UK Retailer Tackles Socio-Economic Background Disparities with New Initiatives
- Co-op launches a 9-point plan to increase social mobility
- Research shows that socio-economic background affects life chances
- Internal social mobility taskforce to analyze research findings
- Changes to internal job adverts and financial wellbeing offer for lower socio-economic background individuals
- New mentoring scheme for LSEB colleagues with mentors from LSEBs
- Co-op plans to make socio-economic background a protected characteristic
- Socio-economic class pay gap report in 2024
- 72% of people support making it illegal to discriminate based on socio-economic background
- CEO Shirine Khoury-Haq: ‘It’s a question of fairness’
- Tunde Banjoko OBE: ‘Co-op has not only commissioned research but is using it for real change’
Co-op has launched a nine-point plan to address social mobility issues within the company, following research that found over 40% of young people believe their socio-economic background determines their life achievements. The plan includes creating an internal taskforce, revising job adverts, and introducing a mentoring scheme for lower socio-economic background employees. Co-op also aims to make socio-economic background a protected characteristic and publish a pay gap report in 2024.
Factuality Level: 9
Factuality Justification: The article provides accurate information based on a survey conducted by ICM on behalf of Co-op, presents facts about the company’s plans to address social mobility issues, and includes quotes from relevant sources. It does not contain digressions or irrelevant details, nor does it present personal opinions as facts.
Noise Level: 6
Noise Justification: The article provides relevant information about a company’s efforts to address social mobility issues and includes data from research conducted by an external organization. However, it is somewhat promotional in nature as it heavily features the company’s actions and quotes from its CEO and the partnering organization.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses Co-op’s plans to improve financial wellbeing of their employees and introduce measures to address socio-economic background as a protected characteristic, which could potentially impact the company’s performance and employee retention.
Financial Rating Justification: The article mentions the financial wellbeing offer for employees and the introduction of a new mentoring scheme for those from lower socio-economic backgrounds, both of which are related to the company’s internal operations and could affect its overall performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.
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