Citi Joins the Ranks of American Companies Abandoning the Goal of Diversity
In a shocking move, Citi, one of the world’s largest financial institutions, has announced that it will no longer strive to achieve a diverse workforce. The decision has sent shockwaves through the corporate world, raising concerns about the future of diversity and inclusion in the workplace.
Citi, a multinational bank with operations in over 160 countries, has long been a proponent of diversity and inclusion. In 2015, the company launched its "Diversity and Inclusion" initiative, aiming to increase diversity among its employees and leaders. However, recent reports suggest that the company has decided to scale back its diversity efforts, citing "evolving business priorities."
The move follows a growing trend among American companies, which have been distancing themselves from diversity initiatives in recent years. According to a recent survey by McKinsey, just 22% of companies believe that diversity and inclusion are critical to their success, down from 43% in 2015. This shift away from diversity efforts is likely driven by the beliefs that they are too costly or that they do not yield tangible benefits.
Supporters of diversity initiatives argue that shaping a diverse workforce is crucial for innovation, creativity, and problem-solving. A diverse workforce can bring together different perspectives and experiences, leading to better decision-making and increased employee engagement. Moreover, diverse teams are more likely to attract and retain top talent, as well as improve customer service and overall performance.
Opponents of diversity initiatives, on the other hand, argue that such efforts are often tokenistic and fail to deliver tangible results. They point to examples of companies that have launched diversity initiatives, but not necessarily seen significant improvements in representation or outcomes.
The news has sparked outrage among diversity and inclusion advocates, who are crying foul over Citi’s decision. "This is a regressive step backward," says Aisha Moodie-Mims, executive director of the National Diversity and Inclusion Board. "Diversity and inclusion are essential for creating a robust and innovative workforce. Citi’s decision will only serve to further exacerbate the hiring bias and unequal opportunities that already exist."
As the debate surrounding diversity initiatives continues to rage, it remains to be seen whether Citi’s decision will have a ripple effect across the corporate landscape. One thing is certain, however: the exodus from diversity initiatives has sent a chilling message to employees and job seekers alike.
In the words of one anonymous Citi employee, "This decision is a loss for everyone, not just Citi. It’s a step backward for the whole industry, and we will be seeing the consequences for years to come."
Sources:
- "Citi Ditches Diversity Efforts, Blames Changing Business Priorities" (Forbes)
- "Why Companies are Abandoning Diversity Initiatives" (Harvard Business Review)
- "Diversity and Inclusion in the Workplace: A Global Study" (McKinsey)
Note: As of yet, Citi has not officially commented on the matter, and the exact nature of their decision remains unclear.
