So it looks like Silicon Valley Bank employed people to do fundamentally pointless time- and resource-wasting stuff. This, sad to say, is hardly unique; lots of companies devote surprising amounts of effort end employees time to things that have nothing to do with the companies business or mission. Company baseball teams, for example, have nothing to do with, say, an auto manufacturers core function; claims about “building morale/cohesion” *might* have some validity, but if the company is in dire distress, spending resources on that is a bit unwise. However, a baseball team is unlikely to be a major source of revenue drain.
DIE (Diversity, Inclusion and Equity) initiatives, however, CAN be a major drain on a company. Not only directly by consuming payroll in hiring these people, but in consuming productivity in redirecting employees to do stuff on company time. And probably more importantly, indirectly by tearing apart the fundamental cultures that promote productivity and setting employees at each others throats and by causing HR departments to drive away – or not hire in the first place – good employees due to them not filling Enough checkboxes, and retaining less qualified employees because they identify with the current politically favored victimhood groups.
So, any time, money, resources devoted to “woke” policies is of course a bad thing. But how bad it was for SVB is yet to be determined, but it looks like they were at least at the standard American major corporate level of wokist self-sabotagery.
While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs
Perhaps this will serve as a valuable lesson to other companies to avoid this sort of nonsense. I’m not optimistic, though… a century of blood driven by big-government collectivism, from the socialists to the Nazis to the Commies, has hardly stopped people from “but this time we’ll get it right.” Additionally: since the list of “conspiracy theories” being proven right seems to grow day by day, conspiracy theories that hold that failures like this are all part of some long plan to centralize power into fewer and fewer institutions seem undismissable.
