pinpoint savings of PS122K per year in the UK as well as PS386K per year across North America. These examples demonstrate how targeted practical training can directly translate into economic impact.
Remove barriers to progress
Many people still have barriers that prevent them from reaching their full potential. These can range from systemic biases, to lack of development opportunities. Keeping EDI as the core of workforce development requires actively removing barriers to ensure that every has a fair shot at contributing and succeeding.
Instep’s Leadership Programme was crucial in helping businesses on the Stakehill Industrial Estate of Greater Manchester overcome obstacles. Businesses from across the estate could participate in the fully-funded and on-site leadership programme. This gave every employee an opportunity to gain practical leadership skills.
Diverse talent pools are also fostered by democratising training access. In one organization, the focus on hiring and developing people from underrepresented backgrounds played a crucial role in creating an inclusive workforce. They’ve managed to recruit nearly 100 learners in three years through tailored apprenticeship programmes. All graduates have moved into permanent positions.
This approach shows how structured and inclusive training can fill in skills gaps for organisations while ensuring that diverse talent is retained, progressed and retained over the long term.
Skills are key to economic resilience
The UK’s challenges post-pandemic highlight the importance of resilience among the workforce. To ensure that businesses can adapt to new situations and thrive, training and development is essential. It’s not about delivering generic programs, but tailoring the development to meet real needs.
Instep’s Leadership Programme helped an organisation focus on process optimization, which led to a project that resulted in a PS400K annual cost saving for the company. This is not a unique story – it’s a part of the larger picture that shows how giving employees tools to advance results in measurable impact on business.
By building loyalty, skills development can also foster long-term resilience. In 2024, a fifth of UK workers reported feeling burned out. 70% searched for a job. The UK is losing PS257 Billion every year because of this epidemic.
The antidote is investing in people. Engagement and retention increase when employees feel valued. This benefit is felt across organizations and regions. Businesses that invest in workforce development can build sustainable talent pipelines. This will lead to a labour market more resilient and able to handle economic fluctuations.
EDI – A Path to Prosperity
To be effective, skills development must include all. Businesses can draw from the largest pool of talent if they include underrepresented groups, such as women and ethnic minorities. This can help to improve performance in the organization, build the economic fabric of the community and create a workforce that is representative of the society they serve.
EDI principles can be integrated into all levels of training in order to break down social barriers.
The key to turning social mobility into an economic engine is harnessing the power and potential of individuals. It is about creating a workforce that gives everyone the confidence and resources to move forward, no matter where they start. By doing this, we are not only building stronger organizations; we are building a stronger and more equitable UK.
