The McKinsey Institute for Black Economic Mobility and the McKinsey Global Institute recently released a study called “The economic state of Black America: What is and what could be.” You can find the full report on the McKinsey website.
On this episode of Race at Work, Porter Braswell spoke to Shelley Stewart who worked on the report.
Stewart draws attention to some of the report’s highlights. For instance, there is a $220 billion wage gap among white and minority workers. This can be explained by underrepresentation as well as lower pay within occupations. Additionally, the study found a $1.6 trillion revenue gap for Black owned businesses.
The study also found that Black consumers spend $835 billion a year. Clearly, companies who can tap into diverse markets will be more successful in the years to come. Reach out to ideascape to ensure that your business is on the right track and to receive support in your D&I initiatives.