The 'Glass Floor' Is Keeping America's Richest Idiots At The Top

Elites Are Becoming More Insular

The U.S. economy produces fewer secure, well-paying jobs than it used to. Most American industries are consolidating into a few dominant players. Technology, globalization and outsourcing have pushed entry-level and support roles out to low-wage workers. This leaves a growing number of Americans competing for a shrinking number of jobs. And all the evidence indicates that corporations are reserving them for people who are already wealthy.

In 2016, researchers sent hundreds of résumés to high-end law firms. They were identical in degrees and grade-point averages, but researchers tweaked the extracurricular activities to make some candidates seem rich (sailing, classical music) and others seem poor (track and field, country music). At the end of the study, upper-class men had been invited to 12 times more interviews than lower-class men.
Other studies have found similar class-based sorting practices in elite professions. In a 2012 survey, more than half the hiring managers in corporate law and finance firms said “cultural fit” was their No. 1 criterion for assessing candidates in job interviews. Some human resources managers screened out qualified candidates who had the “wrong” extracurricular activities. Others admitted to throwing out applicants without elite college credentials.
And then there’s the nepotism. According to a 2011 study, 70% of boys born into the top 1% of income earners ended up working at their father’s company at some point in their lives, a larger percentage than other income brackets. In 2006, researchers found that nearly one-third of new CEOs were hired through a family connection.

(2/3)

/r/asianamerican Thread Link - huffpost.com