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Wells Fargo remains under the spotlight as investors respond to the financial giant’s recent announcement of workforce reduction plans. The news, which surfaced in late 2023, revealed that Wells Fargo CEO Charlie Scharf shared plans to cut the company’s workforce, anticipating severance costs ranging between $750 million to $1 billion during the fiscal fourth quarter of last year. This strategic move follows earlier layoffs at Wells Fargo disclosed last month, totaling 11,300 jobs or 4.7% of its workforce in 2023. The company’s approach under Scharf’s leadership aims to maintain a workforce presence near its various hubs across the United States. Why Are The Wells Fargo Layoffs Happening The decision to reduce headcount comes in the wake of Wells Fargo’s ongoing efforts to navigate challenges in the economic landscape. Last month, Scharf highlighted the necessity of these payments, citing the need for the company to adjust its workforce amid persistently low turnover rates. In...
In today’s quickly changing job market, people are looking for companies that check all of their boxes. They want to show up and be inspired by their work, be inspired by company leadership and make an impact with the projects they work on. Many job seekers are also seriously considering how a company handles diversity in its workforce for the first time. Unfortunately, finding a company that meets those criteria in today’s job market can be challenging. In the past few years, employers have loudly proclaimed that diversity was a core part of their values and that the voices and contributions of Black talent were central to how they saw their company futures. But the reality of how Black employees are compensated, trained and valued hasn’t matched up to those claims. Fortunately, integrated advertising agencies within dentsu International’s network are showing up in a real way for Black employees. Through diversity initiatives and other social impact efforts, dentsu hopes to...
This new report is calling on change makers to step up to the plate after highlighting gaps in representation, participation and pay for Black workers in America. McKinsey & Company published some eye opening findings in its recent “The Economic state of B lack America: What is and what could be” report. The new study explores the racial gaps and disparities across the nation’s economy. The Economic state of Black America studies five specific economic roles: workers, business owners, savers/investors, consumers, and residents. With this new report, McKinsey wants to provide a comprehensive review of how Black Americans participate and thrive in the economy. The management consulting firm also wants to put a spotlight on the challenges Black Americans face and help imagine what a new future looks like following the coronavirus pandemic. “The way forward is a mix of truth and reconciliation, and it’s really important to tell the full truth,” John Paul Julien, an associate partner at...
On the current trajectory, it would take roughly 95 years for Black professionals working in the national private sector to reach 12 percent representation in management roles, a new report finds. McKinsey & Company published this finding amongst others in its inaugural Race in the Workplace: The Black Experience report. The new report studies Black professionals working in the U.S. private sector, diversity, equity and inclusion programs and what economic success looks like. Walmart, the W.K. Kellogg Foundation, PolicyLink and the McKinsey Institute for Black Economic Mobility collaborated to conduct research on 24 national companies, which represent 3.7 million employees. Monne Williams, Atlanta partner at McKinsey & Company and co-author of the new report, told AfroTech that McKinsey invited a number of companies and they had to opt-in to participate. This initial report focuses on large employees with good industry representation, she said. “We looked at current representation...
Major corporations are beginning to launch more initiatives geared toward upskilling underserved and overlooked workers in America. The latest to join the movement is SoftBank Group International, who’s backing data science market leader Correlation One’s newest initiative. Today Correlation One announced that SoftBank is supporting their company’s Data Science for All / Empowerment (DS4A / Empowerment) program, a new ambitious effort designed to help prepare job-seekers from underserved communities to pursue data science careers. The program was designed to directly address the talent and equity gaps that exist in STEM fields, which have been historically closed off for many minority groups. This snowball gatekeeping-effect has lead to significant underrepresentation of women and non-white individuals in science, but Correlation One is now looking to reverse that. DS4A / Empowerment’s goal is to train at least 10,000 people from these underrepresented communities, prioritizing...
This new Gallup Poll is proof that discrimination in the workplace is alive and well. Last summer the national conversation on racism and injustices in America hit the forefront in the wake of the deaths of George Floyd, Breonna Taylor, Ahmad Arbery, and countless others who lost their lives all because of the color of their skin. Today, a study released by the Gallup Center on Black Voices finds that “about one in four Black (24%) and Hispanic employees (24%) in the U.S. report having been discriminated against at work in the past year.” The findings come from a large-scale Gallup web survey conducted from Nov. 6, 2020, to Dec. 1, 2020, with more than 8,000 respondents surveyed including over 3,500 white workers, more than 2,000 Hispanic workers, and over 2,000 Black workers. Studies show the experiences of Black men (27%) and Black women (23%) are close. Income also plays a part within Black employees in households earning less than $90,000 (24%) annually and even those earning...
Evolving with technology can present several issues for people in the workforce. For example, when it comes to upskilling and training, workers may not have the time or money. Sinead Bovell, the founder of WAYE , believes that the rapid growth of technology will force many people to turn to entrepreneurship. WAYE, which stands for “Weekly Advice for Young Entrepreneurs,” is an organization that teaches people about the intersection of tech and business through panel discussions and workshops. “As technology continues to automate, a lot of us are going to have to pivot into an entrepreneurial lane,” Bovell said. According to a recent study by McKinsey , the push toward automation could have some negative impacts on Black workers. More African American workers are in slow-growing, low-paying support roles compared to the rest of the general American population. Support roles will most likely be replaced by automation, making African Americans most vulnerable to the technology’s...