Goldman’s “Rooney Rule”​ Tryouts

Angela Solomon • March 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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The Evolving Landscape of Corporate DEI: Key Insights from Recent Reports

By Angela Solomon • October 10, 2024
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From Stale Bread to Fresh Ideas: The DNA of Today's Thriving Professional

By Angela Solomon • September 26, 2024
As a career coach and self-proclaimed lifelong learner, I’m always telling my clients, “If you’re not growing, you’re going stale—and let’s face it, nobody likes stale bread.” In today’s fast-changing workforce, it’s not enough to just show up anymore. Success now means adapting, learning, and constantly evolving with the world around you. The DNA of today’s working professional is in constant motion, and if you’re still running on yesterday’s playbook, you might just miss out on what’s ahead. Today’s workforce looks nothing like it did a decade ago. Tech is transforming every industry, and there’s a bigger focus on values like flexibility, inclusivity, and personal growth. People want more from their careers—they want purpose, not just a paycheck. The DNA of today’s working professional is all about adaptability, self-motivation, and being comfortable with change. So, let’s dive into how today’s professional DNA stacks up against the past: 1. Adaptability vs. Stability Today : Flexibility is everything. Whether it’s technology, business practices, or job roles, change is constant. Professionals need to be able to pivot and pick up new skills quickly. If you're not evolving, you're likely being left behind. Yesterday : Stability was the goal. You stayed in one job or industry, building deep expertise in a specific area. Specialization was the key to success, and change was something you tried to avoid. 2. Continuous Learning vs. Credential-Driven Success Today : Learning never stops. Whether it’s through online courses, certifications, or simply staying on top of industry trends, professionals are expected to keep their skills fresh. It's not just about what you learned in school—it's about what you keep learning. Yesterday : A degree, especially from a well-known school, was often enough to get you through your career. Once you had the right credentials, continuous learning wasn’t a huge focus. 3. Agility in Technology vs. Traditional Tools Today : Being tech-savvy isn’t optional. From automation to collaboration tools, technology is part of almost every job. You’ve got to be able to use these tools to stay relevant. Yesterday : Tools like spreadsheets and email were enough for most roles. Technology was there, but it wasn’t deeply integrated into non-tech jobs the way it is today. 4. Values-Driven Work vs. Hierarchical Loyalty Today : People want purpose, not just a paycheck. Employees are looking for work that aligns with their values, and companies that support things like work-life balance and mental health. It’s not just about loyalty anymore—it’s about feeling good about where you work. Yesterday : Loyalty to a company was a major factor. You worked hard, stayed loyal, and didn’t necessarily expect the company to care about your personal values. The focus was on putting in the time and doing the work. 5. Diversity & Inclusion as a Key Focus vs. Homogeneous Workplaces Today : Diversity and inclusion aren’t just nice to have—they’re essential. Today’s professionals expect their workplaces to reflect a wide range of perspectives, genders, and experiences. Everyone wants to feel seen and valued. Yesterday : Diversity wasn’t as much of a priority. Many workplaces were homogenous, and inclusion wasn’t discussed the way it is today. 6. Agile Leadership vs. Command-and-Control Management Today : Leadership is about collaboration and empathy. Today’s leaders are facilitators, mentors, and motivators. They encourage open communication and care about the people, not just the tasks. Yesterday : Leadership was more about control. It was top-down, with leaders making decisions and everyone else following orders. The focus was on managing tasks, not people. 7. Freelancing & Flexibility vs. Full-Time, Traditional Employment Today : Flexibility is the name of the game. Freelancing, contracting, and remote work are all becoming more popular as professionals look for control over their schedules and projects. Yesterday : Full-time employment with a single company was the norm. People worked their way up the corporate ladder and stuck around for the long haul. 8. Networking & Personal Branding vs. Quiet Expertise Today : Building a personal brand is important. It’s not enough to do great work—you need to make sure people know you’re doing great work. Networking on platforms like LinkedIn has become a key part of staying visible in your industry. Yesterday : You could quietly focus on your expertise. Long-term relationships and internal company networks were often enough to advance your career. 9. Emphasis on Soft Skills vs. Technical Mastery Alone Today : Emotional intelligence, communication, and collaboration are highly valued. You’ve got to be able to work well with others and adapt to different working styles. Yesterday : Technical skills were often enough to get by. Soft skills mattered, but they didn’t get the same level of attention as they do now. 10. Entrepreneurial Mindset vs. Following the Corporate Playbook Today : Whether or not you’re starting your own business, having an entrepreneurial mindset can make a difference. Professionals today take ownership of their work, innovate, and even pursue side projects. Yesterday : Following the established corporate path was expected. You worked your way up within existing structures, and entrepreneurship was considered a more niche career path. The DNA of today’s working professional is all about adaptability, purpose, and continuous growth. In contrast, yesterday’s professional valued stability, loyalty, and expertise in a more rigid structure. The modern professional thrives in a world that’s always changing, where technology and values shape careers as much as hard skills. Whether you’re freelancing, leading a team, or climbing the corporate ladder, the message is clear: if you’re not learning and evolving, you’re getting left behind. I empower the Invisible. I ignite Success. As a Black woman, small business owner, and advocate for inclusion, I’ve built my career around seeing potential where others may overlook. Through my staffing boutique and professional development/coaching service, I focus on creating real opportunities for marginalized communities, including women, LGBTQ+, neurodiverse, disabled, and veteran professionals. I root for the underdog because they have the best stories to tell—and the most untapped potential.  #CareerGrowth #AdaptabilityMatters #LifelongLearning #ProfessionalDNA #ThriveAtWork #FutureOfWork #EvolveOrFade #InclusiveWorkplace #LeadershipEvolution #TechSavvySkills