Goldman’s “Rooney Rule”​ Tryouts

Angela Solomon • Mar 25, 2019

2019 is proving to be an interesting year full of attempts to disrupt and dismantle traditional systems that are no longer conducive to new diversity and inclusion (D&I) initiatives. Companies are making a big push to be more diverse, and are finally tying money and policy to the initiative; all I have to say is that, it's about time. But yet again, I've said that for a long time now, with not enough substantial change in the diversity and inclusion space. Goldman Sachs, whose longstanding history and persona has been steeped in "old (white) boys club" traditions, announced last week that they will implement their version of the National Football League's "Rooney Rule", to make sure minorities and women are given a fair shot at interviewing for roles. It is now mandatory for hiring managers to interview two qualified diverse candidates per role. Now whether or not Goldman takes into account racial and gender diversity, as well as intersectionality when conducting their interviews remains to be seen. Yet again, this is a positive push towards diverse representation, and the most important component to all of this, is that hiring managers' pay will be tied in directly with diversity hiring metrics. It sounds like people were listening to Melody Hobson, President and Owner of Ariel Investments, who has become the Wall Street's D&I ambassador. She talks about the fact that significant change in D&I will not take place, until money is directly tied in.


Rooney Rule Recap


The "Rooney Rule" was adopted in 2003 by the NFL to make sure that the league was interviewing one or more diverse candidates for head coaching roles available at that time. If not done, teams risked fines from the league. The NFL then expanded the rule in 2009 to include general manager and other managerial roles, in their push to strengthen diversity. Then in 2013, they added women to the formula to tackle the issue. This controversial rule has been met with plenty of opposition, as well as ridicule, as some believe it hasn't made significant impact, and, truth be told, it has not. Last year, technology giants such as Facebook and Amazon made their own Rooney Rule push, but really what has changed between then and now - nothing. Facebook published a Corporate Governance handbook stating their board and director would be subject to social media scrutiny if they do not follow the diversity push. Amazon says they too were implementing the policy, but not even a handbook. Now we see Goldman Sachs, and their new CEO David Solomon, trying their hand at the rule, but I must be honest; this is all met with skepticism and bated breath because, while it is with [what I'm sure are] the best intentions, enough-is-enough when it comes to just checking of diversity boxes in the hiring process. Hires need to be made.


The Numbers Don't Lie

  • 60% of Goldman Sachs employees are White ; 38% are Female
  • 5.4% are Black
  • 8.5% are Latino


The senior roles in the bank are dominated by White Males with a staggering 80%.

  • 22% are Women
  • 2.9% are Black
  • 4.3% are Latino


I am quite sure these numbers are comparable (if not worse) at some of the other investment banks on the Street. 70% of Goldman's hires are at the Analyst and Associate levels, so they feel that they can gain significant traction when it comes to D&I at those levels, and move their diverse employees through the ranks.


Money Talks


Money has, and always will be the factor where matters of unequal racial and gender hiring practices begin to change. There's no doubt about it that Goldman Sachs is leading Wall Street's progressive approach to conquering their white shoe reputation, and I hope more financial firms follow suit. When you start to mess with pay and threaten to tie their professional performance to those who have the direct power to hire, change is inevitable.

Goldman Sach's "Rooney Rule" tryouts are now. Let's see how diverse representation numbers look in the next couple of years, because, although this is a valiant effort, many more factors need to come into play to really move the goalpost. Diversity and inclusion remains an enigma to the Corporations that try to ascertain it. And until massive money penalties, paychecks, hearts, and minds have a come to Jesus moment, we will continue to keep bringing it up, discussing, and working towards the change that is necessary for Corporate America's survival. I say diversity, we march forward.


I AM someone who sees incredible potential and opportunity in places where some people don't think to look. Minorities and women are still marginalized in the working world. As an owner of a diversity staffing boutique, my team and I walk alongside our Clients in creating professional environments that are truly for ALL. I believe in our interconnectedness as a human race and strive every day to use my gifts to empower the workplace’s invisible and powerless. I rarely bet on certainty and always root for the underdog because, after all, those are the best stories to tell.


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Diversity Recruiting Gone Wrong: Common Mistakes That Perpetuate Racial Bias

By Angela Solomon • 24 Apr, 2024
Diversity and inclusion have become critical priorities for many organizations in the corporate world. However, the methods used to achieve greater diversity in the workforce often fall short, perpetuating racial biases rather than dismantling them. In this post, we'll explore the underlying challenges and propose a more holistic approach to creating truly equitable and inclusive workplaces. The recent New York Times article titled: What Researchers Discovered When They Sent 80,000 Fake Resumes to U.S. Jobs highlights a sobering reality – decades of diversity initiatives have failed to address the persistent racial discrimination in hiring practices. This reveals a fundamental flaw in how many organizations have approached the challenge of diversity and inclusion. Too often, the focus has been on quick-fix solutions, such as setting diversity quotas or hosting one-off training sessions. While these measures may create an illusion of progress, they fail to address the deep-rooted systemic biases that continue to shape hiring decisions and workplace culture. To make meaningful and lasting change, organizations need to take a more comprehensive and sustained approach. This begins with acknowledging the complexity of the problem and recognizing that diversity and inclusion are not just HR concerns, but rather strategic priorities that must be embedded throughout the entire organization. Effective diversity and inclusion initiatives should focus on three key areas: 1. Talent acquisition : Instead of relying on traditional recruitment methods that tend to perpetuate homogeneity, organizations should adopt inclusive hiring practices that actively seek out diverse talent pools. This may involve collaborating with community organizations, investing in employee referral programs, and reducing the reliance on educational pedigree as a primary hiring criterion. 2. Organizational culture : Creating an inclusive work environment requires more than just diversity training. It necessitates a fundamental shift in organizational culture, where diversity is celebrated, and employees from all backgrounds feel valued and empowered to contribute. This may involve implementing mentorship programs, fostering employee resource groups, and ensuring that leadership teams reflect the diversity of the organization. 3. Systemic change : To achieve true equity, organizations must be willing to confront and dismantle the systemic barriers that perpetuate discrimination. This may involve conducting comprehensive pay audits, implementing robust anti-bias policies, and advocating for broader social and legislative changes that promote equity and inclusion. By taking a holistic and sustained approach to diversity and inclusion, organizations can move beyond superficial metrics and create workplaces that truly reflect the rich diversity of the world around them. This not only benefits employees but also strengthens the organization's ability to innovate, problem-solve, and better serve its diverse customer base. The challenge of diversity and inclusion is a complex and persistent one, but with a renewed commitment to creating meaningful and lasting change, organizations can play a pivotal role in building a more just and equitable society. I see incredible potential in places most people don't think to look. As a Black woman and small business owner of a diversity staffing boutique and career coaching service, my team and I walk alongside our clients in creating genuine professional environments for ALL free from bias and discrimination. I believe in our interconnectedness as a human race and strive daily to use my gifts to empower the invisible and powerless. I rarely bet on certainty and always root for the underdog because those are the best stories to tell. Follow me on IG, Facebook, TikTok, YouTube, LinkedIn @ HireBlackTalent.

Ask The Recruiter: When Should You Start Looking For Your Next Job Opportunity

By Angela Solomon • 24 Apr, 2024
As a recruiter, I field many questions throughout my workweek—about when is the right time to start looking for a new job. I think the answer is you should always know whats going on in your industry. You should always have a resume and a great elevator pitch because you never know when an opportunity may arise. It's essential to be proactive in your career development rather than waiting until you're unhappy in your current position or faced with unexpected job loss. By staying informed about industry trends and networking regularly, you can position yourself for success when making a move. Remember, it's better to be prepared and not need it than to need it and not be prepared. So here are questions you should be asking yourself: 1) Do I like my resume? 2) Am I satisfied with my pitch? 3) Can I join networks and groups that will advance my career? It's important to stay proactive in your career development by continuously educating yourself, networking, and staying up to date on industry trends. Doing so makes you better prepared to seize opportunities and navigate any potential setbacks. You can always be ready to showcase your skills and experience, as you never know when a potential employer may come knocking. In the fast-paced world of work, being prepared and proactive can make all the difference in advancing your career. I see incredible potential in places most people don't think to look. As a Black woman and small business owner of a diversity staffing boutique and career coaching service, my team and I walk alongside our clients in creating genuine professional environments for ALL. I believe in our interconnectedness as a human race and strive daily to use my gifts to empower the invisible and powerless. I rarely bet on certainty and always root for the underdog because those are the best stories to tell.
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