Post by account_disabled on Mar 4, 2024 3:49:11 GMT -6
Who knows when business travel will return to pre-pandemic levels, especially given the spread of the delta variant.
According to TriplePundit , there are bigger concerns for companies right now than scheduling the next in-person team meeting.
For example, companies would have us believe that they are focused on restructuring how they attract, hire and retain talent a year after calls for racial equality erupted.
A commitment to more diverse hiring practices certainly seems like progress. However, the difficult part is keeping those promises.
Reimbursement
Additionally, companies should also look inward and Chile Mobile Number List assess whether their current policies are getting in the way of achieving a workforce that resembles that of today's United States.
Reimbursement of expenses to employees
One current way of doing business, in particular, is contributing to structural discrimination in the office, says a Fortune writer .
We have all heard the expression "just spend it" at some point. It sounds harmless enough: if you need something to do your job better, then it's in the best interest of both the employee and the employer to purchase that subscription or product. Then what could go wrong?
All. Maybe the problem isn't that occasional piece of paper. But if an employee is expected to take a work trip and charge those expenses to their personal credit card (or a corporate card for which that same employee remains personally responsible), that's a huge sum for an employee to cough up and then wait a month or so for the refund.
While we may not think of expense policies as tools of structural discrimination, the reality is that they are often written (and enforced!) by people whose relationship with credit is based on maximizing their points and getting that sweet lounge access. .
Just as unpaid internships reward people who can afford to work for free, requiring employees to keep balances and wait for repayment places an undue burden on people who cannot afford to make a personal loan to their employer.
Ishmael in Fortune's Race Ahead newsletter.
Reimbursement of expenses to employees
What is the message to employers and, more specifically, to the human resources and accounting managers who typically write and implement these policies?
Ishmael points to a 2019 Federal Reserve bulletin that looks at family wealth in American society. At the time, the average white family had assets totaling nearly $190,000 on average, compared to just over $24,000 for black families.
For younger Americans, the difference is even starker: Young white families had assets averaging more than $25,000, while young Hispanic families' assets averaged just over $11,000. The median asset for young black families was $600.
The Federal Reserve study also found that young black professionals had on average 20% more student loan debt than their white counterparts.
Racial barriers
So why is this important when reporting expenses? While Lending Tree data found that less than 20% of white applicants had their credit card applications rejected, 44% of Black Americans' applications were rejected.
Barriers continue as workers age and pursue home ownership: A 2018 Washington Post report found a similar racial and ethnic discrepancy in home mortgage and refinance loan applications. If one cannot secure a decent credit history, then forget about buying that house in the future.
Reimbursement of expenses and racism
Not that having access to your own credit card solves the problem. The same company that has a 30-day refund policy will often not pay the interest charged on an employee's credit card if the employee was unable to pay their work trip expense on time.
A Forbes writer concluded last year that, due to expense policies, employees had provided the companies they worked for with $1.6 billion a month in interest-free loans during 2018. That is a weight that is not distributed equally among all employees.
Promises of airline miles or shopping points are difficult to swallow if that burden falls especially on a company's youngest employees or staff who happen to be people of color.
The bottom line is that when it comes to issues of race and equity, companies should look inward before embarking on a public campaign to make their companies more diverse and inclusive .
According to TriplePundit , there are bigger concerns for companies right now than scheduling the next in-person team meeting.
For example, companies would have us believe that they are focused on restructuring how they attract, hire and retain talent a year after calls for racial equality erupted.
A commitment to more diverse hiring practices certainly seems like progress. However, the difficult part is keeping those promises.
Reimbursement
Additionally, companies should also look inward and Chile Mobile Number List assess whether their current policies are getting in the way of achieving a workforce that resembles that of today's United States.
Reimbursement of expenses to employees
One current way of doing business, in particular, is contributing to structural discrimination in the office, says a Fortune writer .
We have all heard the expression "just spend it" at some point. It sounds harmless enough: if you need something to do your job better, then it's in the best interest of both the employee and the employer to purchase that subscription or product. Then what could go wrong?
All. Maybe the problem isn't that occasional piece of paper. But if an employee is expected to take a work trip and charge those expenses to their personal credit card (or a corporate card for which that same employee remains personally responsible), that's a huge sum for an employee to cough up and then wait a month or so for the refund.
While we may not think of expense policies as tools of structural discrimination, the reality is that they are often written (and enforced!) by people whose relationship with credit is based on maximizing their points and getting that sweet lounge access. .
Just as unpaid internships reward people who can afford to work for free, requiring employees to keep balances and wait for repayment places an undue burden on people who cannot afford to make a personal loan to their employer.
Ishmael in Fortune's Race Ahead newsletter.
Reimbursement of expenses to employees
What is the message to employers and, more specifically, to the human resources and accounting managers who typically write and implement these policies?
Ishmael points to a 2019 Federal Reserve bulletin that looks at family wealth in American society. At the time, the average white family had assets totaling nearly $190,000 on average, compared to just over $24,000 for black families.
For younger Americans, the difference is even starker: Young white families had assets averaging more than $25,000, while young Hispanic families' assets averaged just over $11,000. The median asset for young black families was $600.
The Federal Reserve study also found that young black professionals had on average 20% more student loan debt than their white counterparts.
Racial barriers
So why is this important when reporting expenses? While Lending Tree data found that less than 20% of white applicants had their credit card applications rejected, 44% of Black Americans' applications were rejected.
Barriers continue as workers age and pursue home ownership: A 2018 Washington Post report found a similar racial and ethnic discrepancy in home mortgage and refinance loan applications. If one cannot secure a decent credit history, then forget about buying that house in the future.
Reimbursement of expenses and racism
Not that having access to your own credit card solves the problem. The same company that has a 30-day refund policy will often not pay the interest charged on an employee's credit card if the employee was unable to pay their work trip expense on time.
A Forbes writer concluded last year that, due to expense policies, employees had provided the companies they worked for with $1.6 billion a month in interest-free loans during 2018. That is a weight that is not distributed equally among all employees.
Promises of airline miles or shopping points are difficult to swallow if that burden falls especially on a company's youngest employees or staff who happen to be people of color.
The bottom line is that when it comes to issues of race and equity, companies should look inward before embarking on a public campaign to make their companies more diverse and inclusive .