Businesses For Good: 8 Companies Advancing Antiracism
This country has been shaken by social unrest in the last year over the racial injustice embedded in all levels of our society. The death of George Floyd, Ahmaud Arbery, and others have incited businesses of all kinds to take a stand against systemic racism and social injustice. These incidents have been a driving force behind companies working to ensure their workforces are more diverse, equitably managed, and inclusive.
Many companies in the past have remained quiet in times of public upheaval, and have been reluctant to take a political stand, due to the fear of alienating their customers. So why are companies taking action now?
The pandemic has magnified the disparities in healthcare, jobs, education, and economic opportunities for people of color. Data gathered early in the pandemic showed that communities of color are disproportionately affected by Covid across the country. A new survey from the Commonwealth Fund reveals that Latinx and Blacks have experienced economic hardship during Covid at a rate between two and three times greater than whites.
The silver lining in this devastating crisis is that businesses are taking positive steps toward reformation. Companies are donating millions of dollars to create new initiatives that support racial equity and the advancement of social justice. Companies have not only been addressing the importance of taking a stand against structural inequity and racial injustice, but have implemented policies that suggest the start for real, sustainable change. Here are eight companies advancing antiracism with some positive action steps:
Apple
The tech company is launching a $100 million initiative, called the Apple Racial Justice and Equity Initiative to fight racial injustice and promote diversity within the organization and in society at large. Apple is also launching an entrepreneurship camp for Black developers to promote their work and ideas. The company intends to increase the representation of Black-owned suppliers that provide materials for their operations.
Bank of America
This large financial institution has announced a $1 billion, 4-year commitment to support economic opportunity initiatives that assist people and communities of color that have experienced a greater impact from Covid. The funding will be distributed to address four focus areas: health, jobs/training/reskilling/upskilling, support to small businesses, and housing.
Viacom CBS
The mass media conglomerate’s subsidiary, BET, started a $25 million social justice initiative called Content for Change. The initiative will support the creation, distribution, marketing, and promotion of content that focuses on racial justice, economic empowerment, education, health, and civic participation.
Walmart
The retail giant has committed $100 million with the goal of impacting real change in society with the creation of a center on racial equity. It will support initiatives linked to four key areas: the country’s financial, healthcare, education, and criminal justice systems. The aim is to advance economic opportunity and healthier living, improving workforce development and educational systems, and support of criminal justice reform.
PricewaterhouseCoopers (PwC)
PwC has recently created a diversity and inclusion staff advisory council that brings employees of all levels to advise the CEO Tim Ryan and his leadership team on how PwC can advance diversity and inclusion progress internally and externally. PwC also plans to donate $250,000 each to social justice organizations, such as Dream Corps, and match up to $1000 of their employees’ individual donations to the same organizations.
Capital One
The financial corporation has pledged $10 million to organizations advancing social justice for Black communities, and has established a dollar-for-dollar associate matching gift program. Capital One has also announced their launch of the Capital One Impact Initiative to foster equal opportunities by advocating for a just society, building thriving communities, and creating financial tools that improve lives. These efforts more specifically address racial equity, affordable housing, workforce development, financial well-being, and small business support.
PayPal
The online payment platform has pledged $530 million to support minority-owned businesses to help shrink the wealth gap. The funds will be designated to address four different missions: emergency grants to Black-owned businesses greatly affected by the pandemic, the expansion of inclusion programs within the company, the creation of an economic opportunity fund that will invest in Black and under-represented minority communities and businesses, and funding program grants and employee matching gifts for non-profits working with Black business owners.
Goldman Sachs
Goldman Sachs launched the Goldman Sachs Fund for Racial Equity to support organizations, such as the Black Economic Alliance Foundation, Black Girls Code, and the United Negro College Fund, that are doing the work to overcome systemic racial inequities. The fund will support non-profits across four key goals: advancing economic progress, fostering educational opportunities, legal and criminal justice reform, and fueling social change.
Every company is different and varies in size, mission, and approach; therefore, there will never be one strategy that works for all to take action against racism and inequality. Businesses can, however, create unique action plans across all sectors in order to turn a moment into a lasting movement. It has become increasingly clear that our systems and institutions are embedded with inequities that impact us all. Knowing this, companies can choose to create antiracist systems in their workplaces, and communities.
