How we are fighting systemic racism in the workplace and beyond
Companies must confront systemic racism in the workplace Image: iStock
Stay up to date:
Future of Work
Listen to the article
- Professionals of colour and minority ethnic backgrounds continue to experience racial injustice and inequity in the workplace and the economy more broadly.
- The World Economic Forum is working to eliminate racial and ethnic equity gaps through its Partnering for Racial Justice in Business initiative.
- The initiative is supported by 55 companies representing 13 industries, with more than 7 million employees worldwide.
The impact of tackling systemic racism in the workplace.
Global companies are increasingly taking up their role as responsible trustees of society and investing in actions for racial and ethnic equity in the workplace – not as an option, but as a business imperative.
In 2021, The World Economic Forum Centre for New Economy and Society launched the Partnering for Racial Justice in Business initiative. This programme of work is focused on eliminating racial and ethnic equity gaps experienced by professionals from underrepresented racial and ethnic identities through a whole-of-business approach.
The initiative has convened a wide coalition of global corporations, with their C-suite leaders committed to building equitable and just workplaces and businesses for individuals with underrepresented racial and ethnic identities.
What's the challenge?
Despite progress in recent years, professionals of colour and minority ethnic backgrounds continue to experience racial injustice and inequity in the workplace, with severe underrepresentation in leadership positions.
The lack of diversity in the C-suite is particularly stark. In 2021, statistics showed that out of the 63 years of the Fortune 500’s existence, in the US there have only been 19 Black CEOs; currently, only 1% of Fortune 500 CEOs are Black. This lack of representation was also evident in other leadership positions, with Black employees forming only 4.7% of executive team members in the Fortune 100 and 6.7% of the 16.2 million managerial level jobs.
"The need to tackle racial under-representation in business is urgent and obvious. To design racially and ethnically just workplaces, companies must confront racism at a systemic level, addressing not just the structural and social mechanics of their own organizations but also the role they play in their communities and the economy at large."
”Our approach to fight systemic racism in the workplace.
The Partnering for Racial Justice in Business initiative aims to create long-lasting and meaningful change towards achieving racial justice. Its purpose is to operationalize and coordinate efforts to eliminate racial and ethnic equity gaps while setting new global standards for racial equity in business. The initiative also provides a collaborative platform for businesses to collectively advocate for inclusive policy changes that promote diversity and equality.
The initiative currently has 55 founding partner organizations representing 13 industries, with more than 7 million employees worldwide.
Companies that have committed to building more equitable and just workplaces include: A.P. Møller-Maersk A/S, AlixPartners, AstraZeneca, Bain & Company, Bank of America, BlackRock, Bloomberg, Boston Consulting Group, Bridgewater Associates, Capgemini, Centene, Cisco, Credit Suisse, Dentsu International, Deutsche Bank, EY, Meta, Google, H&M Group, HSBC, Hewlett Packard Enterprise, Henry Schein, HP, IBM, Infosys, Ingka Group (IKEA), Jacobs Engineering Group, Jefferson Health, Johnson & Johnson, Kaiser Permanente, Kearney, KPMG, LinkedIn, ManpowerGroup, Mastercard, Mayo Clinic, McKinsey & Company, Microsoft, Nestlé, PayPal, PepsiCo, Procter & Gamble, PwC, Salesforce, SAP, Sony Music Group, Standard Chartered Bank, Tata Consultancy Services, The Coca-Cola Company, The Depository Trust and Clearing Corporation (DTCC), Thermo Fisher Scientific, Uber Technologies, Unilever, Visa and Wipro.
As part of the initiative, a Global Racial and Ethnic Equity Framework and a briefing paper were created to assist businesses in finding a starting point to racial and ethnic equity self-assessment, as well as how to measure and track their progress using 10 guiding principles. These principles cover the entire business environment, allowing organizations to address racial and ethnic equity gaps that are often overlooked by traditional approaches for diversity, equity and inclusion (DEI). Incorporating these principles into business operations can have a significant impact on reducing racial and ethnic inequities.
"This initiative is an important step in helping accountable business leaders do more to change the foundational systems that interfere with achieving equity. Kaiser Permanente is taking bold actions within our organization to evolve and advance our equity, diversity and inclusion strategy, and we look forward to being part of this coalition both to help its work and learn from others."
”Additionally, the initiative seeks to enhance the visibility of racially and ethnically diverse leaders across different industries, including through media coverage.
How can you get involved?
The initiative is led by the World Economic Forum’s Centre for New Economy and Society, which is committed to advancing economic growth, revival and transformation, as well as promoting work, wages and job creation, and education, skills and learning. The centre adopts an integrated and holistic approach to diversity, equity, inclusion and social justice, striving to close equity gaps related to race, gender, ability, sexual orientation and all other forms of human diversity by addressing exclusion at the systems level.
Companies that join the partnership and combat systemic racism in the workplace can take the following three steps to demonstrate their commitment:
- Standardizing the analysis of racial and ethnic equity within their organization.
- Enhancing existing DEI strategies by including measures to address racial and ethnic equity gaps.
- Developing a long-term strategy to advance racial and ethnic equity through effective partnerships with civil society and government.
Related topics:
Partners:
The Agenda Weekly
A weekly update of the most important issues driving the global agenda
You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.
More impact on Future of WorkSee all
Marco Aguilar
October 4, 2022
