YouSaid · the spoken record

Giselle Burgess

lines on the record: 26
first: 2023-08-22
most recent: 2023-08-22
sittings or episodes: 1
sources: podcast

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“For the private institutions or investors and private companies, make donations and make those donations flexible, it's incredibly important that these schools can direct the donations in the places they think it's most needed and that those donations are not restricted. So that's really important. Number two, I would say set aspirational goals for hiring HBCU interns and graduates. And then thirdly, creating pathways within your institutions for these students. It's not just hiring, but ensuring mentoring, coaching, developing programs that's able to retain and sustain participation of those students in your organizations.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“If I narrow in on Sharon's point on education and the importance of making that accessible and affordable for policymakers, I would say it's to ensure that they create access to funding across the board, that financial support for lower income families and students are sustained and that there is governance along those type of policies that really help increase the level of participation from low-income families. And then, of course, equitable funding and putting in place, again, governance to ensure that happens.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Rise in the number of women in other leadership roles. So, more broadly, a management roles across companies or in the top echelons of leadership, things like the CEO and CFO role. We think that focusing on broadening out the pipeline at all levels is really very important. And the sectors that in particular should be a focus would be technology and financials. Those sectors are quite lagging in terms of female representation generally at the more senior levels, but those sectors are also crucial when it comes to financing for women-led businesses and the tech sector in particular have got implications for artificial intelligence of work patterns that will affect both men and women. So we want a diversity of people represented there. So those are the sectors in particular the focus should be on.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“So, I think in emerging markets, I would focus on education. Perhaps for more developed markets in particular, better family-friendly policies, including maternity and paternity leave, and also good quality and subsidised childcare is very, very important. And those policies, if you look at family-friendly policies, I would call them, shared parental leave, this good quality childcare, which is subsidised to some extent. Those policies are definitely associated with more female labour force participation. So family-friendly policies in developed markets, better education and better access to education for women in emerging markets as well. And then I guess for corporates, for companies, broadening out the leadership pipeline, there's been a very sharp rise in the share of women sitting on company boards, particularly in Europe, but this is true elsewhere. But that's been a kind of metric that everyone has focused on. It's been a particular focus. And it's changed really dramatically one generation. And that absolutely should be applauded. But there's not been a comparable”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, health and education outcomes for children. So when women are better educated, particularly in emerging markets, this tends to lead to better health outcomes for their families and it tends to lead to better education outcomes for their families as well because they also have a higher degree of demand for education for their own children. They can provide better support and resources to those children as well. And again, if you look statistically at matters more that the woman has got a higher education than the man in the family. And when it comes to health and education, outcomes for the broader family, for the children as well. So those things mean that it's not just a bit, as Jose was saying, you can help the person, but you help the community more broadly as well.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, we find this similar, you can easily improve employment, you can improve GDP. If you just narrow these gaps by half, we reckon that the level of GDP across developed markets and emerging markets could improve by about 5% to 6%. And the GDP impact for emerging markets generally comes from women entering formal employment, whereas the GDP impact for developed markets would become really from a reduction in that pay gap. But also, I would say that you can get a growth impact through higher educated women and more labour force participation where women tends to lead to better health outcomes for children. And that can be a really important factor as well for the longer term productivity of your society too. So I think absolutely equality is ethically, morally, most important, but economically it can have huge gains, both shorter term and longer term.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Educated citizens earn more, they pay higher taxes over time, they cost less for the governments in terms of welfare or healthcare. So they are healthier individuals. They also participate more in civic and political participation just overall or activities. And all of that tends to lead to a safer environment and a safer community. So it's, again, one thing. It's important to do it because it's a fear thing to do. But there are a ton of economic benefits that come from educating the mass population.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Specifically to HBCUs, they make up 2.5% of U.S. colleges but are responsible for 13% of bachelor's degrees, over 20% of STEM degrees, and 10% of black American doctorate degrees, which is really important because physicians of color in particular tend to focus more on disadvantaged neighborhoods. And so being able to service those neighborhoods is incredibly important to continue to educate black Americans to get to that result. That's pretty significant. It's almost like the little engine that could, right? Research also shows that beyond the students, HBCUs have really broad impact on black communities. So, for example, proximity to HBCUs actually increased the share of adult black Americans in a community with a college degree. And so that means it's broader income growth for the entire community as a whole. We also know that”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“And this comes back to this point about the progress that Europe has made at more women in the labour force and lower pay gaps in Europe as well. So I think there is more progress to go. The pay gaps are still quite large, but we have certainly seen progress in the last 15, 20 years.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, we are all seeing it narrow as well. So just as per participation rates, they've improved for women. You've actually seen that gender pay gap narrow as well. But as with many other things, it's narrowing but slowly. And the gap is still quite large. I think Japan is a very good example. So when we first talked about the large gender inequalities in Japan back in the late 1990s, the pay gap between men and women in Japan was 50%. So very large, exceptionally large. 15 years ago, it had narrowed to about 30%. So that's a pretty significant move. And then if I look now, it's now just over a 20% pay gap between men and women in Japan. So certainly a narrowing pay gap, a real sign of progress there. And you see that globally. But one place where the change has been a little bit disappointing is actually the US. In the last 15 years, the pay gap has barely moved in the US and it's still around 20%. And other than in Japan and Korea, it's really one of the highest developed markets.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Which the HBCUs are providing, we find exactly the same thing for women. If you get that opportunity to move up the education ladder, you are much more likely to work and obviously more productively work as well. But it's obviously not just education, family friendly policies, economic level of development, all of those things together, but I would say education is probably the key one”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“That they will work. All men tend to work regardless of the education level of men. If you look globally, they are typically seen as the family's main. Earner, in contrast, the more education women gets, the more likely she is to work outside the home at all. Indeed, we found that women's participation in the workforce, it has risen gradually in the last 15 years globally. But if you separate it into both developed markets and emerging markets, it's risen globally in that last 15 years. But all of that can be attributed to women's improved education over that period. So the likelihood, your propensity to work for someone with, say, a high school education or a degree, that hasn't changed. It's just that more women are now getting those levels of education. They're fortunate enough to have those levels of education access, which really links back to Shazal's point about making sure more people, more black people in particular in the US, get that opportunity to get the education.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“It's interesting listening to Giselle talking about the US and how Putin education it is to black students. And we find a very, very similar thing for women globally. I mean, I would say there's three broad drivers of women's likelihood to be in the labor force. Education, first of all. Secondly, family-friendly policies by governments and companies. So policy really matters. And then thirdly, the economic development of the country. And if I home in on education, because I do think that's absolutely crucial. It's very specifically women's education. We find that education for men, that's obviously important too, and it will improve men's productivity and wages, but it doesn't change the likelihood.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“That is very correct. And I think a large part of that, and it really started in about 2014. So the past decade, HBCU enrollment, especially of black students, have really grown over time. And I've mentioned some of the issues, whether it's campus unrest or societal unrest. Those factors end up driving black students to want the safety and the sort of comfort of a historically black college. Evidence that black students enroll at HBCUs faster during times of racial unrest, I mean, that's actually proven in the data. So we've definitely seen that over the past couple of years. Just as an example, Moorehouse College, which is a black college mostly for men in Atlanta, Georgia, had an optic of 60% in applications in 2020, 60% year over year. And that post George Floyd and all of the issues that we were seeing related to racial discord in the country.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“It's a great question. And I think a lot of that stems from the historical and systemic underfunding that we'd seen in HBCUs, quite frankly, for the past almost two centuries that they've existed. So they've suffered from unfair distribution of funds. They've been programs started at non-HBCUs that were never studied at HBCUs at all or started decades later. So one, you have this historical underfunding. If you don't have the funding to drive your institution, it's going to be hard to grow, I think, hard to sustain, had to thrive as an institution. Outside of government funding, we also see that HBCUs have always received in the past just less private donations. And so funding overall have been a huge issue for those schools. During 2020, we saw an uptick in the funding HBCUs were receiving, in part because of the Black Lives Matter movement, in part because of the pandemic, in part because you had the”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Was that she could just be a student of Spellman? And so that's really important, I think, for a lot of students of color. And the last one is that HBCUs have proven. To really create a very supportive Environment from faculty to staff, and all of these are really important in creating positive academic outcomes for students. And in part, I think, Alison, that's why you see such an amazing start. The ability to graduate students at twice the rate than non HBCUs.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Stanford, this schools represent only about 4% of low income students. So it's a really different student body attending an HBCU than an IVLA college. In addition to that, HBCUs also provide a really safe environment for students. So, for example, hate crimes have increased over time. In 2020, we saw about 50% of the hate crimes on campus driven by race and ethnicity. And when you have an environment like that, HBCU, for a lot of students who are minority, tend to create a safer environment for students to feel like they can just be students. I actually went to Spelman College in Atlanta recently and had a student say to me, part of the reason she had chosen Spelman, a black student.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“HBC has an amazing record of taking low income students from the bottom two quintiles and taking them to the top two quintiles. And to your point, it's a pretty remarkable starter. So a big part of that is because HBCU's enrollment A high number of low income students. And that means they are able to provide a very scalable model of upward mobility, meaning because they are accessible, affordable, a lot more lower income students can go into these schools. And so they do a better job of graduating a very high number of lower income students. If you compare that to IV Plus schools, so it IV League Schools Plus University of Chicago, MIT, Duke, Alison, your Alma Matera.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Things actually impact what a school's college graduation rate will be. Everyone does not start on equal footing. So on paper, the gap is 61 versus 38, 61% national college graduation rate in the US, 38% for HBCUs. But those factors that I just mentioned, all of these factors are really important in contributing to those graduation rates. And if we control for those factors, HBCUs actually have a higher graduation rate than non-HBCUs. That's great context. One of the stats that stood out to me the most from your research”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Continues to be a really important step into mobility. The college graduation rates tend to be very noisy. So I want to clarify that before I even say that we have seen a ton of progress, especially for black women in just the college achievement over time. But college graduation stats have a lot of noise in it. So for example, financial status of the schools. So schools with bigger endowments tend to be a little bit more successful than schools without socioeconomic levels of the students. So for example, colleges where you see very large number of Pell grant recipients tend to do less well in graduation rates than colleges with fewer Pell grant recipients. So if the whole family makes under 60,000 dollars, they're eligible for Pellgrans. Academic preparedness of students. So you see a lot of black students tend to not come from schools, for example, that help them be very prepared for college. And so all of those.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Educated over time whether Martin Luther King Jr. or Thurgood Marshall or even Vice President Kamala Harris. It's really timely when we think of those two issues converging together. We have had a lot of HBCU presidents say that they think the recent ruling from the Supreme Court will actually drive further enrollment in these institutions a trend that we had been seeing in the past decade anyway. And so very, very timely, I think, for us to be able to put something out on that topic. Let's stay a little bit more into the education piece of this. Education has long been a way to level the playing field for underrepresented groups. But Giselle set the stage here a little bit. First, just talk about the overall state of college graduation rates for black Americans and how those rates differ between HBCUs and primarily white institutions. It's a great topic and I love your point, Alison, about level in the playing field because we see that education and college education in particular.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“That's what I was going to say, that we have actually seen an increase in client demand for these types of topics because it's an increased focus for our clients. And I think that is a good observation to share in the sense that it's not just us focusing on it, but there's real demand for this. For HBCUs in particular, I think the recent Supreme Court ruling obviously impacts the timeliness of this report. We have sort of two stories converging, right? On one hand, we have the affirmative action ruling. And if you just think back to the historical significance of affirmative action, you had that implemented to address some of the structural racism that especially black Americans experienced over time in U.S. history. And then you have this HBCUs that were born of segregation that always focused on black equality, black education, if you think back to the mission of these institutions and some of the leaders that they”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Me, from my perspective, I was surprised when I wrote on women moving ahead in Europe three years ago. I was really surprised at the amount of focus on it. I thought that there would be some, but I was surprised that I had so much demand to talk about it, partly because it was a bit of a positive message. So we were in the middle of the pandemic and we wanted to see that things were progressing, that women's participation was improving and that gender pay gaps were coming down and we were making some progress, even though admittedly there's a lot more to do in terms of progress. But I also think it's partly that there are more funds now which are focused on social, environmental, governance issues, the ESG funds that we talk about and diversity is one of the factors that they look at amongst all of this. So I think it's partly following the money. And I think it's also partly that society has realized the progress women have made and the economic contribution they've made has been enormous. So the changes that we've seen a society have helped as well.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Going to say just reemphasizing what Giselle said this is certainly not a new topic for us to be writing about diversity now. It's around 25 years that we've been writing about this and we find looking at these issues important for global growth and for performance. So they're the kind of natural territory economists, strategists should be looking at. It's not a sort of distinct area that we tend to see as separate from all our other research. We see it as important body of research when it comes to driving performance and driving economies. And there's just been a consistency. We write on it not just once and then don't come back to it for 25 years. We've written pieces. The first ones we did were on Japan specifically where the gaps were so large between men and women, but we've written on emerging markets. We've written more recently on Europe, for example, and the progress made there and the policy changes. So it's a consistent pattern of research, which very much is part of our general body of research that we do on economies.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“That's not just the right thing to do, the fear thing to do, but that it's good for business and it's good for the economy. And that Goldman, we care about an economy that's working for everybody. We care about equality. And so for us being able to use our research platform to talk about these issues, we hope we'll be able to drive change.”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT
“Partly that there are more funds now which are focused on social, environmental, governance issues, the ESG funds that we talk about, and diversity is one of the factors that they look at amongst all of this. So I think it's partly following the money. And I think it's also partly that society has realized the progress women have made and the economic contribution they've made has been enormous, so the changes that we've seen in society have helped as well”
2023-08-22 · Goldman Sachs Exchanges · The economic potential of closing gender and racial gaps · IDENTIFIED FROM THE TRANSCRIPT