Diversity Recruiting and the Federal Government
Diversity Recruiting and the Federal Government:
Advocating a diverse workforce by passing specific laws is nothing new to the Federal Government. What is new is the Federal Government’s effort to promote diversity specifically within the financial services business. Recently the Office of Minority and Women Inclusion was created when the financial reform bill was singed into law. The law requires the 30 federal financial agencies and departments, including the Securities and Exchange Commission and all 12 Federal Reserve banks, to establish an Office of Minority and Women Inclusion. According to the law, banks and other financial firms (including law firms) that fail to make "a good-faith effort to include minorities and women in their workforce" could lose their government contracts or possibly be fined. These vaguely defined powers of the Office of Minority and Women inclusion have caused a lot of controversy. But why did lawmakers created the Office of Minority and Women Inclusion in the first place?
Many reports have suggested that the Federal Government has begun to view diversity as a topic of national interest. Years ago the Hudson Institute published a report that the demographic changes taking place in American would change the image of the typical American worker forever. The report essentially predicted that minorities would increasingly constitute a larger percentage of new workers. In addition, labor force participation of women was predicated to rise and that the median age of workers would increase due to the aging baby boom generation. In essence, the American workforce is changing along with America’s demographics.
Whether or not the Office of Minority and Women Inclusion decides to cut off government contractors who fail to “make a good faith effort to include minorities and women in their workforce” remains to be seen. What is clear is that the Office of Minority and Women Inclusion and the Federal Government has already begun to institute new diversity initiative within its own Federal Reserve Banks.
Recently our services have been the diversity-recruiting tool for the Minnesota Federal Reserve Bank, The FHFA, The Atlanta Federal Reserve as well as major Fortune 500 corporations including GE, Microsoft and RJ Reynolds.
Any company that posts jobs on WomensJobList will receive our certified diversity partner seal. WomensJoblist is the most visited job board for women professionals.
Meghan Kirk
Marketing Manager
[email protected]
888-984-3547
