The Lack of Diversity in Corporate America
The Lack of Diversity in Corporate America. This was the topic of Podcast Episode #10, as I spoke to Karla Trotman, who is the President and CEO of Electro Soft, Inc., which is one of the largest independent contract manufacturers for circuit boards and wire harnesses in the Philadelphia Tri-State area.
We discussed leadership in Corporate America, and the lack of diversity that we often see at the top of many of these organizations; specifically, the lack of minorities, especially black women. We also discussed the destruction of black women not being able to show up as our true authentic selves in Corporate America. It is an unfortunate truth that many black women, myself included at times, do not always feel that we can show up authentically; to simply be us. We are often told that our hair, whether we wear it natural, in braids, locs, a curly weave, and so on, is not professional.
In college, where I studied Communications and Journalism, we had a Women in Media event during my senior year. A now retired news anchor explained to me that when she started her career in the mid-1970’s, she was told that she would have to straighten her afro, which she did. She went onto explain how she wished she would have had the courage to stand up for herself and to show up as her true authentic self. Even in 2022, many black women still struggle with this issue and are unfortunately discriminated against. Hence the reason for the CROWN Act, which prohibits discrimination against workers and students based on their natural hair.
When it comes to climbing the “corporate ladder” to the C-Suite, unfortunately, there are still many barriers to entry. When we think about diversity at the top of many Fortune 500 companies, we can often count on one hand (maybe two), the number of minority (i.e. black) executives in the organization, specifically in the coveted role of Chief Executive Officer (CEO). As of the date of this blog article, there are currently only six black CEOs of Fortune 500 companies. Yes, you read that correctly. In 2022, out of ALL of the Fortune 500 companies, there are only six black CEOs, which is just over 1%. While these individuals have been successful in a role dominated by white men, and embody business savvy, determination, and mental acuity, the fact still remains that there are only six.
In the past, we had Barry Rand, God rest his soul, who in 1999 became the CEO of a Fortune 500 company when he took control of the rental car company Avis. Then we had Ursula Burns, who was a summer intern at Xerox in 1980, and ultimately rose to become the first black woman CEO of a Fortune 500 company in 2009, when she was named the CEO at Xerox. But now in 2022, for the total number to be only six is insane and infuriating to be honest.
There are numerous barriers to wealth, education, and success for black people in the United States, where systemic racism is still alive and well. Black people are systemically limited in the amount of funding and wealth they can achieve. In August 2022, I attended Invest Fest in Atlanta. I spoke a little about Invest Fest in Podcast Episode #8 entitled “The Sky is NOT the Limit” so be sure to check that episode out here. One of my favorite panels was the Fireside Real Estate Chat moderated by Matt Garland, that included billionaire real estate entrepreneur R. Donahue Peebles, Jr., and Craig Livingston, who is the Managing Partner at Exact Capital.
During this chat, Mr. Livingston mentioned that Venture Capital Firms, which provide equity, have $84 Trillion invested and only 1% of that money is invested in minorities and women. A measly 1%!! Despite these dismal percentages and lack of access to capital, black women still lead as the most educated sector in the United States and are the fastest growing demographic of entrepreneurs in the U.S., although we more than likely must self-fund our businesses. But, as the old adage goes, black women always have, and always will make a way.
So, check out Podcast Episode #10 here, entitled “The Lack of Diversity in Corporate America,” or click on the podcast tab to check out this episode and more. This was an amazing, transparent conversation that I hope will lead to more conversations and solutions.
