DealBook

The Insidiousness of Hidden Ageism Can Destroy Careers and Lives

There was a time when the companies believed in “last hired, first fired.” The reasoning was that these new hires were usually younger, so it was easier for them to find new employment, and had less training, so the company would retain the experienced heart of their workforce.

Those days are no more. Now my generation, the baby boomers, are the first to go when companies seek to cut costs. According to this article by Elizabeth Olson in the New York Times’ DealB%K, older workers cost the company more money so they’re the first to go regardless of the fact that it is increasingly hard for them to find new jobs—a fact confirmed by AARP. Ironically, companies who indulge in ageism also find that they no longer have competent, experienced employees as a foundation of good operating practices.

I wrote about this at length in my book, From Bully to Bull’s-Eye: Move Your Organization Out of the Line of Fire, where I shared the case of William, who was systematically forced out of his job after restructuring to save costs. Ageism is a particularly insidious form of discrimination that makes little sense: we will all be old one day—if we’re lucky.

Photo credit: BIGSTOCK

Debating ESG (Environmental, Social and Governance) is Just Plain Dumb

Do you know the buzzword for measuring a company’s commitment to ecological sustainability, the community and corporate governance? It’s ESG and it stands for “environmental, social and governance.” Andrew Ross Sorkin discusses this in his New York Times DealBook piece, “Can Good Corporate Citizenship Be Measured?” According to Sorkin, ESG has become the key metric of any investment decision and companies that are being considered need to prove that they are responsible in all three categories.

ESG got some attention recently because of a study by the Bank of America’s Merrill Lynch Global Research unit that measured investment results over a 10-year period since 2005.  According to study author Savita Subramanian, “I’ve never seen anything as effective as ESG characteristics when it comes to anticipating future earnings and volatility of U.S. corporations.”

However, there are those who might contest the connection between ESG and improved performance—but it’s a dumb debate. Those who don’t embrace ESG are in danger of following in the tracks of Uber, Volkswagen and Wells Fargo.

Andrew Faas is the author of From Bully to Bull’s-Eye: Move Your Organization Out of the Line of Fire

Photo credit: BIGSTOCK