ABOUT THIS EPISODE.
In this episode of BBC’s Radio 5 Wake Up To Money, our founder Caroline Casey discusses the cost of living for people with disabilities, the disability pay gap and what businesses can do for Disability Inclusion.
EPISODE TRANSCRIPT
Sean: What is going to happen to household budgets this winter because of those gas prices in particular, that we’ve been discussing on the show today, because of prices generally going up so much. We get the latest official figures this morning on how much prices went up by in the year to June. We know that that latest figure, just on average, this average basket of goods, the consumer price index that we look at, was 9.1%. Caroline Casey, who’s, who’s been with me this morning, who’s the activist behind the Valuable 500, the world’s largest chief executive collective, and business as well. Caroline, when it comes to cost of living, you mentioned gas prices, petrol prices peak as they did in June, what for you is the cost of living story right now?
Caroline: Well, I mean, working with people with disabilities and their families, I think the cost of living hike is actually terrifying. It is we’ve got a look at the, you’re 50% less likely to have a job if you have a disability. And even if you have a job, you are 30%, there’s a 30% pay gap. And it is hard enough. I mean, it’s hard for for many people, but it’s very difficult when you have been living with disability and have extra costs that you may require. And I think that this is a time where there’s real fear around living a life of choice. And when we look at the world that we’re in now, and if the pandemic has taught us anything, we have seen gross inequity and inequality in our world. And our hope was, our hope is to recover from that to actually equalise everybody’s chances. But when you see the cost of living rising, this is a significant threat.
Sean: And when you say that you see the fear in people now, how does that then play out in in how their day to day lives change?
Caroline: Well, I think we’ve got to look at this, I’m going to I’m going to kind of approach it from as the Valuable 500, our whole work right is to work with this the world’s biggest business collective to end disability inclusion through business. So let’s just look at business. You know, we can’t end exclusion in society, what we’re just speaking about the inequality now, if it exists in business, and disability has been on the edge of business, and that’s for people with disabilities as being consumers and entrepreneurs and suppliers as well as employees, right. So the work that we have to focus on on this time of fair and tightness that’s occurring, we have to present to the business world an opportunity that disability, people with disabilities and their families, which make up 54% of our global economy, are considered valuable for a business as a market. And as insight innovation and, and talent, so that we can somewhat close that gap of the lived experience of people with disabilities and their families. That’s the piece that we have to focus on. And as we’re entering this time of increased inflation, that once again, the disability community does not get left behind and does not get overlooked. And what I will say is that there’s a tiny glimmer of hope, because finally, we’ll just say, we’re waking up businesses waking up to the fact there’s a consumer base sitting out there, that is worth 13 trillion. And they have insights and innovations that will deliver for business productivity. And one of those just let me talk about this, when we talked about Netflix, the beginning of the hour, is that we’re seeing if we make our products and our services accessible, we can access a market that we did not have. So there’s an invested interest in business doing it. But there’s a requirement humanly and morally for the people who have disabilities and their families not to be left behind again, particularly now.
Sean: Caroline, in terms of what businesses can do this winter, you know, with the people who have been squeezed right now, we know that your wages aren’t keeping up with the price rises right now, we know that it’s going to get tougher over the winter when those big bills start to kick in. So what do you say to businesses, right? Because a lot of what you’re talking about is maybe longer term, you know, things come into fruition after years and years of effort. But this is becoming quite urgent for a lot of people right now. So what do they prioritise?
Caroline: Listen, one thing I’m going to say very clearly, people forget that 80% of disabilities are acquired between the ages of 18 and 64. Okay, so that’s our working, that’s a workforce age. The big thing I plead for business to do is if somebody acquires a condition or an illness or a disability, do not let them go invest in them and retention. That to me, surely for a business perspective is important to retain that talent. But it’s rather than casting somebody aside, putting them out on leave is how do we work to retain them because we cannot take any more unemployment in the disability community and to look at how we can deal with this immediately and right now, and let’s be honest, again, when we look at COVID and the pandemic, the you know, the disability on long COVID has increased the numbers have. So I’m really calling on business to work on on retaining that talent in the business. And the second piece which is immediate today, as our businesses are looking towards accessibility or products and services, because we’ve had a huge digital uptake, up to 30% since COVID. Please design in from the beginning, accessibility and inclusion. You can do that right now. And we opened this programme and you’re talking to me about the heat in Italy and I said: Look the walls were thick. I know that sounds really really a small example but that’s designed with thinking in mind about the reality of what happens in this country with heat or can we think of the reality of the human beings that we exist to serve and employ in business and be designing inclusively from the outset now so we do not have more exclusion in the future.
Sean: Swetha, so do you see businesses sort of changing tack from, at the moment, from the long term to the very, very short term for their, for their own for their own staff and for their customers as well, given the squeeze that is happening?
Swetha: At this time certainly, I mean, I think the long term considerations are still very much there around the need for a more diverse and to be more inclusive of the workforce overall. And of course, the the ESG trend is not going anywhere. But I think in the short term, there is a risk that that is getting set aside for more pressing concerns of the day.
Sean: And, Caroline, just just as we wrap up the show today, I just wanted to reflect again, on on the you know, on the on the positivity that we’ve had throughout the programme today for you, you know, in the world that you’re working in, which is clearly very rewarding, and it’s great to hear you talk about some of the fight things you’re finally starting to see the green shoots. What was the biggest sort of success story that you’ve seen in with amongst all the businesses you’re talking about right now?
Caroline: Well, I listen, I have passion, and I am positive because I have to be and what makes me feel incredibly proud is you know, being part of this global partnership with 500 companies. But one of my biggest proud moments is only a few weeks back, we launched Generation Valuable or Gen V, which is now we have 500 CEOs, but I believe in the talent and the insight of the younger generation. So we are getting 500 young leaders with disability within our 500 companies to up mentor our current leaders and CEOs. So we could see those young people with disabilities in the boardroom in a few years time.
Sean: Well, that sounds great. We’ll definitely have to speak to a few of your colleagues as well Caroline that’d be fascinating stuff. Thanks as ever for joining us on Wake Up To Money Caroline Casey there from the Valuable 500. Big chat. Thanks as well to Swetha Ramachandran from Gam investments. Big thanks to Jay Wightman for giving us a spring in our step on a cooler morning. That’s it for Wake Up To Money.
