Look Outside Your Country Club: Politico Discusses New Federal Diversity Reqs for Financial Companies
Politico has taken a look at the pros and cons of the new diversity requirements included in the financial recovery act - "Congress gives the federal government authority to terminate contracts
with any financial firm that fails to ensure the “fair inclusion” of
women and minorities, forcing every kind of company from a Wall Street
giant to a mom-and-pop law office to account for the composition of its
work force"
If companies aren't working towards building a more diverse staff on their own, (and studies have shown that diversity drives bigger returns, so the business incentive is there) then maybe new regulations are what's needed to spur innovation in diversity hiring.
As Pamela Bethel, a partner at O’Riordan Bethel law firm who testified before Waters’ committee on behalf of the National
Association of Minority and Women-Owned Law Firms says:
“Nobody is suggesting you hire someone who isn’t qualified, but if you look just a little
harder outside your country club, you might find someone who is
qualified.”
with any financial firm that fails to ensure the “fair inclusion” of
women and minorities, forcing every kind of company from a Wall Street
giant to a mom-and-pop law office to account for the composition of its
work force"
If companies aren't working towards building a more diverse staff on their own, (and studies have shown that diversity drives bigger returns, so the business incentive is there) then maybe new regulations are what's needed to spur innovation in diversity hiring.
As Pamela Bethel, a partner at O’Riordan Bethel law firm who testified before Waters’ committee on behalf of the National
Association of Minority and Women-Owned Law Firms says:
“Nobody is suggesting you hire someone who isn’t qualified, but if you look just a little
harder outside your country club, you might find someone who is
qualified.”
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