Investment Firm Says No to Hiring White Men

( )- Under its new diversity hiring program, a Boston-based multinational investment firm will now require employment managers to ask permission before hiring white men. At least, that’s what the Times of London reported on Sunday.

The Times of London interviewed Jess McNicholas, State Street Global Advisors’ head of inclusion and diversity. She told the Times that diversity is now front and center in the hiring practices for the multinational investment firm.

McNicholas told the Times that State Street leaders must demonstrate at their annual appraisals what they are doing to “improve female representation” and increase the number of black, Asian, and other ethnic minority hires.

As part of its diversity program, State Street hopes to triple the number of minority staff holding senior positions in the company by 2023. Executives who fail to meet that target could face a reduction in their bonuses.

When hiring middle management staff, recruiters must create diverse panels consisting of four to five employees. The panels must include a woman and a minority.

State Street, however, disputes the Times’ report.

According to the UK Telegraph, in a statement released on Sunday, a spokesman for State Street reemphasized the company’s commitment to hiring based on qualifications. While it is committed to “inclusion diversity and equity,” State Street stated that it also expects hiring managers to “have the best possible slate of candidates” for any open positions.

State Street denied the Times of London’s claim that hiring managers must gain permission before hiring anyone based on background or characteristics. The company contends that its hiring decisions are “well-informed and not biased.” State Street added that while the process they have in place allows hiring decisions to be challenged, they still make determinations based on which candidate is best qualified for the job.

They can deny it all they want. But that doesn’t change the fact that executives will be penalized if they don’t hire enough women and minorities.

State Street also required its employees to undergo “anti-racism” training. The company boasted that around 38,000 of its employees had completed “unconscious bias” training as of June 2021.