Tech
How Tech Layoffs Will Impact Black Americans: McKinsey’s Shelley Stewart
McKinsey senior partner Shelley Stewart worries that an economic downturn may impact diversity, equity and inclusion efforts. He tells CNBC’s Sharon Epperson how companies can mitigate high attrition rates in frontline jobs and reflects on how DEI pledges have evolved since 2020.
Since December 2020, the amount of money that companies publicly committed to racial equity has increased from $66 billion to $340 billion. However, “it has been challenging to actually meet these ambitious goals to deploy this capital,” Stewart said.
Stewart told CNBC that Black Americans have historically been disproportionately affected during economic downturns.
Because Black workers are underrepresented in the tech industry, he said, they may not be hit disproportionately in that sector. Nonetheless, he stressed the importance of increasing the number of Black workers in tech, urging businesses to continue “thinking about ways to increase representation as we think about emerging from this thing on the other side.”
Stewart encourages companies to continue their DEI efforts by working with diverse suppliers, saying partnering with diverse businesses is “the biggest lever that corporations have to directly impact society other than wages.”
“Inclusive growth is better for companies, better for society, better for our global economy and our domestic economy,” he said. “Folks that stick to that, I think, will emerge on the other side stronger.”
Watch the video to learn more about the commitments that companies have made to address inequality and the impact that an economic downturn could have on these DEI pledges.
Chapters:
0:49 – Jobs
3:36 – The pledges
6:19 – Partnerships
Produced by: Macklin Fishman
Reported by: Sharon Epperson
Supervising Producer: Lindsey Jacobson
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How Tech Layoffs Will Impact Black Americans: McKinsey’s Shelley Stewart
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Meta has launched Muse Spark, its most powerful AI model yet and the first major product from Chief AI Officer Alexandr Wang’s newly formed Meta Superintelligence Lab. The release comes as the company ramps capital expenditures to as much as $135 billion this year, nearly double last year’s spend, raising the stakes for every product that emerges from Wang’s lab. Unlike Meta’s previous open-source Llama models, Muse Spark will be proprietary, with plans to eventually offer paid API access, opening a potential new revenue stream. Meta says larger, more capable models are already in development and that Muse Spark is just the foundation on the road to what Zuckerberg and Wang call “personal superintelligence.” CNBC’s Julia Boorstin explores why this launch is such a big deal for Meta.
Reporter: Julia Boorstin
Produced by: Stephen Desaulniers
Edited by: Andrew Evers
Senior Director of Video: Jeniece Pettitt
Additional Footage: Getty Images, Meta
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Why Meta’s New AI Model Is Such A Big Deal
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Job-seeking impostors, including deepfakes, are exploiting the remote work trend, defrauding U.S. companies and potentially threatening U.S. national security, according to experts.
While fraudulent job seekers can originate from anywhere, fake candidates with ties to North Korea have drawn significant headlines in recent months.
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With EV sales faltering and forecasts lowered, automakers are looking for ways to sell the batteries they are making. CNBC’s Robert Ferris breaks down how and why automakers including General Motors and Ford are investing in a new industry.
Producer: Robert Ferris
Editor: Natalie Rice
Animation: Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional footage:Ford, Getty Images, GM, Redwood Materials, Tesla
Additional sources: Benchmark Mineral Intelligence, Carnegie Mellon University, Wood Mackenzie
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Why Automakers Want To Power AI Data Centers
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Over the past decade, TJX Companies has nearly doubled its annual sales, crossing the $50 billion mark in fiscal 2024. Consumers are drawn to T.J. Maxx, Marshalls and HomeGoods for their ability to find name brands at a discount and the treasure hunt-like nature of its shopping experience. Experts credit the brand for destigmatizing the discount shopping. Watch the video to learn how T.J. Maxx won over the American consumer.
Chapters:
0:00 Introduction
1:20 Chapter 1: Consumer perception is key
3:45 Chapter 2: Finding the right product
6:20 Chapter 3: Sustaining growth
Produced and shot by: Ryan Baker
Edited by: Kevin Heinz
Senior Managing Producer: Tala Hadavi
Animation: Jason Reginato, Christina Locopo
Additional Footage: Getty Images
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How T.J. Maxx Disrupted The Retail Industry
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There’s a new bottleneck in the AI chipmaking process that happens almost entirely in Asia right now: advanced packaging. It connects smaller chips together into a larger chip like a GPU, so it can communicate with data centers and more. As Nvidia books the majority of capacity, TSMC prepares to break ground on its first U.S. packaging plants, and Elon Musk taps Intel for ambitious custom chip plans in Texas. CNBC got an exclusive interview with TSMC and toured an Intel packaging plant in Arizona to find out exactly how advanced packaging works and why capacity is ramping up fast.
Chapters:
00:00 – Introduction
2:25 – Rise of advanced packaging
5:57 – From 2D to 3D
10:39 – U.S. packaging capacity
Produced and Shot by: Katie Tarasov
Edited by: Evan Lee Miller
Camera by: Marc Ganley, Tony Puyol
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato, Emily Park
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Nvidia Booked The Majority Of TSMC’s Capacity Of A Crucial Chipmaking Step
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@TedTabaka
December 21, 2023 at 12:37 pm
I don't care about color, race, or gender. What matters in a job if you work well in a team, are courteous, skilled, and good at your career. I am unsure why race is required to hire a good worker…
@divinediva6320
December 21, 2023 at 12:37 pm
I am a woman of color and a veteran!!!! Lets Build Digital Equity and Equitable Development of Housing!!!
@divinediva6320
December 21, 2023 at 12:37 pm
Google, Meta, Comcast, and other tech companies owe me 14 Trillion dollars in REPARATIONS funding!!!
@seventhcompactor1505
December 21, 2023 at 12:37 pm
Diversity hires be gone
@seventhcompactor1505
December 21, 2023 at 12:37 pm
Every firm and institution has to fire every woke hire.
It was a mistake to hire them, in the first place
@MidnightRambler
December 21, 2023 at 12:37 pm
Diversity hires
@chuntsechien
December 21, 2023 at 12:37 pm
DEI jobs are fake jobs, useless people
@QPRTokyo
December 21, 2023 at 12:37 pm
Racists come in all colours.
@aBOOBaMUSIC
December 21, 2023 at 12:37 pm
😂😂🤣…at this point, Black Americans are just Professional Victims
@Mantikal
December 21, 2023 at 12:37 pm
Patrisse Kahn Cullors Brignac did pretty dam well for herself – she's a professional Real Estate Investor now – that's to the big corporate America guilt trip program.
@Islldsj
December 21, 2023 at 12:37 pm
MAKE YOU OWN FIX YOUR OWN. Why do blakc peoples always ask for help this is why whites don’t respect them. Start a company hire blakc talent make them competitive while people are never going to make blakc people better blakc people have to DO IT THEMSELVES SHOCKER
@barringtonmorris90
December 21, 2023 at 12:37 pm
Here's an idea: Black Americans build your own silicone valleys. Create your own sports leagues.
@parler8698
December 21, 2023 at 12:37 pm
WOKE is going Broke.🙂
@scholarlyreader383
December 21, 2023 at 12:37 pm
Blacks are the second wealthiest group after whites yet 68% of people who suffer from radical and absolute poverty in the country are blacks. What the super wealthy blacks done for their respective people and community ziltch , they have not done ZERO.
@XoADREADNOUGHT
December 21, 2023 at 12:37 pm
Screw the non-black Americans, right? It's only a worry for black americans when they lose their jobs… Why is our media so racist and evil?
@SmallTownResident
December 21, 2023 at 12:37 pm
It looks like they are shutting DEI down…Can’t complain because it is literally the most useless department ever created
@ko9815
December 21, 2023 at 12:37 pm
1:30 What's with this guy's head? Why is he so blocky? Looks like the greenscreen background removed his hair lol.
@amakoz
December 21, 2023 at 12:37 pm
oh please stop putting colour /gender on this if you want to stop racism ,or maybe you dont ,maybe its conveniant to be hurt minority .I come from country that suffered as much as black americans the difference is we dont beach about it like african americans.
@TotallyNotBrandon
December 21, 2023 at 12:37 pm
Gl getting a job now that the race card affects your resume. Just an excuse to pay workers less based on their race
@Buckshott_54
December 21, 2023 at 12:37 pm
This brother did lots of talking, but said very little. All the buzzwords were present. Diverse workers? Dude can’t even say “black Americans”!!
@videosderamon
December 21, 2023 at 12:37 pm
the brain and human intelligence does not distinguish skin
@rudagata2134
December 21, 2023 at 12:37 pm
I work at a hospital and my apologies in advance. This is more based on observation. I noticed a good number of black register nurses, neurologists, nutritionist, delivery drivers who originally came from Africa are soo intelligent, heartwarming, and very hard working people. The amazing part is how much they have already accomplished in a short time moving to America. Now, why is it hard for African-Americans to do the same vs. African immigrants?
@jason4275
December 21, 2023 at 12:37 pm
the shock and horror of the dislike button.
@Talkwithtina944
December 21, 2023 at 12:37 pm
Finding a job with experience and education can be tough for several reasons. There may be a lot of competition for a limited number of job openings, or you may not have the specific experience that an employer is looking for. It's important to stay persistent, build your skills and experience, and seek out opportunities that match your qualifications and interests. Good luck!
@LookAtJonathantv
December 21, 2023 at 12:37 pm
Nobody cares about the race
Layoffs are a general pattern
Everything and everyone is sensitive nowadays smh
@manolo_ai
December 21, 2023 at 12:37 pm
Where’s the video about brown Americans? Get out of here! Black, brown, white, etc. You’re just a number. These tech leaders know that the talent is hooked. Tech majors and skills are more accessible than ever, they can always get cheaper talent. I believe these companies seized the opportunity to get back the power.
@TheyCallMeJTK
December 21, 2023 at 12:37 pm
How about all Americans?
@francoiannelli8758
December 21, 2023 at 12:37 pm
All political wokeness and stupidity at its finest. Why is everything nowadays all like this?
@darkgalaxy5548
December 21, 2023 at 12:37 pm
Last time I was laid-off, my least concern was how it would affect black Americans.
@EliHaNavi
December 21, 2023 at 12:37 pm
If the layoffs are based on performance and not race, and if it still disproportionately affects blacks, that means that there are differences in performance based on one's ethnicity. Since such a conclusion is a thought crime in the USA, that means that the human resource departments must layoff not based on performance but based on race (avoid laying off blacks), in order to prove to the government commissars and the public that they're not racists. This is the USA.
@amycrown1
December 21, 2023 at 12:37 pm
It's crazy how nobody knows how systematic racism works and the history behind why having conversations like these are important. It's so sad to see so much black hate in one place, but I'm happy at the same time to know my suspicions of certain groups of people are valid. This brings joy to my heart truly to know what kind of country I live in and know more about the people that occupy it.
@pimpinace_175
December 21, 2023 at 12:37 pm
race card declined