Investment Firm’s New Diversity Policy Seeks to Hire Fewer White Men
As reported this week by Fox News, one of the world’s largest investment firms will need to obtain permission before adding any more white men to the company.
“All of our leaders have to demonstrate at their annual appraisals what they have done to improve female representation and the number of colleagues from ethnic-minority backgrounds,” explains Jess McNicholas, head of inclusion, diversity, and corporate citizenship for State Street Global Advisors. “This is now front and central for State Street – it’s on every senior executive’s scorecard.”
As outlined in the company’s new diversity hiring initiative, recruiters must prove that all candidates for middle management positions have been interviewed by a diverse panel of employees that includes at least one woman and one person of minority ethnicity.
‘We work to ensure a level playing field for candidates of all backgrounds and ensure that our hiring decisions are well informed and not biased in order to select the best candidate for every job,’ said a spokesperson. ‘State Street is committed to inclusion, diversity, and equity and we believe it to be a critical component of our business success; as such, we expect our hiring managers to have the best possible slate of candidates for their open positions.’
The ultimate goal of the hiring initiative is to show support for Black- and Latinx-owned businesses by tripling the number of female and non-white employees in senior positions by 2023.
If executives fail to meet this goal, they will face lowered bonuses.
State Street, founded in 1792, has roughly 39,400 employees working in 30 offices worldwide. The firm is best known for commissioning the “Fearless Girl” statue for International Women’s Day in 2017. The statue was placed directly in front of Wall Street’s “Charging Bull,” but was later moved to the New York Stock Exchange building.
Author’s Note: This is what we call “positive discrimination” – prioritizing minority and female applicants over white men simply to increase diversity. This is affirmative action at its worst.