Why Black History Month Matters
At a time when DEI is under siege, I’m encouraged to see more brands embracing minority consumer buying power, totaling $18.5 trillion in 2021, according to the University of Georgia’s Selig Center for Economic Growth’s annual Multicultural Economy Report. McKinsey reports that Black consumers’ economic power is set to expand to $1.7 trillion in 2030, up from $910 billion in consumption in 2019. There are more diverse individuals and families representing a wide range of brands from autos to telecommunications to financial services.
That’s all well and good, but we know there is still so much work to be done to continue to drown out the discordant “anti-woke” and anti-DEI approaches. Leaders at corporate brands must not fall victim to “diversity fatigue,” but realize that by 2040, America will be a majority minority, according to the U.S. Census. That’s a data-based forecast not just a moral statement. Here are three bits of advice to brand leaders:
Embrace it.
Black history is beyond February. It’s 365/24/7. It is U.S. history. It is essential that everyone understands the rich, vibrant and dynamic contributions Blacks have – and are – making to this nation every day. America’s history is full of human triumph and tragedy that has embolden this country’s resolve in the face of some of its most difficult challenges. The contribution of Blacks at all levels of society: business, economics, education, science, technology, film, music, and sports are endless. By celebrating Black History, we all learn more about each other and build on this nation’s legacy.
DEI equals ROI.
Celebrating Black History Month is not selling out to liberal causes but accepting a reality: Black Americans in this country are here forever and wielding a growing economic impact on our nation’s economy as well as communities around the country. You can offer “lunch and learns” to have team members share historical facts and contributions by Blacks. You can invite local Black educators, businesspeople, elders to share their stories to inform, educate and inspire employees throughout the company. You can host a trade show for local Black businesses to share their products and services to your company’s team members.
Invest in corporate culture.
Numerous workplace surveys reveal that younger generations want to work at organizations that support diversity and inclusion. “Diversity, equity and inclusion (DEI) is not a "nice to have" for this generation; it's an imperative that is core to their personal identities,” according to Gallup. Create a multicultural team that is charged with creating activities throughout the year to invest, nurture and continuously cultivate a culture at your company that values Black history – and other cultures over the course of the year - as a natural extension of creating a workplace where everyone is welcome.
