While time off for reflection is nice, Juneteenth falls on a Saturday this year, which begs the necessary question of how companies can find other ways to offer to support their Black employees during this holiday and beyond. Following nationwide protests as part of the Black Lives Matter movement throughout 2020, companies have been announcing commitments to bolster their diversity and inclusion practices. Some were checking the box instead of putting in the hard work to create real, systemic change within an organization and their community.
Fortunately, many firms were able to hit the mark with diversity and inclusion initiatives, but equity remains more elusive, as if it is the “invisible E” in DE&I. How can corporations support equity amongst Black Americans and other underserved communities to make sure their corporate cultures are shifting along with the nation’s?
History of equity being overlooked
Achieving equity in America has always been an uphill battle. Consider the 1921 Tulsa Race Massacre, which recently came back into public consciousness on its 100th anniversary. For many people, it was their first time learning about this historical tragedy that had been stamped out of history books and omitted from U.S. history lessons.
The violence and historical erasure of that event are eerily reminiscent of what Black Americans continue to face today. It’s also a poignant case study about the role that equity plays in systemic discrimination at companies both big and small.
In Tulsa, the Black community started businesses, which prospered until white supremacists burned what was once known as Black Wall Street to the ground, destroying businesses, churches, generational wealth, homes, and approximately 300 Black lives in the process. The Black community had come too close to true equity for comfort. They had built thriving enterprises, operated independently, and experienced a taste of the American Dream.
Diversity and inclusion are extremely important, but equity has a unique role to play in making amends for the past and paving the way for a brighter future. It’s important that companies don’t overlook achieving equity in their DEI plans.
What more companies can be doing
Recognizing Juneteenth as both a holiday and a moment to reflect, recharge, and acknowledge racism is a great start, but in order to be on the right side of history and enact real change, companies should take these steps to make sure equity is a key component of their DE&I initiatives:
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Ensure opportunities for growth – Make sure people of color have opportunity for promotion and growth within your company. According to The Wall Street Journal, only 1% of the Fortune 500 companies are run by Black CEOs. When Black people are included in the C-Suite, too often they are in roles that don’t lead to CEO. Make sure there is a clear path for growth for Black employees in all types of positions—not only the positions that promote diversity within the company. The benefits are multi-fold. Employees are among a company’s most important stakeholders. Employees can act as great advocates for their organizations, leveraging personal-, professional- and social-media networks in a way that holds huge, often untapped grassroots power.
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Pay equity – Make sure people of color are being paid the same amount as other employees by conducting pay audits. That will also encourage your employees to be open and transparent about pay. Additionally, consider offering equity compensation as a way of attracting and retaining top talent.
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Go through implicit bias training – Have all of your employees, from the C-suite to entry level employees, participate in implicit bias training. According to a report from Harvard Business Review, companies lose $450 – 550 billion dollars a year as a result of employees who feel disengaged and alienated at work due to perceived biases at the company. When people become aware of the microaggressions they are committing at the workplace, they will be better equipped to change.
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Invest in your community – Lower income and employees of color will look kindly on the companies that invest in and deploy capital back into the community. Consider U.S. Bank, which created a $25 million fund to help three different partners build wealth and provide more opportunity for their employees and the communities they serve. Make sure your community is reaping the benefits that you sow.
As we reflect on Juneteenth and what that means for Black Americans and this country, my hope is that we continue doing the hard work and having the difficult conversations about how to promote diversity, equity, and inclusion.
Companies need to actively listen to their employees and communities so they can create policies that better their organization, ones that address the problems rather than the symptoms. Organizations should continuously reflect on their DE&I policies to ensure they address the right pain points, and that the important equity component isn’t lost in the shuffle.