Black History Month often serves as a reminder of how much our country has changed, not only legally but socially and financially. For instance, this month we might celebrate Dr. Clifton Wharton Jr., the first Black CEO of a Fortune 500 company. He broke that barrier in 1987 and at the time, many believed he would pave the way for future generations to destroy it completely.
But as a Black CEO myself, I can confidently say we haven’t done that. We haven’t even come close, and as the years go on with little in the way of progress to show for it, the current picture serves as indisputable proof that the early gains in company diversity—particularly on the executive level—are stagnant. By one estimate, just about 26 Black leaders have ever held the title of Chairman or CEO of a Fortune 500 company. Today, only eight Fortune 500 companies have a Black CEO. This is the highest level in history—but it isn’t worth much praise. We can and must do better.
The real question is, what’s standing in the way?
It’s not a simple answer. Some might immediately jump to the conclusion that the U.S. is fundamentally and historically incapable of elevating people of color, and there’s some truth to that. Even the highest levels of government illustrate this same problem, with only 12 Black men and women having been elected to the Senate in almost 250 years. But given the strides made during the Civil Rights Movement, and more recent efforts to prioritize DEI, the numbers of executives should, by all accounts, be higher.
The underlying problem is an overall failure by companies to follow through when it comes to their DEI promises and policies. It’s one thing to publicize a desire for more diverse candidates; most companies have that part down. Some manage to take the next step and actually hire individuals who fall into this category.
But then what? Are there paths to promotion open to Black talent? Are they given opportunities to succeed at the same pace as their coworkers? Does the company culture cultivate a sense of safety and inclusion? Does the company develop leadership that Black workers can identify with? And, to be blunt, is the goal for these hires to shine and become representatives of the company, or are they analogous to elementary school trophies—proof of adherence to a policy that doesn’t go the step beyond intention to clear action?
For most companies, the answer is “no.” And the lack of awareness as to what should come next, or how to really embrace DEI as a company policy or value, is a stumbling block that will keep our progress stagnant. Without immediate action, this will ensure that the number of Black executives remains shamefully low, and ultimately has the power to be just as damaging as policies that intentionally restrict the advancement of all people of color.
If we got here by following good intentions without a plan, I believe the only way out is through a strategic reimagining of corporate America, particularly at the executive level, as diverse, inclusive, and representative of the workforce as a whole. That seems lofty in its pronouncement, but there are a few clear steps we must take to get back on track.
This process starts with hiring managers recognizing the gaps or inconsistencies in hiring policies or or requirements for any given role. One great example these days is better understanding the difference between education versus skills; are hiring decisions being biased by an outdated expectation of a higher degree path, or is that degree functionally necessary? Once new hires are in the door, there must be a clear path for professional development and growth, not a vague sense that maybe one day a promotion will be offered—or that they could be passed over for undisclosed reasons.
In order for this entire fundamental shift to take place, it has to be implemented and understood by every single person in the company. This is why it’s necessary to clarify the ROI of DEI to the greater workforce. It’s not enough to explain these policy changes or cultural shifts as “the right thing to do” or as simply in service of adhering to DEI policies. More diverse teams are more creative, more nimble, and therefore often more profitable as an end result. It doesn’t have to be, and perhaps shouldn’t be, a value question. If dollars and cents are on the line, that impacts everyone. A profitable business is in everyone’s best interest.
For many people, myself included, this one month out of the year feels like a consolation prize. Every school, news outlet, or social media platform may be highlighting where we’ve been, but will do nothing to ensure where we’re headed is better. The only way to pick up the pace and give progress a helpful shove in the right direction is to look critically at how the American workforce is offering Black men and women a seat at the table—and then reinvent how we take ownership of that seat.
