Photo by Christina Morillo
This month, we recognize the achievements and pay tribute to the history of Black Americans. As we honor the trailblazers of the past, we'd also like to take a moment to celebrate some of the Black women leaders making history today. Kizzmekia Corbett was at the forefront of the development of Moderna's Covid-19 vaccine, a scientific achievement that could help end the global pandemic. Rashida Jones was named MSNBC's President, and the first Black executive to lead a cable news network. Rosalind Brewer became the only current Black woman CEO of a Fortune 500 company, joining a small group of only 4 other Black CEOs. Stacy Abrams earned a nomination for the Nobel Peace Prize for her continued fight for equality and her work as a voting rights activist. And as the world watched, Kamala Harris became the first Black and South Asian American woman to be sworn in as Vice President of the United States.
Black History Month is a time to reflect upon and celebrate Black excellence, but also a time to renew our commitment to building a more equitable future together. Here are some ways your organization can honor Black History Month all year long.
1. Mentor/sponsor underrepresented junior staff.
Mentorship and sponsorship programs can have a profound impact on the success of underrepresented employees, increase company performance, and mitigate inequity. A mentorship program that pairs senior leaders with junior employees that are different from them is a great way to help people feel engaged and create a sense of belonging. Not only are mentees 6x more likely to be promoted, but mentors are 5x more likely to be promoted as well.
Sponsorship goes even further in supporting underrepresented groups. Mentors offer advice—sponsors advocate for their protege’s professional development and promotion. Employers with mentorship and sponsorship programs can increase the representation of Black, Hispanic, and Asian-American women, and Hispanic and Asian-American men, by 9% to 24%.
2. Measure and track diversity metrics.
As the saying goes, “what gets measured gets done.” Data can not only help track progress, but drive diversity, equity, and inclusion efforts forward. So what metrics and data should you be monitoring?
Recruitment: While many employers track the diversity metrics of their current workforce, it’s equally important to track diversity metrics throughout the hiring process. What percentage of candidates interviewed for each role are BIPOC (Black, Indigenous and People of Color)? Women? What percentage are hired? Tracking diversity metrics during the hiring process can help you identify potential biases in sourcing, screening, shortlisting, and selecting candidates.
Pay: Examine your payroll data for evidence of a race or gender pay gap. You’ll want to conduct a regression analysis to determine if differences in pay are statistically linked to race or gender after controlling for variables such as role/level, total years of experience, education, hours worked, and tenure.
Promotion: What percentage of employees promoted each year are BIPOC? Women? Make sure to track promotion rates at each organizational level and within each operational unit.
Retention: Black employees face higher levels of attrition at every level due to lower rates of professional advancement and compensation. Higher rates of turnover among BIPOC and women may signal systemic barriers to advancement—or in some cases, a perception gap.
Representation: BIPOC and women may be well-represented in an organization, but if they are concentrated in entry-level and mid-level positions, there may be a leaky pipeline. Make sure to measure representation at each organizational level and within each operational unit. For example, are the BIPOC and women who make it to the top concentrated in administrative roles? Also, don’t forget to measure representation on your board as well.
3. Invest in Black-led financial institutions.
Black-led financial institutions are key drivers of economic growth in communities of color around the country that have historically been denied financial resources and capital. Consider moving some of your organization's financial assets into Black-led financial institutions. In June 2000, Netflix permanently shifted up to 2% of the company’s holdings amounting to $100 Million to multiple Black-led financial institutions. Here is a list of Black-led financial institutions to get you started.
4. Invest in Black-owned and Black women-owned businesses.
According to the US Census Bureau, 2.2% of the nation’s businesses are Black-owned. Of those businesses, 36.1% are led by women—the highest share of women-led businesses within any racial group. Establishing a supplier diversity program can help your organization create more inclusive economic opportunities, achieve long-term growth, and gain a competitive advantage. In 2018, Coca-Cola recognized the importance of diversifying their suppliers and established a procurement policy to fulfill their goals. A survey conducted by Hootology concluded that individuals who were aware of the program were 45% more likely to perceive the brand as valuing diversity, 25% were more likely to think favorably about the brand, and 49% were more likely to use Coca-Cola products—leading to a potential increase of product usage by 670,000 customers. Investing in Black-owned and Black women-owned businesses is a win-win—good for society and good for the bottom line.
Ready to build a workplace that works for everyone? Turn your people data into tangible action plans and measurable outcomes.
