State Street Global Advisors, a multinational investment firm based in Boston, will now require managers to ask permission before hiring white men, according to its new diversity hiring program.
''This is now front and central for State Street — it's on every senior executive's scorecard,'' Jess McNicholas, State Street's head of inclusion, diversity and corporate citizenship in London, told The Times.
''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.''
State Street is seeking to triple the number of minority staff in senior positions by 2023, and if executives fail to meet the target, they could risk facing reduced bonuses.
According to McNicholas, recruiters must create panels of four or five employees, including a female worker and a minority worker, when hiring middle management staff.
State Street released a statement following the report of McNicholas' claims reemphasizing its commitment to hiring based on qualification.
''State Street is committed to inclusion diversity and equity, 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 statement read, according to The Telegraph's report.
''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,'' the statement continued.
''Hiring managers are not required to gain approval for hiring a person of any specific background or characteristics, and we include a process where decisions can be challenged to ensure that a well-informed and unbiased interviewing process has taken place to hire the best person for the job.''
On top of the latest hiring adjustments, the company is conducting extensive ''anti-racism'' training. State Street says that around 38,000 employees had completed ''unconscious bias'' training as of June 2021.
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