What Our New Workforce Development Center Means for Us - and for Durham

The Status Quo According to the Bureau of Labor Statistics , Black men have the lowest labor force participation and employment rates among men. Even when Black workers are able to penetrate into the work force, you see less and less of us as you climb the corporate ladder. Of the Fortune 500 CEO spots, only 6 are held by Black men (a “record” recently set .) A quote from Valerie Wilson , director of the Economic Policy Institute’s program on race, ethnicity, and the economy, sums up why this is such an important and disparaging fact. “Black workers, on average, are not being hired, promoted or paid according to what would signal their level of productivity based on their experience or their education. It absolutely impacts everything. It impacts your family’s economic security.” But it’s not only a desire to correct this systemic issue that should lead organizations to focus on seeking out more Black talent for their ranks. As it turns out, diversity in the workplace is actually an advantage when it comes to performance. According to Mckinsey , companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns over their industry’s medians. In other words, more diverse companies tend to outperform competitors. Additionally, diverse companies are 70% more likely to be aware of (and capture) new markets according to HBR , and diverse management teams generate 19% higher revenue (as per BCG ). These are all the “why’s” of why it’s important and advantageous for business owners to correct for long-standing racial imbalances in the workplace. Now let’s get into the how. Recruiting & Retaining Black Talent When you commit to recruiting Black talent for your organization, there are some “gold-standard” rules that to keep in mind. 1. Paying a living wage, not minimum wage. According to MIT’s research , the living wage in the United States in 2019 was $16.54 for a family of four, far above the current federal minimum wage of $7.25 an hour. And that was before the pandemic and inflation. Attitudes have shifted across the United States. Between the Great Resignation and Quiet Quitting , employees are less willing to put up with subpar conditions and payment. Consider all the obstacles facing Black talent in the workforce, and how awareness of societal failures is only increasing. It’s highly unlikely that a Black worker is going to stick around if they don’t feel like they’re getting fairly compensated for their efforts. 2. Remove Other Barriers: Childcare, transportation, internet/equipment, more. One sometimes-overlooked aspect of the inequality facing Black talent is access to equipment or services that are often taken for-granted. For example, teleworking (working from home via Zoom, laptops, and other tech) boomed during the pandemic, but after the fact statistics showed that Hispanic and Black workers were 50% less likely to telework regularly compared to White workers ( CDC ). An easy way to avoid making this sort of mistake that might disqualify high-quality talent is by providing equipment and services (or at least making it known you’re open to doing so). 3) Connect them with another high-level Black male employee (OR an organization like Durham Success Summit). Another way to improve your retention of Black male employees is to immediately put them in contact with other Black male employees in your company, particularly those that are working at a higher level. Beyond providing them with an immediate role model for what success at your company might look like, this will allow both parties to discuss how your company handles delicate issues about and around race. 4) Check in regularly. Help make Black talent more comfortable at your company by checking on how they’re doing, ensuring that they’re adjusting, and seeing what you could do on your side to make their experience smoother. It’s possible that your company culture could be an adjustment for them, so checking in will help them understand that you’re at least willing to make the effort. 5) Be clear, transparent, and know what you don't know At the end of the day, Black talent is molded in a world filled with obstacles. You’re not going to be as in tune with these as your Black employees, and that’s okay. Always be willing to learn and listen to the experience of those who live this. For example, our consultants at Durham Success Summit are all professional Black men succeeding in various industries and are committed to improving the presence of Black men in the workforce. If you’d like to commit to joining us in our mission, we’d love for you to partner with us to help diversify your talent pool the right way. Click here to learn more.