This report by McKinsey analyses social mobility through the lenses of three stakeholder groups: society, employers and employees, revealing that more than one-third of Europeans face significant barriers today, with lower employment, less-productive jobs and slower career progress than people from higher socioeconomic backgrounds. It emphasises that by setting strategic objectives, leveraging data-driven insights, and implementing targeted initiatives related to recruitment, retention, and career progression, companies of all sizes and in all sectors can contribute to Europe’s social mobility. The societal impact of improving social mobility could be profound: a boost to the continent’s GDP by as much as 9% and the potential to close the 2030 skills gap without any new training or reskilling.