Bosses at one of the world's biggest investment firms State Street will need to get special permission to hire white men as part of new diversity drive
- State Street aims to triple number of black, Asian and other minority senior staff
- Failure to meet target by 2023 will result in executives' bonuses being lowered
- The investment firm has 30 offices worldwide and employs 39,400 people
- Recruiters must show that candidates have been interviewed by a diverse panel
https://www.dailymail.co.uk/news/article...OvnuOCSpO4
Racism is racism. Regardless, if a company begins hiring and promotion practices using race quotas rather than merit, bonuses will be the least of executive worries in a couple of years.
Let the more qualified candidates kick their butt on the open market
(11-07-2021, 11:52 AM)homebiscuit Wrote: [ -> ]Racism is racism. Regardless, if a company begins hiring and promotion practices using race quotas rather than merit, bonuses will be the least of executive worries in a couple of years.
Race quotas are not racism by the commonly accepted definition of racism. Race quotas are discrimination, though. Quotas are a very bad idea, and I don't think they're legal. At least, not in the United States.
From reading the article, though, I'm not sure they are doing what the OP alleges they are doing.
Bosses at one of the world's biggest investment firms will need to get special approval to hire white men as part of a new diversity drive.
But do they really? The article goes on to say,
[font=graphik, Arial, sans-serif]Recruiters must now create a panel of four or five people that includes a woman and someone of an ethnic-minority background when hiring middle management staff - employees at vice-president and above.
Ms McNicholas added that State Street will still hire white men, but recruiters will now need to show that women and ethnic minority candidates have been interviewed by the diverse panels.[/font]
That last part reads more like the Rooney Rule than some sort of quota.
(11-07-2021, 11:57 AM)The Real Marty Wrote: [ -> ] (11-07-2021, 11:52 AM)homebiscuit Wrote: [ -> ]Racism is racism. Regardless, if a company begins hiring and promotion practices using race quotas rather than merit, bonuses will be the least of executive worries in a couple of years.
I wouldn't call it racism. It's discrimination. It's a very bad idea, and I don't think it's legal.
You're correct, I was just clarifying the reverse racism remark.
(11-07-2021, 12:05 PM)homebiscuit Wrote: [ -> ] (11-07-2021, 11:57 AM)The Real Marty Wrote: [ -> ]I wouldn't call it racism. It's discrimination. It's a very bad idea, and I don't think it's legal.
You're correct, I was just clarifying the reverse racism remark.
I read the article after I posted that remark, and I'm not sure they are actually doing what the OP says they are doing.
From reading the article, it seems like they are walking right up to the line that separates discrimination from equal opportunity, and almost, but not quite, stepping over it.
(11-07-2021, 11:57 AM)The Real Marty Wrote: [ -> ] (11-07-2021, 11:52 AM)homebiscuit Wrote: [ -> ]Racism is racism. Regardless, if a company begins hiring and promotion practices using race quotas rather than merit, bonuses will be the least of executive worries in a couple of years.
Race quotas are not racism by the commonly accepted definition of racism. Race quotas are discrimination, though. Quotas are a very bad idea, and I don't think they're legal. At least, not in the United States.
From reading the article, though, I'm not sure they are doing what the OP alleges they are doing.
Bosses at one of the world's biggest investment firms will need to get special approval to hire white men as part of a new diversity drive.
But do they really? The article goes on to say,
[font=graphik, Arial, sans-serif]Recruiters must now create a panel of four or five people that includes a woman and someone of an ethnic-minority background when hiring middle management staff - employees at vice-president and above.
Ms McNicholas added that State Street will still hire white men, but recruiters will now need to show that women and ethnic minority candidates have been interviewed by the diverse panels.[/font]
That last part reads more like the Rooney Rule than some sort of quota.
The flip side of that coin is will the diverse panel recommendations be based on meritocracy, or race and gender?
When will people learn that anytime discriminatory terms are introduced into any process, it instantly becomes tainted. Never mix business and politics.
We will do everything we can to find a more qualified minority candidate before hiring a qualified white guy. Sounds like a great plan!
Right up until equally qualified white candidates start suing for discriminatory hiring practices.
Federal contractors have had to demonstrate specific, affirmative effort to find qualified minority candidates, for 50 years now. I think this brokerage firm or whatever it is will do fine.