☕️ Making a pledge

U.S. companies are retrofitting their recruitment pipelines in the wake of Black Lives Matter protests. December 29, 2020 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [Fundrise]( Good morning. Welcome to Day 2 of the Brew's hand-crafted holiday season newsletters, where each Brew writer takes a turn zooming out on the biggest events and trends of the year. Today, I will be talking about corporate diversity initiatives and explore whether 2020 will actually be a turning point for racial justice. —[Jamie Wilde]( DIVERSITY & INCLUSION [Corporate America's Big Diversity Push]( [Brands posted black squares on instagram, purportedly in support of the Black Lives Matter movement] Francis Scialabba As protestors around the world gathered to chant “Black Lives Matter'' following the killings of three unarmed Black Americans, Ahmaud Arbery, Breonna Taylor, and George Floyd, CEOs were forced to confront a challenge they probably didn’t cover in B-school: How should a company respond to systemic racism? Black Lives Matter was not a new movement, nor was the push to make corporate workforces more representative of the population. But 2020 may prove to be a turning point for measurable change, with companies across industries publicly supporting Black Lives Matter and calling for an end to institutionalized racism in the U.S. - At the end of May, Netflix [tweeted](, “To be silent is to be complicit. Black lives matter. We have a platform, and we have a duty to our Black members, employees, creators, and talent to speak up.” - It soon became convention for companies to display BLM material as part of their visual identity. Amazon put the Black Lives Matter banner at the top of its homepage. As many pointed out, just saying Black Lives Matter without pledging to do anything about it would probably do little to challenge centuries of racism. And companies such as Adidas were [criticized]( for outwardly supporting racial equality while failing to support their own Black employees. Companies did take action in 2020, but their initiatives didn’t come from a single playbook: - Hiring pledges: The CEOs of 37 companies, including General Motors, Walmart, and Merck, [joined together]( to form OneTen, a coalition that has made a $100 million pledge to hire 1 million Black workers over the next decade. Starbucks said it would [tie executives’ pay]( to their ability to build diverse and inclusive teams. - Sourcing: Major retailers, including Macy’s and Sephora, signed the [15 Percent Pledge](, which asks retailers to devote at least 15% of shelf space to products from Black-owned businesses. - Others rebranded racist products (say hello to Ben's Original rice), donated gobs of money to causes dedicated to racial equity, and, of course, posted black squares on social media. Some organizations focused their efforts on improving minority representation in the C-suite. After all, less than 2% of leading executives at the top 50 companies are Black (five out of 279), [per USA Today](. - The Nasdaq stock exchange has proposed [requiring]( all of its nearly 3,000 listed companies to have two diverse directors on their boards within the next five years. Over three-quarters of these companies don’t currently meet the requirement. - California became the first state in the U.S. to enact a board diversity quota earlier this month. All publicly traded companies headquartered in CA must seat one diverse director by 2021. - Leading investment firm BlackRock has threatened to [vote against]( board directors who don’t address racial inequality in their companies. Will this time be different? The gap between deciding to have a more diverse workforce and actually following through is as wide as the gap between having ingredients in the fridge and having Christmas dinner. Since 2016, Google’s [churned through]( three diversity officers while its employee base has remained roughly the same: 6% of employees identify as Black, 7% as Latino, and 33% as women. At Wells Fargo, CEO Charlie Scharf wrote in June that the lack of Black workers at his company was the result of a “very limited pool of Black talent to recruit from.” Following criticism online, Scharf [walked those comments back]( and said that “across the industry, we have not done enough to improve diversity, especially at senior leadership levels.” Just over 4% of the bank’s senior leadership was Black in 2018, down from 8% in 2015. Melinda Briana Epler, CEO of Change Catalyst, which helps tech companies with their diversity initiatives, [said](, “If you’re looking for candidates in the same places you’ve always looked, then you might not find a lot of underrepresented people.” So where are corporations looking for talent? - Historically black colleges and universities: Tesla wrote in its diversity report that it’ll [recruit more]( from HBCs, while Apple’s HBCU Scholars Program offers leadership opportunities and internships. Some firms are doing away with their college requirement altogether to further reduce barriers to employment; the OneTen promise makes a point of this. - Nonprofits: 501(c)(3)s like [CodePath]( are working to boost diversity in tech by offering college students no-cost coding courses and career support. Its backers include Facebook, Walmart, and Microsoft. - Specialized recruitment firms: Diversity, equity, and inclusion (DEI) services are [having a moment](. This year, the consultancy Bain created a DEI division to meet high demand for services like inclusion training, supply chain diversification, and of course, recruiting diverse talent. Division head Julie Coffman calls the sector “the next digital,” while a partner at another consultancy says it’s the “fastest growing business line we have right now.” Zoom out: As my colleague Alex Hickey [wrote]( back in June, many of the most influential brands on earth have made powerful commitments to improve racial equity this year. But their legacy in confronting racial injustice will be determined by their actions when the world isn't watching. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Corporate%20America%20Ups%20Its%20Efforts%20To%20Recruit%20Diverse%20Leaders%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2020%2F12%2F24%2Fcorporate-america-ups-efforts-recruit-diverse-leaders%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A SPONSORED BY FUNDRISE [We’re Banking on 2021](#) [Fundrise]( As you say “Ta Ta!” to 2020, it’s time to start thinking about your resolutions for 2021. And since you’re so mature and smart, you’re no doubt focusing on financial goals. And lucky for you, [Fundrise]( can help with those investing goals. They bring diversification to just about any portfolio with real estate assets that are uncorrelated to the stock market. Typically real estate investing has been the playground for the rich, but Fundrise brings you accessibility (no need for a present from a wealthy aunt), stability (they’re all about long-term investing), and technology (the platform is intuitive and easy). And let us just give this it’s own paragraph: You can [invest with Fundrise for as little as $500](. Hmm, could be a good way to use Nana’s holiday check. Make 2021 the year you diversify your portfolio. [Get started with Fundrise](. (Here's all thelegal jargon]( we know you love reading.) IMAGE [Snapshot From 2020](#) [Bong Joon Ho] Giphy I don’t often agree with the notoriously staid Academy’s decisions, so I wasn’t confident they’d give the Best Picture award to Parasite—one of the most thought-provoking movies I’ve ever seen (the film’s analysis of class divisions has only become more prescient this year). But they did! The South Korean film swept the biggest categories, with Bong Joon Ho (pictured above) winning Best Director. Q&A [Behind the Brew: Jamie Wilde]( Hometown: Rancho Santa Margarita, CA What you would be doing if not writing for the Brew: Working as a real estate agent for haunted mansions. One thing you are snobby about: It’s a writerly answer, but pens. I have my everyday pen ([Paper Mate Inkjoy](), my fancy calligraphy pen ([Pilot Parallel](), and my faux calligraphy pen ([Tombow Fudenosuke](). First R-rated movie: Leprechaun. Still pretty spooked by St. Patrick’s Day tbh. What is something fun you did that you’d never do again? Take a hot air balloon ride. Wicker baskets are made to hold Easter eggs, not take humans above the cloud line. If you could safely eat any inedible object, what would it be? Tide pods. Kidding! As a lover of all-things-spicy, lava looks like it would pack the punch of 1,000 hot cheetos in just one drizzle. I could even theoretically drizzle it across hot cheetos, dip the whole mixture in cool cream cheese, and trigger an out-of-body experience where I meet Chester Cheetah himself. Recommend literally anything: Play [Overcooked! 2]( with a friend (or two or three) and tell me you don’t have fun. It’s a multiplayer cooking game, and you 100% do not have to be a gamer to enjoy playing. In fact, being worse at it just makes it funnier. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Meet%20Brew%20Writer%20Jamie%20Wilde%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2020%2F12%2F24%2Fmeet-brew-writer-jamie-wilde%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A BREW'S BETS Happy New You. [Thrive Market](, the online membership-based grocer, has all the healthy and sustainable products, non-toxic home goods, and clean beauty items you need to make 2021 your healthiest year yet. [Get 25% off your first order and a FREE gift today](.* Get the end-of-year convo going. Start talking with your customers to see how you did this year with [Typeform's unique conversational experience](. Typeforms make it fun and friendly while getting you more responses. [Start the conversation today](.* Tech Tip Tuesday: No need to check Facebook for friends' birthdays. This [Google Chrome extension]( will do it for you and throw them all on the calendar of your choice. Meta: A list of the [best visualization lists]( from 2020. *This is sponsored advertising content QUIZ [2020 Quiz](#) [News Quiz] Francis Scialabba Getting a 10/10 on the Brew’s year-end news quiz is like melting marshmallows in hot chocolate. It’s that satisfying. Ace the [Brew’s 2020 quiz](. SHARE THE BREW Enjoying the Brew? Consider sharing it with a friend. When you do, we don’t just give you a pat on the back and say, “Well done old sport.” You earn rewards like our classic coffee mug or T-shirt. [Click here to get free swag.]( Hit the button below to start sharing the Brew. [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a](             Written by [Jamie Wilde]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW?  Retail newsletter → [Retail Brew](  Tech newsletter → [Emerging Tech Brew](  Marketing newsletter → [Marketing Brew](  Recommendations newsletter → [Sidekick](  Business podcast → [Business Casual]( [ADVERTISE]( // [CAREERS]( // [SHOP]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright ©2020 Morning Brew. All rights reserved. 40 Exchange Pl., Suite #300, New York, NY 10005