For those that haven't come across it, the "Rooney Rule" (named after Dan Rooney, former owner of the Pittsburgh Steelers and former chairman of the NFL’s diversity committee), was implemented at the NFL in 2003 and states that teams must interview a Black, Asian and Minority Ethnic (BAME) applicant when recruiting for senior coaching positions.
Although it has spread to other sporting leagues (including the FA last year), this is the first time that I've heard it be adopted by a company in FS.
Goldman's Sach's implementation states that two "diverse" candidates must be implemented for any open position.
This follows initiatives to ensure gender diversity on shortlists (such as in politics and consulting), and ethnically diverse shortlists in other industries. Surely this is an idea who's time has come?
Goldman Sachs Implements Its Own ‘Rooney Rule’ in Diversity Push
Managers at Goldman Sachs Group will be required to interview two diverse candidates for any open job, a push the firm hopes will change its heavily white, male workforce.
Companies warned 'you lack senior women'
Firms including Domino's Pizza and JD Sports told to appoint more women directors or risk investor warning.
Dozens of firms, have been told to put more women in their boardrooms. Recent data have also shown that instead of getting closer to the 30% women on Boards the figure has been decreasing. The Investment Association and the government-backed Hampton-Alexander wrote to 69 companies calling on them to have 33% of their boards made up of women by 2020.
I believe it is disappointing that this step needs to be taken although on the other hand such a step simply needs to be necessary to keep these companies on their toes and on the radar.
An important point in this article is that the fact that companies had failed to bring women into board rooms and into leadership positions "does not reflect the population of very talented women capable of making great contributions in boardrooms".
How To Balance For Better On International Women's Day
The theme of this year’s International Women’s Day is #BalanceforBetter, because parity benefits us all. Here are some...
Would be great to hear from our Community about what their companies are doing #BalanceforBetter
Happy International Women's; making progress but still some way to go.....
Really interesting article from HRB on whether Men and Women needed different kinds of networks to succeed following a study on the networks of male and female MBAs suggests that males being successful in the workforce was largely dependent on being active in a social network where as women often also sough an 'inner circle' in addition to a broader network.
Would be great to hear what our MBS/MSc members think?
Research: Men and Women Need Different Kinds of Networks to Succeed
Results from a study of MBAs.
The first companies (so far 10%) have started to report their GenderPayGap (due April 4) over 2019. Although the first statistics are that the overall gap has decrease from 9.7% to 8.4%, 4 out of 10 companies show worse results than last year. It is going to be interesting if there is a real difference between those 4 and the other 6 in a sense of the measures that have been taken to start closing the gap.
The financial sector is doing particularly poorly (average appr. 22%) and is only beating by the construction industry.
Looking at some of the individual financial services companies, shows that the median in the sector is even worse and immediate action is necessary in these companies. You might even conclude that something structurally is wrong in these companies !!
It would be to easy to just promote women in more senior positions (although when this is overdue it clearly should be done). Instead (structural) measure need to be taken to ensure that the pipeline of women in companies is growing and their career path at a minimum are aligned with those of men ie equal opportunities.
Nevertheless, the individual can contribute as well by becoming a mentor, when recruiting putting aside the biases you might have (or at least be aware of them and challenge them), taking up your equal share of parental leave as a man (or even go beyond), etc.
I believe it is not just a companies responsibility and we should all do our bit to get to parity.
Gender pay gap grows at hundreds of firms
The pay gap has widened at one in four firms that have revealed their figures ahead of the deadline.