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ICYMI: Race, Wealth, and Workforce

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ICYMI: Race, Wealth, and Workforce

Intro slide for DEI Leader Network's February Event

Summary

Listen to experts discuss the structural and policy obstacles that keep Black Americans from gaining wealth at the same rate as White Americans and what individuals and organizations can do to bridge the racial wealth gap.

In recognition of Black History Month, Diversity Works presented a panel on the Black American Experience: Race, Wealth and Workforce on February 16, 2023. If you missed it live, you can view the full presentation here. William Cunningham, AM, MBA and CEO of Creative Investment Research, and Ivory Johnson, CEO of Delancey Wealth Management and CNBC contributor, joined a panel discussion for the DEI Leader Network. Moderated by Denise Rosemond of Diversity Works, our experts discussed the structural and policy obstacles that keep Black Americans from gaining wealth at the same rate as White Americans. Mr. Cunningham is cautiously optimistic about the decreasing Black unemployment rate trend and the efforts to contain inflation. Mr. Johnson shared stories of wealth-generating obstacles facing Black Americans such as racial bias in home valuations (NYT: Home Appraised With a Black Owner: $472,000. With a White Owner: $750,000.). 

What can organizations do to minimize the structural racism facing Black Americans? At a strategic level, organizations can prioritize racial equity and hold themselves accountable by setting goals and measuring progress. Operationally, organizations can focus on equitable recruitment and hiring practices, pay a living wage and conduct annual pay equity audits, review job descriptions and advancement criteria for racial bias, and even select a health insurance plan with expertise in social determinants of health. Lastly, you can support those organizations and policies that dismantle structural barriers.   

This month we launched our DEI Leader Network LinkedIn group. We created this group for members to engage directly, share best practices and improve the practice of DEI. Please join if you have not already.  

Join us on March 16 at 1 pm ET/ 10 am PT for our next DEI Leader Network LIVE EVENT in honor of Women’s History Month. Nearly 75% of working women experience bias at some point in their careers, resulting in being passed over for jobs and promotions, experiencing microaggressions, and earning less for equal work. Women of color, LGBTQ+ women, and women with disabilities are even more likely to experience bias in the workplace. Join us to learn how a strategic approach to diversity, equity, and inclusion can help address the conditions that leave workplace biases unchallenged.  

 

Mr. Cunningham’s Calls to Action 

 

Mr. Johnson’s Calls to Action 
  • Recognize your emotional relationships with money and identify the circumstances that impact how you manage your finances. Many of our poor decisions are the consequence of biologically predictable behavior. 
  • Establish a budget and financial plan to build the blueprint for your financial future. To the extent that you require advisors who can lend their expertise, it is advisable. Studies show that wealthy households are not loathed to spend money on education, financial advice, and legal counsel. 
  • Employers would be wise to employ financial advisors to speak with their staff about retirement planning and other ancillary topics. Offering additional benefits not only improves morale but can make employees more efficient. Moreover, discussing retirement plan options offered by the firm reduces potential liability claims if a worker’s retirement goals have not been met as a result of adverse market conditions given 404(c) regulations that apply to qualified retirement plans.  
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