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There s a lot to keep track of. Here’s today’s list of news updates and stories you may have missed.
The McKinsey Institute for Black Economic Mobility released a new report on Wednesday about how the pandemic has accelerated economic inequity in regard to race, ethnicity, gender, income, educational background, geographic location, sexual orientation, physical and mental ability, and immigration status.
“Without a more inclusive recovery, existing disparities may further calcify. Leaders recognize that who participates in, and benefits from, economic growth is critical to the overall health of our economy,” JP Julien, associate partner at McKinsey & Company, told
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If there s no change in current promotion, attrition and external hiring rates, it may take about 95 years for Black private sector employees in the U.S. to reach parity in management positions 12% representation overall, according to McKinsey & Company.
The inaugural report Race in the Workplace: The Black Experience released Feb. 22, surveyed 24 large companies and explored geographic and systemic barriers to provide insight on why Black workers are largely concentrated in frontline and entry-level jobs. This is the first comprehensive analysis of the experience of Black professionals in corporate America, according to McKinsey. We examined the entire U.S. private sector employment, which consists of about 225 million people who work in the private sector, of whom about 15 million are Black workers, James Manyika, chairman and director of McKinsey Global Institute and senior partner at McKinsey & Company, said during a virtual press conference Feb. 22.
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In the wake of George Floyd’s murder over the summer, Corporate America united to send a resounding message to consumers, employees and suppliers: we need to do more and better to uplift the Black community, and corporations must play a more pivotal role.
By mid-2020, over 1,000 organizations including Proctor & Gamble, Nike, Coca-Cola and Sephora to name a few, joined hundreds of small businesses in pledging public support for solving racial inequity through donations, hiring, retention, promotions, training, grants and beyond. While an all-the-above strategy is welcomed to usher in a new generation of leaders who reflect the rising majority-minority in the United States, can commitments alone change an internal corporate culture? And most importantly, how do Black employees and executives ensure that new allies remain steadfast and focused on a change agenda that will ultimately boost business growth?