When President Gerald R. Ford recognized Black History Month in 1976, he called it an “opportunity to honor the too-often neglected accomplishments of Black Americans in every area of endeavor throughout our history.” Every February since has been devoted to recognizing, celebrating, and lifting up the contributions of Black Americans to our society. It’s widely agreed to be a time for reflection, especially in 2024, when dialogues about race and representation are being challenged across the nation.
But Black History Month can’t just be about celebration and reflection. Companies have to go deeper and commit to action. In recent years, many reputable organizations have—take Nike, which recently committed $8.9 million to different causes supporting social justice in place of their customary BHM-themed sneaker. There’s also the example of Apple, which is awarding grants to the Boys & Girls Clubs of America, Studio Museum in Harlem, the National Museum of African American Music, and more, alongside the launch of their 2024 Black Unity Collection.
In addition to supporting deserving external organizations, Black History Month should be a time for corporations to look inwards. Typical internal corporate initiatives like speaker series, workshops, and volunteer opportunities are well-meaning, but don’t usually result in the lasting cultural changes needed to make Black employees feel valued and comfortable in their organizations.
Long-term actions and meaningful momentum
This year, I’m challenging companies to take what they’ve learned throughout the month of February and translate it into meaningful momentum that moves the needle for Black and brown employees. Corporations should be using Black History Month to focus on long-term actions that improve the experience of, and ultimately retain, their Black employees.
Black professionals still have to fight for representation compared to colleagues of other races. In a 2021 survey, only 50% of Black employees said there was opportunity for all of their company’s employees to be successful, compared to 67% of white employees.
What’s more, only 33% of Black employees reported having sponsors, and that same number of Black professionals said they don’t feel respected or valued at work. These numbers make it clear: businesses need to do better when it comes to creating more equity and opportunities for Black workers. Otherwise, companies will lose great talent and spend time and money chasing replacements when Black employees leave. I say “when,” not “if”—studies show Black professionals are 30% more likely to intend to leave their current companies than their white counterparts.
Many companies have taken steps to create more inclusive workplaces. For instance, about 90% of Fortune 500 companies now have Employee Resource Groups. But deeper solutions are still needed to support and retain Black employees. If you’re not sure how Black employees at your company are feeling, I’d encourage you to take a step back and learn directly from them through open dialogues, surveys, and engagement with your company’s ERGs. Then, think through initiatives you can establish at your company to create a fair and welcoming environment.
During my time on Wall Street, I experienced firsthand how urgently Black, Indigenous, and employees of color needed a space for professional development among those with shared experiences. That journey ultimately led me to build 2045 Studio, a private network dedicated to connecting and supporting influential professionals of color.
Our role at 2045 is to advance our members’ careers in ways that many corporations struggle to invest in. We see ourselves as an external solution for an internal challenge: Through coaching, programming, and curated connections, we help build up our members in concert with their employers, which creates a lasting relationship built on mutual investment.
These are the investments that need to be made to show Black employees—and all employees from underrepresented communities—that organizations believe in our development at the highest levels.
Talking about our history is important, but so is taking action.
While Black History Month may be ending soon, February should just be the start of your efforts to promote better outcomes for Black employees this year. Black History Month should always be a time for celebration, but make sure you’re also committing to meaningful actions to improve the futures of Black employees, our families, and our communities.
