KPMG has unveiled bold plans to have 29% working class ‘representation’ at partner and director level at the firm by 2030. Currently some 23% of the firm’s partners and 20% of its directors are from a working class background and working class representation across KPMG’s Board is 22% and 14% in its Executive Committee.
To try to remove any potential barriers the firm is now introducing mandatory training to all colleagues on socio-economic background. A talent development programme is being developed along with a new recruitment programme to bring in talent from working class backgrounds to middle and senior levels.
For the first time the Big 4 firm has also published its socio-economic background pay gap. The new data measures the pay gap between colleagues from different socio-economic backgrounds by looking at their parental occupation. Currently the median pay gap between those with professional and working-class backgrounds is 8.6%.
KPMG explained that detailed analysis of the data reveals that while KPMG’s senior and junior colleagues are its most socio-economically diverse cohorts, working-class representation in middle management grades is comparatively lower and this is contributing to the pay gaps.
Bina Mehta, Chair of KPMG in the UK, said: “The publication of this data builds on our concerted efforts over a number of years to track and measure the socio-economic make-up of our workforce.
“It’s only through this focus and level of transparency that we’re able to hold ourselves to account to take targeted action that will help create a fairer and more equitable society.
“I’m a passionate believer that greater diversity in all its aspects improves business performance. Diversity brings fresh thinking and different perspectives to decision making, which in turn delivers better outcomes for our clients.”
