Global think tank Coqual has announced the launch of the Black Equity Index (BEI); a new initiative for organisations to advance, and measure progress towards racial equity in the workplace.
Founded in partnership with a consortium of Chief Diversity Officers and technology sector leaders, the BEI is designed to drive systemic, sustainable change; providing greater accountability for companies and their leadership teams. This independent and credible benchmark allows organisations to track progress on Black equity in the workplace; and improve their practices across shared principles year after year.
Coqual published a new white paper this week that provides data and analysis from the inaugural survey. The project highlights areas where companies are progressing and offers actionable recommendations on how they can continue to improve.
BLACK REPRESENTATION SORELY LAGGING
“To accelerate progress in DE&I, more tools for measurement and accountability are needed. We applaud the BEI participating companies for being bold and for demonstrating their commitment to racial equity and cultural transformation,” stated Coqual CEO Lanaya Irvin. “While there are areas for companies to improve, there are many reasons to be hopeful about the potential to drive greater equity for Black professionals.”
The BEI focuses on companies’ efforts toward equity and delves into six specific areas; advancement, accountability, representation, investment, sustainability and public engagement. The results show that Black representation is sorely lagging. While 14% of college graduates in the US are Black, only two of the participating companies have reached 10% Black representation throughout their ranks. Additionally, 38% of companies have no Black members on their board. Across Coqual’s entire sample, Black professionals make up only 4% of people managers.
EMPOWERING BLACK TALENT
The white paper recommends that for companies to make measurable progress, Black equity must remain a visible organisational priority backed by the CEO. Although more than 77% of organisations have a DE&I task force, only 10% are chaired by the CEO; and 55% are led by anyone in the C-suite. Accountability among senior leaders has improved on some measures, according to the BEI. Of the companies surveyed, 62% consider workforce diversity in performance evaluations for senior leaders. However, only 42% link measurable progress on diversity metrics to executive compensation.
Black professionals are less likely than others to get promotion opportunities; or to have access to senior leaders, Coqual’s prior research shows. To shorten time to promotion, Black professionals need sponsors – powerful leaders who can advocate for them. Most companies (81%) have mentorship programmes to offer nurturing and advice, but fewer than half (46%) have the sponsorship programmes that would give Black professionals meaningful career development and traction. Companies can learn more about the BEI by emailing BEI@coqual.org.
BBBAwards Co-Founder Melanie Eusebe shares why access to sponsorship is vital for Black professionals to succeed. Click here to read more.
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