“The 400 richest American billionaires have total wealth than all 10 million Black American households combined.”
What does this statement mean to you? For many Black Americans, this means implementing systematic racism and inequality when it comes to finances. Despite the great strides to address the racial disparity, there is a wealth divide that needs addressing. If people are constantly overlooking the detrimental effect this has on a considerable portion of society; then, in reality, this issue will never be addressed or rectified.
When it comes to racial, financial discrepancies, how can business owners work to equalize this?
Look At The Data
Without data on the whole topic of the racial wealth divide in the US, it isn’t easy to comprehend the racial wealth difference. If local statistics on home assets and debt were available, it could help explain the nation’s racial, economic divides. Nonetheless, paying attention to the data and what it means for the average American can go a long way to making changes in the workplace. Referencing financial inclusion In Black communities is a great place to start. People can address the issues being faced and put plans into place to improve life for all employees.
Identify and Own Up to Systematic Racism within The Company
Company executives and employees may be fearful of discussing racial inequity in the workplace for fear of saying the wrong thing. However, experts say that these discussions are necessary and cannot be avoided. Leaders should begin by examining how they contribute to workplace injustice and any ingrained systematic racism they may not be exhibiting within the company unknowingly. Not everyone is aware of how their words or actions can affect those around them unless the subject is broached.
This can be looking at how many of your management team are non-white minorities or making sure everyone’s wages are pretty assigned based on job role and capacity and not on skin colour.
Additionally, leaders must resist getting defensive when confronted with situations that question their worldview on racism and unfairness.
Employ an equality representative who reports directly to the CEO who can work with employees to effectively communicate the requirements of employees and identify areas where you can improve the experience for everyone within your company.
Listen to Difficulties Faced
You cannot change your practices if you do not listen to the difficulties faced by Black or minority employees. The racism is such that it affects how people get to work, with Black communities often facing poorer transport links or being unable to afford to drive to and from work, meaning their commute can frequently be longer and more expensive than their white colleagues.
Other factors include access to health care or childcare options, further affecting when and how they work. Complete racial equality means knowing the challenges faced by all employees and how this will affect their ability to do the job. While you may not be able to physically rectify this problem for them, being aware of them can help you to create a fair and more inclusive working environment, be it via allowing a more flexible operating contract to accommodate these problems or allowing for better healthcare coverage or amenities to support childcare.