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Posted on 11/16/2021 6:07:43 PM PST by massmike
Boston-based State Street plans to triple the number of minority staff in senior roles by 2023 and is using diverse hiring panels to do so. Under the policy, executives must show that they have made an effort to increase minority representation at the firm or face lower year-end bonuses, according to the Sunday Times, which reported that staff will have to receive “special permission” to hire white men.
Recruiters of middle management at State Street are now mandated to establish a panel consisting of four or five employees including a woman, and preferably a person of color, that will evaluate new hires. McNicholas said that while white men will still be hired, recruiters need to show that the panel interviewed a diverse slate of candidates.
In an email to the Washington Examiner, a State Street spokesperson denied the charge that special approval would be required to hire white men.
“Hiring managers do not need special approval to hire white men. This is factually incorrect,” the spokesperson said. “We are committed to diversity and inclusion and, as such, diverse panels of candidates. We hire the best candidate for the role."
State Street, which has pledged to hold itself “accountable for strengthening black and Latinx owned businesses,” has advocated for more women and minorities in the workplace in the past. It commissioned the “Fearless Girl” statue, which was unveiled to mark International Women’s Day in 2017.
The bronze figure, which features a young girl standing defiantly with her hands on her hips, was originally placed in front of the iconic “Charging Bull” statue, although it was later relocated to face the New York Stock Exchange after complaints from Arturo Di Modica, sculptor of the Charging Bull.
(Excerpt) Read more at washingtonexaminer.com ...
The only way to guarantee an increase in minority representation is to purposefully exclude whites. Unless, of course, minorities are disproportionately the best candidates.
The other problem is that they seem to be admitting they’re past hiring practices did not produce an employee population that reflects society. Disparate impact, etc. I predict a minority lawsuit in less than 6 months.
Law...what law? We don’t need no stikin law!
Bonuses are tied to hiring minorities, so the bank will be hiring Almost all minorities during the bonus measurement psriod. Nothing but POCs, so expect to find POCmarks all over the place.
If they were serious about diversity, the bonuses would also be tied to bringing in a disproportionate percentage of POC customers.
When meritocracy is replaced by diversity, failure is assured, AKA “Go Woke, go Broke!”
This crap needs to stopped in court
It is overt discrimination, how is this garbage allowed?
Aren’t most government workers POCs?
a relative of mine works at the NFL league office on Park Ave ... all women calling the shots ... not many white guys but lotsa ferners ...
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You werent with Sun Trust Bank, were you?
I was in the industrial world for 33 years. Every time bonuses are tied to X then X gets optimized even if it destroys the company. I watched that happen several times. I had a boss once who cost the company well north of one hundred thousand dollars just to add one hundred ($100) to his bonus. Managers view their bonus as a penis multiplier.
People are small and petty. If this doesn’t end badly, it will at least cost shareholders money they could otherwise have made.
Wells Fargo.
Does Massachusetts have the same “woke” rules that permit the theft of goods worth less than $900 without consequence? If so, I foresee lots of $899 “withdrawals” by the new employees.
Yeah, for the taxpayer when we have to bail them out.
I don't love banks. But banks have to ensure that the return from "assets" e.g. loans they put out exceeds liabilities e.g. the principal and interest on deposits with the bank. It's a tough game and can't be played by fools - well it can if the system is rigged so the taxpayers get stuck holding the bag.
these libs have some power now and we see how they’re willing to exercise it.
Times have changed
So you could theoretically not hire someone based on the color of their skin? That seems raciest to me.
Nice to know who NOT to do business with.
Of course not.
They need secret approval.
No text, email or anything on paper.
.
“Free plus free equals six.”
So....more Asians then? I wonder if they still count as “minorities”?
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