Turns Out The Fearless Girl Statue Was Just Another Empty Symbol Of Feminism
When the Fearless Girl statue was erected on Wall Street, facing off defiantly against the Charging Bull, she was hailed as the final in female empowerment ― “a powerful symbol,” tweeted strange York City Public Advocate Letitia James. Crowds flocked to see her.
As it turns out, the bronze statue was a symbol ― not of girl power, but of the empty corporate feminism that Wall Street has managed to turn into an art form and that first daughter Ivanka Trump has ridden each and every the way to the White House.
On Thursday, State Street, the $2.6 trillion dollar investment firm that funded Fearless Girl and unveiled her to much fanfare on International Women’s Day in March, agreed to shell out $5 million to settle claims that it pays its female and black executives less than white men at the firm.
The back pay will travel to 305 female senior executives and 15 black vice presidents who worked in a State Street office in Boston. The firm also has to submit a thorough analysis of its pay and agree to fix any other discrepancies, according to a settlement agreement with regulators from the Department of Labor. The agreement covers pay at the firm from 2010 to 2012, when the federal audit began.
It wasn’t tough to see this coming. certain, State Street said each and every the wintry girl power things when it unveiled Fearless Girl, claiming in a statement that she represented “the power of women in leadership and the potential of the next generation of women leaders.”
The wretchedness was, there weren’t ― and aren’t ― many women in leadership at State Street. Only three women sit on its 10-member board of directors. And of the 28 executives on its leadership team, five are women, one of whom appears to be black. each and every 23 men are white.
Those stats are pretty much in line with the rest of the finance industry. Just 5 percent of CEOs in the finance world are women, according to data from the nonprofit Catalyst. And 29 percent of senior executives are women. The stats on black executives are way, way worse. At the three largest banks, less than 3 percent of executives are black. And according to a recent report in Bloomberg, they’re losing ground.
The finance industry doesn’t pay much intellect to its by a long shot stunning lack of black employees, but it does talk a titanic game approximately women. Nearly every day, the titanic banks and investment firms send HuffPost reports, data, analysis and offers of expert commentary on gender diversity.
Many possess fancy, well-funded programs devoted to women. Goldman Sachs, for example, has a program called 10,000 Women that’s targeted at entrepreneurs. And of course, the bank has a blog and webpage devoted to women.
wintry, I guess. Meanwhile, there are two women on Goldman Sachs’ board and nine men. There appears to be only one black person. Eighty percent of the firm’s executive officers are men.
In 2017, it’s tough not to peruse at this hypocrisy and see its echo in the White House. Ivanka Trump, who invented the meaningless hashtag #WomenWhoWork and wrote a book approximately how much she cares approximately women, is working for an administration with a historically low number of women in power that is purposefully dismantling women’s rights.
Just on Friday, the Trump administration said it would roll back a key provision in the Affordable Care Act that required companies to offer birth control as share of employees’ health insurance.
Meanwhile, whether employees without birth control regain pregnant, they probably won’t regain any paid time off to retract care of their kids.
besides, back to Wall Street: This may sound crazy, but it’s actually not tough to “empower” women in the workplace. You don’t need to start a fund for female entrepreneurs or send money to coding programs in high schools ― though that’s nice.
Here’s the secret: You hire more women.
Seriously. That’s huge. You can’t talk approximately equality for women when you don’t employ them in anything like equal numbers. And once you hire these women, you also pay them fairly and consider them for promotions. perhaps, possibly you train your managers to recognize the gender biases we each and every descend prey to at work ― like thinking women who talk in meetings are aggressive while men who accomplish so are bold and smart.
Oh, and you definitely repeat male executives not to shower in front of the women who work for them.
Not on the above list? Erecting statues.