Michael Illert Market Insight
Social Mobility is a key component of equality. Very simply put, social mobility can help future generations become equally or as better off as their parents. One might be easily concluding that social mobility in Europe is good but actually, it isn’t.
A read through the latest Issue Note (published by the OECD and Eurofund) makes quite some depressing reading. In many developed countries, social mobility remains very low. In Germany for example, only around 30% of parents believe that their children will have a bright future. In France just 14% of parents believe their children will be better off.
In general, social mobility has increased dramatically over the years due to there being better educational options available resulting in many people moving into more qualified jobs. At the same time though, relative social mobility remains moderate. Social background still has a major impact on one’s life chances “…on average across the OECD if a father had twice the earnings of another father, his son will have 40% higher earnings than the son of the poorer father.” source: Issue Note
Despite free education across many nations in Europe, there does not seem to be enough movement from generation to generation. Children who come from a poorly educated parental background still fall behind compared to others. As a result, and far too often, success in career or education seems to be pre-determined by the upbringing of the individual.
As a group, we strongly believe that this has to change. In our London HQ, we have run a number of initiatives with Resurgo with a strong focus on social mobility. We’ve offered young people from challenging backgrounds the opportunity of work experience in our office with feedback, advice and training offered throughout.
It has proven to be hugely successful with feedback rolling in that some have gone on to apply for a first job or have even started working full time for us.
We can indeed have an impact. As a team here in Amsterdam we are incredibly keen to get involved in similar programs and offer our time, expertise and connections in the corporate world to make a contribution to social mobility. If you know of a relevant cause, initiative or charity in the Netherlands, please get in touch!