In 2018 Starbucks shut all its coffee shops in America to train workers on racial sensitivity after a national scandal arising from the ejection of black patrons from an outlet in Philadelphia. It is a sentiment that is echoing across USA Inc. Ken Frazier, Merck’s boss, declared, “This African-American man, who could be me or any other African-American man, was being treated as less than human.” Racial flare-ups are commonplace in America, but the intensity and breadth of the corporate response this time seems different. Copyright © The Economist Newspaper Limited 2020. Paul Weiss, an American law firm, faced a backlash last year when it emerged that its new class of partners were all white. Black people make up over 13% of America’s population. The smallest segment of the state’s businesses were black-owned firms--only 2.6% of the total, accounting for only 1% of sales and revenues. More than half of the state’s businesses are owned by white men, and their businesses account for nearly 80% of state businesses’ total sales and revenues. They are acting now because, “overwhelmingly, people across races have taken on this cause.” A poll published on June 9th by Edelman, a public-relations firm, finds that nearly two-thirds of Americans, including 57% of whites, are “very” or “extremely” concerned about systemic racism. ", Sign up to our free daily newsletter, The Economist today, Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”. That points to the importance of metrics and measurement. The survey found that 38% of African American businesses are female-owned which is significantly higher than the 23% average among all other business owners. She points to research suggesting that three-quarters of whites have no black people in their social circle. Where to vote.

12:00 AM, Jul. Here are some key statistics from the report: Number of businesses in the top five states: Nationwide Business Ownership by Race and Gender, Nonminority, Male-owned: 8,755,252 (63.9%), National Businesses’ Sales and Receipts, in $100,000s, Nonminority male-owned: 1,656,823 (83.1%), California Business Ownership by Race and Gender, Nonminority, Male-owned: 1,022,830 (56.5%), California Businesses’ Sales and Receipts, in $100,000s.

Good intentions of bosses aside, untangling the problem of race and corporate America requires addressing four questions. Your guide to the 2020 election in California. Ms Meyer-Shipp thinks it is crucial to teach managers how to lead inclusively, or else their “affinity bias” may undermine corporate efforts. The Survey of Business Owners (SBO) provides the only comprehensive, regularly collected source of information on selected economic and demographic characteristics for businesses and business owners by gender, ethnicity, race, and veteran status. Challenged about this, the managers typically use euphemisms like “she just wasn’t exuding enough executive presence.”, Corporate America at last looks determined to take on racism in business. She observes that white managers are often hesitant to give black employees candid and frequent feedback. First, what is the evidence that blacks are disadvantaged in the workplace? Failing to act against racism inside the corporation can also harm companies in several ways. The case for action becomes stronger when considering the third question about racism’s business impact. Josh Bolten, head of the Business Roundtable, which represents big American firms, says that there is even “widening shareholder appreciation that the corporation needs to serve something more than the immediate financial return to the shareholders.” Ms Meyer-Shipp sees a tipping point, with recent events a “wake-up call as the lack of progress on race is evident.”, The last week had echoes of tumultuous years such as 1918, 1935 and 1968, when America’s economy and its fabric were shaken, reckons Mr Walker. Ms Barra put GM’s thousands of suppliers on notice that the firm will not tolerate racism and will stand up against injustice. In 2000 Coca Cola was forced by a class-action lawsuit to remedy racist corporate practices. Jeffrey Sonnenfeld of Yale University’s School of Management observes that executives used to shy away from controversial topics like race. California has a massive influence on the marijuana industry, given that it accounts for almost a third of annual U.S. retail cannabis sales and has the largest number of MJ businesses in the country. The federal government requires firms to reveal this data to bureaucrats but it is not made public. Mr Sharp says that mixing at work “allows the opportunity to have difficult conversations on topics like race.” As 3M, a multinational with headquarters near where Mr Floyd was killed in Minneapolis, acknowledges, “businesses have a responsibility to help lead.”. On this view, only government can take on poverty, lousy schools and a flawed justice system. No firm is required to reveal pay inequities by race. Bosses should not place faith in race-based quotas. Title 13 of the United States Code authorizes this survey and provides for mandatory responses. Finding definitive numbers on the ethnic make-up of individual firms is impossible because companies hide such data for fear of public shaming or racial-discrimination lawsuits. Bosses say they want to tackle racial injustice, How covid-19 put wind in shipping companies’ sails, Canadian oilmen drill the government for aid, What happens when companies devolve power. The response of business to the problem should be to “stop asking why and start asking what”, she wrote. Linda Hill of Harvard Business School thinks there is “something different about this time”, perhaps because the pandemic has reminded everyone of interdependency: “We are all more empathetic.”. “I AM BOTH impatient and disgusted.” So declares a letter on race sent on June 1st by Mary Barra, chief executive of General Motors (GM), to all of its suppliers. Mauricio Gutierrez, boss of NRG Energy, says his firm is studying pay equity and notes that most hiring managers require four-year or advanced degrees even though most jobs require technical skills not taught in those degree programmes. Endorsement: The Times endorses Hoffman, Anderson, Henderson and Han for LACCD.
The survey by Edelman finds big majorities of blacks and whites expressing hostility towards “performative activism”—posturing—and insisting that firms now making statements about tackling racism “need to follow it up with concrete action” to avoid being seen as exploitative. Less than 3% of senior corporate jobs and under 8% of all white-collar jobs are held by African-Americans. Ms Hill points to many studies suggesting that diverse teams are better at innovation, noting, “You don’t get innovation without diversity and conflict, and that means leaders need to build a capability for creative abrasion.”. Evan Sharp of Russell Reynolds, an executive-search firm, notes that statements on race are going beyond platitudes to be “more intentional and specific”. Why did promising executives leave the firm? That points to the final question: what should firms do? While California boasts a higher percentage of minority-owned businesses than the nation as a whole, the real economic power in the state--as in the nation--is wielded by white men, according to the 1987 Characteristics of Business Owners report recently released by the U.S. Census Bureau. Third, do any such disadvantages impact how businesses perform? Only 17.5 percent of businesses in operation in 2014 were minority owned, even though the bureau estimates that African-Americans, Latinos, Asians and … A headhunter sees a box-ticking mindset undermining progress: “OK, we got a woman, so we are not un-diverse.”. Ms Hill argues that few firms are true meritocracies, pointing to ample research suggesting that managers tend to trust and empower people similar to themselves. Managing newly diverse teams is harder initially than working with people from a similar background. For example, 20% of a business may be controlled by a racial minority, meaning the business has a minority owner but is not minority-owned. Research published in the Harvard Business Review pointed to evidence that women and minorities are being penalised for promoting diversity within firms. Ms Dixon-Fyle explains that the returns to diversity are stronger on race than on gender, and appear to be increasing over time.

We can’t allow this level of suffering to become acceptable. Black unemployment is persistently twice that of whites. In contrast, Asian Americans have similar business-ownership rates as whites, and Asian-owned businesses outperform white-owned businesses for most outcome measures. On June 8th, Arvind Krishna, IBM’s boss, sent a letter to Congress advocating changes to how policing is done, making clear that his firm will not make its facial-recognition software available for racial profiling.
That is why percentages totaled greater than 100%. The complete list of L.A. Times’ endorsements in the November 2020 election.
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Darren Walker, head of the Ford Foundation, a philanthropic organisation, has spoken to two dozen CEOs recently and reports that “everyone is riveted…the murder of George Floyd has gripped the psyche of white Americans like nothing I’ve seen in my lifetime.” A huge number of firms, including The Economist, recognise they need to do more. She is outraged by the killing of George Floyd, the latest in a long string of deaths of unarmed black Americans at the hands of the police. “Affirmative action has not worked in corporate America,” declares Michele Meyer-Shipp of KPMG, a consultancy. What issues are on the ballot in California and Los Angeles County. They comprise just 3% of Silicon Valley’s workforce. The report, published every five years, provides a break-down of the nation’s businesses in terms of ethnicity, gender and a variety of other factors. Angela Vallot, brought in then as Texaco’s chief diversity officer, believes there has been “an awful lot of denial” about racism at work. Even so, diversity brings benefits. It may lead to a great awakening at USA Inc. “The unprecedented convergence of health, economic and social crises has happened in a way that I am left feeling hopeful about corporate America realising the potential of greater diversity.”■, This article appeared in the Business section of the print edition under the headline "The great awakening? Microsoft, Intel and Johnson & Johnson have tied executive pay to specific diversity metrics, but this is rare. This has to be “owned by the CEO and made a strategic priority, not hived off to outside consultants or a chief diversity officer,” insists Ms Vallot. A recent paper in the American Economic Journal scrutinised ethnic prejudice at firms, and found that discriminators are willing to forgo 8% of earnings in order to avoid working with someone of a different ethnicity. The toughest part is teaching old dogs new tricks. Bosses also need to avoid the mirage of meritocracy. It is all here. Note: “Other minority” includes Asian-Americans, American Indians, Pacific Islanders and Alaska Natives. California’s November election will feature 12 statewide ballot measures. 12:00 AM, Jul. Texaco, an oil giant now part of Chevron, paid $176m to settle a racial-discrimination suit in 1996.

In 2018 Starbucks shut all its coffee shops in America to train workers on racial sensitivity after a national scandal arising from the ejection of black patrons from an outlet in Philadelphia. It is a sentiment that is echoing across USA Inc. Ken Frazier, Merck’s boss, declared, “This African-American man, who could be me or any other African-American man, was being treated as less than human.” Racial flare-ups are commonplace in America, but the intensity and breadth of the corporate response this time seems different. Copyright © The Economist Newspaper Limited 2020. Paul Weiss, an American law firm, faced a backlash last year when it emerged that its new class of partners were all white. Black people make up over 13% of America’s population. The smallest segment of the state’s businesses were black-owned firms--only 2.6% of the total, accounting for only 1% of sales and revenues. More than half of the state’s businesses are owned by white men, and their businesses account for nearly 80% of state businesses’ total sales and revenues. They are acting now because, “overwhelmingly, people across races have taken on this cause.” A poll published on June 9th by Edelman, a public-relations firm, finds that nearly two-thirds of Americans, including 57% of whites, are “very” or “extremely” concerned about systemic racism. ", Sign up to our free daily newsletter, The Economist today, Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”. That points to the importance of metrics and measurement. The survey found that 38% of African American businesses are female-owned which is significantly higher than the 23% average among all other business owners. She points to research suggesting that three-quarters of whites have no black people in their social circle. Where to vote.

12:00 AM, Jul. Here are some key statistics from the report: Number of businesses in the top five states: Nationwide Business Ownership by Race and Gender, Nonminority, Male-owned: 8,755,252 (63.9%), National Businesses’ Sales and Receipts, in $100,000s, Nonminority male-owned: 1,656,823 (83.1%), California Business Ownership by Race and Gender, Nonminority, Male-owned: 1,022,830 (56.5%), California Businesses’ Sales and Receipts, in $100,000s.

Good intentions of bosses aside, untangling the problem of race and corporate America requires addressing four questions. Your guide to the 2020 election in California. Ms Meyer-Shipp thinks it is crucial to teach managers how to lead inclusively, or else their “affinity bias” may undermine corporate efforts. The Survey of Business Owners (SBO) provides the only comprehensive, regularly collected source of information on selected economic and demographic characteristics for businesses and business owners by gender, ethnicity, race, and veteran status. Challenged about this, the managers typically use euphemisms like “she just wasn’t exuding enough executive presence.”, Corporate America at last looks determined to take on racism in business. She observes that white managers are often hesitant to give black employees candid and frequent feedback. First, what is the evidence that blacks are disadvantaged in the workplace? Failing to act against racism inside the corporation can also harm companies in several ways. The case for action becomes stronger when considering the third question about racism’s business impact. Josh Bolten, head of the Business Roundtable, which represents big American firms, says that there is even “widening shareholder appreciation that the corporation needs to serve something more than the immediate financial return to the shareholders.” Ms Meyer-Shipp sees a tipping point, with recent events a “wake-up call as the lack of progress on race is evident.”, The last week had echoes of tumultuous years such as 1918, 1935 and 1968, when America’s economy and its fabric were shaken, reckons Mr Walker. Ms Barra put GM’s thousands of suppliers on notice that the firm will not tolerate racism and will stand up against injustice. In 2000 Coca Cola was forced by a class-action lawsuit to remedy racist corporate practices. Jeffrey Sonnenfeld of Yale University’s School of Management observes that executives used to shy away from controversial topics like race. California has a massive influence on the marijuana industry, given that it accounts for almost a third of annual U.S. retail cannabis sales and has the largest number of MJ businesses in the country. The federal government requires firms to reveal this data to bureaucrats but it is not made public. Mr Sharp says that mixing at work “allows the opportunity to have difficult conversations on topics like race.” As 3M, a multinational with headquarters near where Mr Floyd was killed in Minneapolis, acknowledges, “businesses have a responsibility to help lead.”. On this view, only government can take on poverty, lousy schools and a flawed justice system. No firm is required to reveal pay inequities by race. Bosses should not place faith in race-based quotas. Title 13 of the United States Code authorizes this survey and provides for mandatory responses. Finding definitive numbers on the ethnic make-up of individual firms is impossible because companies hide such data for fear of public shaming or racial-discrimination lawsuits. Bosses say they want to tackle racial injustice, How covid-19 put wind in shipping companies’ sails, Canadian oilmen drill the government for aid, What happens when companies devolve power. The response of business to the problem should be to “stop asking why and start asking what”, she wrote. Linda Hill of Harvard Business School thinks there is “something different about this time”, perhaps because the pandemic has reminded everyone of interdependency: “We are all more empathetic.”. “I AM BOTH impatient and disgusted.” So declares a letter on race sent on June 1st by Mary Barra, chief executive of General Motors (GM), to all of its suppliers. Mauricio Gutierrez, boss of NRG Energy, says his firm is studying pay equity and notes that most hiring managers require four-year or advanced degrees even though most jobs require technical skills not taught in those degree programmes. Endorsement: The Times endorses Hoffman, Anderson, Henderson and Han for LACCD.
The survey by Edelman finds big majorities of blacks and whites expressing hostility towards “performative activism”—posturing—and insisting that firms now making statements about tackling racism “need to follow it up with concrete action” to avoid being seen as exploitative. Less than 3% of senior corporate jobs and under 8% of all white-collar jobs are held by African-Americans. Ms Hill points to many studies suggesting that diverse teams are better at innovation, noting, “You don’t get innovation without diversity and conflict, and that means leaders need to build a capability for creative abrasion.”. Evan Sharp of Russell Reynolds, an executive-search firm, notes that statements on race are going beyond platitudes to be “more intentional and specific”. Why did promising executives leave the firm? That points to the final question: what should firms do? While California boasts a higher percentage of minority-owned businesses than the nation as a whole, the real economic power in the state--as in the nation--is wielded by white men, according to the 1987 Characteristics of Business Owners report recently released by the U.S. Census Bureau. Third, do any such disadvantages impact how businesses perform? Only 17.5 percent of businesses in operation in 2014 were minority owned, even though the bureau estimates that African-Americans, Latinos, Asians and … A headhunter sees a box-ticking mindset undermining progress: “OK, we got a woman, so we are not un-diverse.”. Ms Hill argues that few firms are true meritocracies, pointing to ample research suggesting that managers tend to trust and empower people similar to themselves. Managing newly diverse teams is harder initially than working with people from a similar background. For example, 20% of a business may be controlled by a racial minority, meaning the business has a minority owner but is not minority-owned. Research published in the Harvard Business Review pointed to evidence that women and minorities are being penalised for promoting diversity within firms. Ms Dixon-Fyle explains that the returns to diversity are stronger on race than on gender, and appear to be increasing over time.

We can’t allow this level of suffering to become acceptable. Black unemployment is persistently twice that of whites. In contrast, Asian Americans have similar business-ownership rates as whites, and Asian-owned businesses outperform white-owned businesses for most outcome measures. On June 8th, Arvind Krishna, IBM’s boss, sent a letter to Congress advocating changes to how policing is done, making clear that his firm will not make its facial-recognition software available for racial profiling.
That is why percentages totaled greater than 100%. The complete list of L.A. Times’ endorsements in the November 2020 election.

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