Ally hasn’t mentioned anything about opting out of the DEI program. Do you think Ally will follow other companies in removing their DEI program? Ally is strongly focused on ERGs, so I would be surprised if they stopped supporting it.
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Ally Financial was recently sued for discriminatory hiring practices. The lawsuit claims they hired based on race and gender over qualifications and experience. This is not surprising, given the lawsuit involved their security department, and given the recent data breach. When you hire based on race and gender characteristics rather than experience and expertise in such critical roles the worst is bound to happen. The lawsuit looks to be settled, but the company seems to be de-emphasizing DEI as a result. I’m curious if the hiring manager who did this still works there. Or if they’re standing by him/her regardless of the consequences of his/her actions.
https://aflegal.org/press-release/america-first-legal-secures-settlement-in-employment-discrimination-case-against-ally-financial/
Ally has been one of my favorite bank stocks for years. Largely because most of their business is in the auto sector and it’s easy to predict. However I did notice something reading through their most recent 10-K. Unlike years past they seemed to drop all mentions of DEI. It will be interesting to see if this actually translates to policy changes within the company. In previous 10-K’s Ally mentioned DEI dozens of times. To include a mention on tying performance reviews, in part, on how well they incorporate DEI into the areas they direct. Seems almost to say “Directors will promote and benefit financially if they hire and retain diversity” … which is likely illegal. In their past proxy statements Ally tracked their retention or increase of marginalized groups. I believe they have another coming up in April. It will be interesting to see if they reflect the most recent 10-K or the previous 10-K’s. On the whole companies are retreating from race/gender based metrics as a measure of success. I’m personally curious how their DEI preferences and hiring policies, which they also mentioned in past 10-K’s, may have led to incidents like their recent data breach.
Ally is not mainly white and leadership is definitely not mainly white… do you even work at ally??!?
DEI is so much more than race/culture and celebrating MLK Day. It also includes accessibility, equal pay for equal jobs, equitability, disability accommodations, paternity/maternity leave, family restrooms... the list goes on. My guess is that Ally will dump much of DEI now that they don't HAVE to do anything out of fear of being sued. We'll lose so many things we've become accustomed to in the years since the 1964 equal employment EO. We don't know any other way. But the minute they can mistreat and be unfair without any retribution, all bets are off. They're already doing it because lawsuits are very hard to prove and they know it. But when nothing is standing in their way? Watch out.
DEI never benefited poc greatly but yt women and lgbtq. Most employees in ally are yt as well as the leadership structure.
They will likely not abandon it.
No. They have been enmeshed in it since before the prior administration.
I don’t think they will abandon it until forced as a result of a discrimination lawsuit brought as a class action suit by “the unprotected classes) how much money could be saved by cutting out this divisive department. I can’t imaging how much old Reggie is getting paid. Has that department generated a penny towards revenue? When a managers salary is affected by how many DEI checkmarks they hit and how many DEI candidates they hire and promote not based on merit but color, it will lead to mediocrity. We’re already there. How can it not be a discriminatory practice.
Ally actually does have a pretty good ERG or DEI program unlike some companies that force it down the throat of many. I don't think they'll get rid of it any time cause employees are actually networking and being more productive when it comes to events or helping others when it comes to mentorship. The whole idea is to get people to share a common interest and be more proactive in their career.