The 2020 Women of Color in Business: Cross-Generational Survey©

WOMEN OF COLOR

IN BUSINESS

2020

Cross-Generational Survey©

EXECUTIVE SUMMARY A BLESSING

LEAD. EMPOWER. THRIVE. 2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

1

D escription of the book  In their new book, “A BLESSING: Women of Color Teaming Up to Lead, Empower and Thrive” (Wordeee Publishing; October 15, 2020), Harvard Business School alumnae Bonita C. Stewart and Jacqueline Adams provide a mission-driven, realistic analysis of Black female leadership. With a foreword written by Kenneth Chenault, Chairman and Managing Director of General Catalyst and former Chairman and CEO of American Express, and a Preface

by Debra Lee, former Chairman and CEO of Black Entertainment Television, the authors provide tools, data, and inspiration for entrepreneurial and corporate women of color as well as their allies—regardless of their race or gender. Highlighting Stewart and Adams’ work is their original proprietary research, Women of Color in Business: Cross-Generational Survey(c), which examines the views of 4,005 female “desk” or “knowledge workers” across four races (Black, LatinX, Asian and white) and four generations (Gen Z, Millennials, Gen X, and Boomers). Their book is filled with personal anecdotes and reflective experiences based on their respective careers in the technology, brand marketing and national broadcast media industries. The book serves as a framework for women of color to work together team up and shed the cloak of invisibility and aloneness.

A Blessing Explained  Bonita Stewart was the first African American female vice president at Google. Jacqueline Adams was the first African American female correspondent whom CBS News assigned full-time to cover the White House. “We both have been “firsts” and “onlys’ in our careers, and as such, we have been called ‘unicorns’ -- rare and valuable beings in our professional settings. Just as a group of birds is called a flock, a gathering of unicorns is called ‘a blessing’ ...and so we are.”

The 2019 Executive Summary on LeadEmpowerThrive.com

Praise for “A Blessing”  “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive” received acclaim from the Library Journal, citing “anyone interested in the role of Black women, and women in general, in business will learn a great deal from this well-argued book.”

2019

WOMEN OF COLOR IN BUSINESS:

CROSS-GENERATIONAL SURVEY©

2

EXECUTIVE SUMMARY

A Letter From Co-authors Bonita C. Stewart and Jacqueline Adams Dear Readers,

We welcome you to the Executive Summary of our 2020 Women of Color in Business: CrossGenerational Survey©.

The health, social, racial and political pandemics of 2020 have radically altered the leadership landscape. Some experts have declared that a new era of leadership demanding authenticity, increased empathy and compassion, as well as better training for all managers has dawned. We would add another requirement, a greater appreciation for “generational diversity,” the term we have coined, based on our proprietary research.

Despite the volatile year, we see reasons for hope. Our new data point toward increases in reflection, confidence, and “side-preneurship” as younger generations of women at work assert greater control over their destinies. Thousands of ambitious women of color are at the corporate “glass” door, in plain sight, and knocking hard to be welcomed to their much-deserved seats at the table. We increasingly observed numerous allies in senior leadership roles appreciating the value of these women’s current and future contributions.

We conducted our second survey in the final month of a turbulent and transformational year. Our 2020 Women of Color in Business: Cross-Generational Survey© confirmed several major findings of the 2019 Survey. “Generational diversity” continues to challenge inclusive leadership excellence and demands increased allyship across races and genders. Given the rapidly changing demographics in the United States and the increasingly loud insistence by states and financial regulators, the race to find, hire, and retain diverse talent is becoming a significant disruptor for both corporations and venture investors as they capitalize on innovation.

The 2020 Survey again captured a portrait of confident, optimistic, ambitious, innovative American female “desk workers” across four races and four generations, especially among younger Black and LatinX women. Desk workers are those who work in professional settings, at computers, as opposed to those who work on their feet or in a factory.

The findings illuminate a resurgence of sturdy resilience and bravery. Poet Maya Angelou wrote, “We are the miraculous.” Amanda Gorman, America’s first national youth poet laureate, emerged as the cultural standard-bearer of her generation. She was given the ultimate “stretch assignment”

by Dr. Jill Biden, and she delivered radiantly at the Biden/Harris inauguration. Ms. Gorman issued

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

3

A Letter From Co-authors Bonita C. Stewart and Jacqueline Adams

a challenge to the world: “for there is always light if only we’re brave enough to see it. If only we’re brave enough to be it.”

We have assembled a great deal of data, all of it fascinating. The challenge has been to organize the new findings into digestible sections. To that end, we have crafted a series of summaries, each dedicated to a specific topic.

This first of the 2020 Executive Summaries will set the stage for the remaining sections. Section I will:

• Compare and contrast the 2019 and 2020 findings of “the onlys,” as well as the impact of stress and scrutiny in the wake of the 2020 pandemics; and • I ssue the first in a series of #TeamUp Challenges designed to accelerate organizations’ progress toward more inclusive and profitable futures.

Subsequent sections and focus will be:

II. 2 020’s Impact on Diversity & Inclusion Initiatives, Generational Diversity and Sisterhood; III. Professional Development and Allies, including the authors’ suggestion for “40 Allies and a Stretch Assignment;” IV. Entrepreneurship and Side-preneurship, a phenomenon which the authors are calling Employee Migration 2.0; V. Financial Literacy, Career Satisfaction, and the American Dream.

VI. Perspectives on Managers, offering a new Manager Variability Theory; VII. Our overarching conclusions and a recap of our #TeamUp Challenges for managers as well as women of color desk workers.

The goal is to help everyone “lead, empower and thrive” in their workplaces. We look forward to engaging with you, our readers, and receiving your feedback.

Sincerely, Bonita C. Stewart and Jacqueline Adams

Our 2019 Research can be viewed on LeadEmpowerThrive.com 4

SECTION I

OVERVIEW

Talent Convergence Theory, The Onlys, Scrutiny, Stress, Optimism

Ta b l e o f C o n t e n t s :

Introduction and Overview of the 2020 Data The Talent Conversion Theory The Onlys Scrutiny Stress - Impact of 2020 Optimism & Confidence Authenticity #TeamUp Challenge Conclusion

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

5

Introduction and Overview of the 2020 Data

The 2020 Women of Color in Business: Cross-Generational Survey© was designed to stress-test and probe deeply several of the 2019 findings.

The authors continued to track “the Onlys,” women who report being always or frequently the only person of their race in a professional setting. Despite 2020’s focus on racial justice, there was just a very slight improvement.

The survey found:

•L evels of stress and scrutiny on the job remained high, especially in the aftermath of 2020’s racial and social justice protests.

•C ontinued support for “sisterhood” and the strong desire for support from managers, i.e., a sense of belonging, among younger desk workers •T here remained significant interest in entrepreneurship and in maintaining control of one’s future, especially among younger Black and LatinX women.

•Y ounger women remain confident, prepared to leave their current employment, if better opportunities emerge. The findings suggest a threat - or opportunity - depending on your perspective for existing employers and venture capitalists.

•W hite male managers, who were queried for the first time, as well as women of color desk workers, reported increased responsibilities in the D&I (diversity and inclusion) categories in the aftermath of 2020’s protests.

Currently, leadership discussions are framing the D&I focus alongside emerging talent disruption models. The authors’ 2020 Survey findings validate leaders deploying innovative strategies to unleash and leverage the underrepresented minority talent that is “hidden in plain sight.”

The authors call this concept their “Talent Convergence Theory.” Demographic, governance and societal trends are driving inclusive leaders to redress the “deficits,” e.g., the paucity of minority talent in the C-suite, VC portfolios, boards, and management ranks. With greater awareness of the entrepreneurial spirit and embrace of technological innovation among younger women of color, along with their burgeoning consumer spending resources and educational attainment, the “greenfield” of untapped talent continues to grow.

6

Talent Conversion Theory

Activating diversity remains the challenge to creating a competitive advantage in the rapidly changing race for talent. The 2020 Survey findings suggest there is an underlying tension in the race for talent. Who will capitalize on it first? Will it be disruptive venture capitalists who open their spigot of dollars and lure the growing ranks of “side-prenuers” into full-time entrepreneurship?

Or will it be the corporations that wake up and fully activate the ambition and creativity of their employees of color? The answers are likely to emerge as the authors challenge and suggest strategies for all participants in their upcoming annual analyses.

2020 Findings on “The Onlys” In November 2020, co-authors Stewart and Adams commissioned their second survey to test the findings of their 2019 efforts and provide continuity for an actionable leadership playbook. In this section, the data focuses on the impact of The Onlys for women of color desk workers, the increased scrutiny and stress that they experience as well as their unexpected optimism and ambition.

The “Onlys” Remain

Of all the 2019 data, the finding of most concern to the authors was that 47% of Black women said that they were always or frequently the only person of their race in a professional situation (15% always and 32% frequently). Much work remains necessary to accelerate significant declines in the number of “Onlys.”

In the 2020 data, the number declined by one percent to 46%. In 2020, 11% of Black women said they are always the only person of their race in a professional setting, and 35% said they are frequently the only person.

•F or LatinX women, there was a slight improvement. In 2019, 16% said they were always the only person of their race in a professional setting, and 25% said frequently for a total of 41%. In 2020, the numbers were 9% and 27% for a total of 36%.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

7

•F or Asian women, in 2019, 11% said they were the only person of their race in a professional setting, and 28% said frequently, for a total of 39%. In 2020, the number ticked up slightly to 40% (13% always and 27% frequently).

8

•F or white women, the 2019 number was 15% (6% always and 9% frequently). In 2020, the number ticked up slightly to 16% (7% always and the 9% frequently answer held steady). By contrast, 72% of white female desk workers said they were not very often or never the only person of their race in a professional setting. In 2019, this number was 73%.

THE ONLY: HOW ARE OFTEN ARE YOU THE ONLY PERSON OF YOUR RACE PRESENT IN A PROFESSIONAL SITUATION?

All

Black women

LatinX women

Asian women

White women

Always

10%

11%

9%

13%

7%

Frequently

25%

35%

27%

27%

9%

Sometimes

25%

25%

30%

32%

13%

Not very often

24%

20%

24%

21%

30%

Never

17%

9%

10%

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

2020 Women of Color in Business: Cross-Generational Survey©

6%

42%

9

The Impact of “Only-ness” on Female Desk Workers

When Black women are the only members of their race present in a professional setting, more report that they are likely to feel uncomfortable, compared to LatinX, Asian, and white women, who report feeling no different.

•A mong Millennial women, 42% of the Black women report feeling that their “only-ness” is noticed.

•2 4% of Black Millennial desk workers said they feel uncomfortable being “Onlys,” as opposed to 17% LatinX, 20% Asian, and 9% white Millennial women.

•H owever, 26% of Black Millennials and 29% of LatinX Millennials and 23% of Asian Millennials said they feel special, that their unique perspective in professional settings is seen.

10

THE ONLY: HOW DO YOU FEEL IN A PROFESSIONAL SITUATION?

14% All women 24% Black women Millennials Uncomfortable

17% LatinX women Millennials 20% Asian women Millennials 9% White women Millennials

All women

24% 26% Black women Millennials

Special, bringing a unique perspective

29% LatinX women Millennials 23% Asian women Millennials 19% White women Millennials

All women

45% 29% Black women Millennials

No different

38% LatinX women Millennials 41% Asian women Millennials White women Millennials

All women

48%

22% 42% Black women Millennials

As though everyone else notices that I’m the only one of my race

26% LatinX women Millennials 25% Asian women Millennials 13% White women Millennials

All women

As though my ideas are judged skeptically

19% 21% Black women Millennials 22% LatinX women Millennials 28% Asian women Millennials 16% White women Millennials

2% All women 3% Black women Millennials Something else

5% LatinX women Millennials 1% Asian women Millennials 0% White women Millennials

3% All women 2% Black women Millennials None of the above

3% LatinX women Millennials 2% Asian women Millennials 6% White women Millennials

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y © 2020 Women of Color in Business: Cross-Generational Survey©

11

RACE: WHICH OF THESE COMES CLOSER TO YOUR OPINION?

I can freely communicate with my coworkers about issues of race

72% 57%

56%

56%

LatinX women Millennials

Asian women Millennials

44%

44%

40%

All women

Black women Millennials

White women Millennials

Part of me feels I have to withhold my true thoughts when talking with my coworkers about issues of race

60% 43%

28%

All women

Black women Millennials

LatinX women Millennials

2020 Women of Color in Business: Cross-Generational Survey©

12

Asian women Millennials

White women Millennials

The discomfort about being an “only” for Black Millennial women is pronounced. 60% report that they withhold their true thoughts when talking with colleagues about race. By contrast, 72% of white Millennial women report no such anxiety about sharing their feelings.

Implications: The dearth of Black female talent is not a pipeline issue. Black women are the largest

sector of Americans earning college degrees, according to the U.S. Census. Companies should move swiftly to evaluate the systemic biases built into decades of processes intended to curb the number of hires of color. To win the race for exceptional talent, leaders and managers must demand accelerated hiring of underrepresented minorities in multiples to eliminate tokenism, onlyness and they must disrupt bias-ridden recruiting models. The failure to hire more desk workers and executives of color results from a fragmented database issue, not a pipeline concern. The authors have observed that increasingly, entrepreneurs of color are developing new tools to identify diverse talent.

Scrutiny: In Hiring and On the Job Hiring is the gateway to employment and the way a woman of color is perceived can have longlasting effects. Majorities of the women in all four races said their race and gender had no effect on their job applications.

However, in 2020, 29% of Black women overall reported extra scrutiny in the application process as a result of their race and gender. The percentage is significantly larger than those for the other races: 15% LatinX, 19% Asian, and 12% white.

•T he 2020 responses did show a slight improvement over 2019 when 31% of Black women and 17% of white women said their race and gender led to their job applications being viewed more skeptically.

•A mong Black Millennials in 2020, 31% said their race and gender led to their job applications being viewed more skeptically. By contrast, 22% of both LatinX and Asian women agreed and only 15% of our white Millennial respondents felt that way, twice the number of the Black Millennials.

•A mong 2020’s Gen Z respondents, there is an expectation that they will face scrutiny in hiring because of their race and gender.

- 57% of Black Gen Z female desk workers anticipate that their race will bring greater scrutiny to their job applications, as opposed to 28% of white Gen Z women. 41% of LatinX and 42% of Asian Gen Z respondents also feel that their race will bring scrutiny to their job applications.

•H owever, 26% of the LatinX women, the largest sector, say that their race/gender will be a positive in the hiring process, consistent with 2019 data.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

13

SCRUTINY IN HIRING: RACE AND/OR GENDER

Black women Millennials

All

LatinX women Millennials

Asian women Millennials

White women Millennials

Resulted in people viewing my application more skeptically, with more scrutiny

19%

31%

22%

22%

15%

Was considered a positive that made me more desirable as an applicant

65%

50%

52%

58%

74%

Had no impact on how I was evaluated

16%

18%

26%

2020 Women of Color in Business: Cross-Generational Survey©

14

20%

11%

GEN Z EXPECTATIONS: SCRUTINY AND HIRING  RACE AND/OR GENDER

Black women GenZ

All

LatinX women GenZ

Asian women GenZ

White women GenZ

Resulted in people viewing my application more skeptically, with more scrutiny

42%

57%

41%

42%

28%

Have no impact on how I am evaluated

39%

30%

33%

47%

50%

Be considered a positive that makes me more desirable as an applicant

19%

13%

26%

12%

22%

Once on the job, Black women within each generation in 2020 were the least likely to feel as if people at work root for them to succeed and the most likely to feel that their work is viewed with 2020 Women of Color in Business: Cross-Generational Survey© skepticism and scrutiny.

The results are consistent with the 2019 findings.

• I ndeed, 67% of Gen X Black women (down from 74% last year) feel that their co-workers root for them to succeed, compared to 82% Gen X white women.

•Y et, a full third of Black Gen X women say they do not feel encouraged at work, compared to just 18% of white Gen Xers.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

15

SUCCESS AT WORK: WHICH IS CLOSER TO YOUR VIEW?

All women Black Women

77% All Ages

72%

Millennials

75%

GenX

67%

Boomers

LatinX women I feel as though people at work root for me to succeed

74%

All Ages

79%

Millennials

79%

GenX

78%

Boomers

Asian women

81%

All Ages

78%

Millennials

81%

GenX

73%

Boomers

White women

80%

All Ages

81%

Millennials

81%

GenX

82%

Boomers

All women Black women

78%

23% All Ages Millennials

28% 25%

GenX

33%

Boomers

LatinX women I don't feel as though people at work root for me to succeed

All Ages

21%

Millennials

21%

GenX

22%

Boomers

Asian women

26%

All Ages Millennials

19% 22% 19% 27%

GenX

White women

Boomers

20%

All Ages

19%

Millennials

19%

GenX

18%

Boomers

16

22%

IMPACT OF RACE AND/OR GENDER ON WORK CONTRIBUTIONS

All

Black women

LatinX women

Asian women

White women

Make people view my contributions more skeptically, with more scrutiny

21%

33%

18%

20%

15%

Have no impact on the way my contributions are viewed

63%

54%

59%

63%

76%

Is considered a positive

16%

14%

23%

18%

9%

Majorities reported that their race had no impact on the way their contributions at work were 2020 Women of Color in Business: Cross-Generational Survey© evaluated.

For those who did feel that race had an impact, 31% of Black Millennial workers said their contributions at work were viewed more skeptically. 23% of LatinX Millennials said their race and gender were considered as positives.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

17

IMPACT OF RACE AND/OR GENDER ON HIRING

All

Black women

LatinX women

Asian women

White women

Resulted in people viewing my application more skeptically, with more scrutiny

19%

29%

15%

19%

12%

Had no impact on how I was evaluated

65%

56%

64%

64%

78%

Was considered a positive that made me more desirable as an applicant

16%

15%

21%

17%

10%

Stress 2020 Women of Color in Business: Cross-Generational Survey©

In 2019, majorities of all of the female desk workers reported stress on the job. At 80%, white Millennials reported the highest level of stress.

In 2020, the question was changed to gauge additional stress on the job as a result of the racial and social justice protests. A majority of Black women (54%) reported greatly or somewhat increased stress; 39% for LatinX women; 34% for Asian women; and 30% for white women.

Majorities of the LatinX, Asian and white female desk workers said their stress remained the same.

18

STRESS FROM 2020’S FOCUS ON RACIAL JUSTICE

19% Black women Greatly increased

10% LatinX women 8% Asian women 7% White women

35% 29%

Somewhat increased

26% White women 23%

43% Stayed the same

58% 65% 67%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

19

STRESS FROM COVID19 PANDEMIC

31% Greatly increased

28% 22% 28%

39% 44%

Somewhat increased

38% 39%

25% Stayed the same

24% 37% 31%

The COVID-19 also caused significant additional 2020 Womenpandemic of Color in Business: Cross-Generational Survey© stress among women desk workers of all races: 70% (greatly or somewhat increased) for Black women, 72% for LatinX women, 60% for Asian women and 67% for white women.

20

Response to Stress: Ask for Help vs. Handle on My Own

The respondents did report generational and racial divides to the question of asking for help to deal with stress on the job.

•O f Millennials, Asian women (27%) said they are least likely to ask for help, as opposed to 41% of white Millennial women.

•A ll Gen Z female groups (48% Black, 50% Latinx, 45% Asian, 41% white) are more likely to anticipate asking for help than dealing with stress on their own, compared to older generations.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

21

This finding is important for prospective employers. The youngest generation of workers wants greater support on the job, more access to resources to enhance their sense of well-being.

APPROACH TO WORK STRESS

Talk to or seek guidance from other people at work

41%

38% 30%

Black women Millennials

27%

LatinX women Millennials

Asian women Millennials

White women Millennials

Handle it on my own

73% 64%

Black women Millennials

60%

LatinX women Millennials

58%

Asian women Millennials

2020 Women of Color in Business: Cross-Generational Survey©

22

White women Millennials

GEN Z  LIKELY APPROACH TO WORK STRESS

Talk to or seek guidance from other people at work

48%

Black women GenZ

50%

LatinX women GenZ

45%

Asian women GenZ

41%

White women GenZ

Handle it on my own

52%

52%

57%

44%

Black women GenZ

LatinX women GenZ

Asian women GenZ

White women GenZ

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

23

Contributions, Authenticity, Optimism, Confidence Despite facing scrutiny in the workplace, Black women across all generations continue to show remarkable optimism, entrepreneurial spirit, and confidence in their abilities, contributions and futures.

•A lthough Black female desk workers are least likely to feel that people at work root for them, and most likely to feel that their work is evaluated with scrutiny due to their identity, of all women surveyed, they are most likely to feel that they have made strong contributions at work.

•6 8% of Black Millennials feel this way, compared to 55% of white Millennial women.

MILLENNIALS: CAREER AND JOB SATISFACTION

68%

Black women I’ve made strong contributions in the jobs I’ve had

LatinX women Asian women White women

2020 Women of Color in Business: Cross-Generational Survey©

24

48% 44% 55%

MILLENNIALS: CAREER AND JOB SATISFACTION

47%

Black women I’ve had the opportunity to do meaningful and satisfying work

I’ve had good opportunities for career growth and development appropriate to my skill level and contributions

51%

LatinX women Asian women

34%

White women

41%

Black women

41% 45%

LatinX women Asian women White women

34% 41%

Black female desk workers say that their work has had a good impact on society to a greater degree than women in other races.

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

25

MILLENNIALS: CAREER AND JOB SATISFACTION

39%

Black women I feel as though my work in my job has had a good impact on society more broadly

36%

LatinX women Asian women

28% 33%

White women

Asian women report the lowest levels of career satisfaction.

2020 Women of Color in Business: Cross-Generational Survey© •O nly 39% of Millennials strongly agree that they have had the opportunity to do meaningful work, compared to 48% Black, 48% LatinX, and 42% white women. This trend is consistent with 2019 data.

Just 25% of Black women are satisfied that they have earned and saved as much as they want for their lifestyles. All of the other races report even less financial satisfaction.

MILLENNIALS: FINANCIAL SATISFACTION

Black women I’ve been able to earn and save as much as I would like for the lifestyle I want

LatinX women

25% 23% 19% Asian women

16% White women

2020 Women of Color in Business: Cross-Generational Survey©

26

Authenticity Majorities of female desk workers across the races reported that they can be their authentic selves at work, despite any external pressures they may face.

AUTHENTICITY AT WORK

Black women

All Ages

41%

Millennials

47%

GenX

LatinX women

40%

Boomers

36%

All Ages

35%

Millennials

42%

GenX I have to tone down who I really am to better fit in

36%

Boomers

Asian women

27%

All Ages

34%

Millennials

49%

GenX Boomers

White women

All Ages

31% 21% 30%

Millennials GenX Boomers

35% 31% 24%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

27

Gen Z Career Optimism Expectations: Fulfilling Work and Strong Contributions

•A mong the youngest desk workers, Gen Z Black women are the most optimistic that they will have fulfilling work experiences:

-6 6% anticipate feeling fulfilled in their work, compared to 55% LatinX, 45% Asian women, 48% white.

GEN Z CAREER EXPECTATIONS

All

Black women

LatinX women

Asian women

White women

55%

45%

48%

I will feel fulfilled in my work

54%

66%

Gen Z Career Optimism Expectations: Fulfilling Work and Strong Contributions

2020 Women of Color in Business: Cross-Generational Survey© •L ikewise, 71% of Black Gen Z female desk workers expect to make strong contributions to their jobs.

-T he other races are slightly less optimistic. 63% of LatinX and white Gen Z women expect to make strong contributions to their jobs. Asian women are the least optimistic at just 49%.

28

GEN Z CAREER EXPECTATIONS

All

Black women

LatinX women

Asian women

White women

49%

63%

I will make strong contributions in the jobs I have

63%

71%

63%

These trends are consistent for all questions relating to future career opportunities and emphasize the need for inclusive leaders to appreciate the greater need for belonging and care that the 2020 Women of Color in Business: Cross-Generational Survey© incoming generation of workers expects. .

Take t he #TeamUp Challenges After analyzing their data over two years, the authors have developed a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

Challenge #1 For Senior Leaders and Managers: Eradicate the “Onlys” on your team by hiring more of them! Look around and understand where “Onlys” reside within your company and track when critical mass is reached, particularly in teams of 20+. Hire in multiples and strive for overall workplace belonging.

Goal: Reduce the 46% of Black women who have frequently or always been the only person of their race in a professional situation to 25% by 2025 and 0% soon thereafter.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

29

Conclusion A troubling reality emerged in the 2019 Women of Color in Business: Cross-Generational Survey(c).

Nearly half, 47%, of Black female desk workers reported that they are always or frequently the “only” person of their race in a professional setting. In 2020, the figure went down by just one point to 46%. For LatinX women in 2020, more than a third (36%) said that they were always or frequently the only person of their race in a professional setting, an improvement over the 41% reported in 2019.

The authors are challenging organizations, specifically corporations and venture capital firms, to reduce the number of “Onlys” to 25% by 2025 and to 0% soon thereafter. In the six months since the publication of “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive,” the authors have been advocating that our “inclusive allies” hire us, hire women of color in multiples.

Given that the “Onlys” finding improved by only 1%, the authors stress that increasing the numbers of underrepresented minorities in corporations now is an urgent, yet easily actionable activity.

A new suggestion for achieving the “moonshot goal” of 0% “Onlys” is to ensure that all managers are trained BEFORE they assume people management responsibilities, and that existing managers are adequately trained and retrained regularly to: empower their teams; recognize bias; reward great performers. More importantly, managers should be held accountable for their people management capabilities as, increasingly, these skill sets will have a direct correlation to the risks and the rewards of the workplace.

Given the ambition, creativity and confidence demonstrated by Gen Z and Millennial women of colors, the authors have been told, “Women of color are thirsty right now. And we all have an opportunity to bring them a glass of water.” Teaming up is the glass; great managers can be the water.

Great managers matter.

30

SECTION II

D i ve r s i t y a n d Inclusion: In the Aftermath Of 2020

Ta b l e o f C o n t e n t s : Introduction Diversity and Inclusion: At A Turning Point In The Aftermath Of 2020 Systemic Bias by Race and Gender Generational Diversity - Innovation and Technology - Confidence and Control Sisterhood #TeamUp Challenge Conclusion

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

31

Introduction This section of the 2020 Women of Color in Business: Cross-Generational Survey© examines three major topics: • t he changes within organizations’ Diversity and Inclusion activities in the aftermath of 2020’s racial and social justice protests, • r espondents’ views of systemic biases against people of color and women, and • t he impact of systemic biases on the economy, as well as •a deeper comparison of respondents’ attitudes towards generational diversity and sisterhood in 2019 and 2020.

Diversity and Inclusion - At a Turning Point in 2020 In the aftermath of 2020’s racial and social justice protests, many companies have begun to increase their Diversity and Inclusion (D&I) activities and commitments. Some analysts are comparing the new focus on D&I to that on sustainability a decade ago.

The authors probed their 2,300 women of color respondents about their companies’ responses to the crises and their perceptions of their roles in executing the new D&I activities.

•B lack (67%) and LatinX (52%) female desk workers said that DIversity and Inclusion initiatives are important for all organizations.

•H owever, majorities of all of the women of all races are leery about their management’s genuine commitment to D&I activities as well as their fair treatment of underrepresented minorities.

•B lack women report the strongest involvement in D&I, but say they receive less positive recognition relative to their efforts.

32

IMPORTANCE OF DIVERSITY & INCLUSION Strongly agree All women

51% 67%

I think that Diversity and Inclusion initiatives are important for all organizations to have

52% 41% 42%

All women

50% 47%

My company is doing a good job of addressing Diversity and Inclusion matters

54% 43% 55%

•C ompared to their co-workers, 25% of Black women strongly agreed that they have taken on more voluntary tasks related to their companies’ D&I work outside of their normal job 18% LatinX women, 15%Survey© Asian women, and 18% white women shared this 2020responsibilities.

Women of Color Just in Business: Cross-Generational view. This trend is observed for all generations.

•2 1% of Black women strongly agreed that because of their identities, there is an expectation that they take on responsibilities for D&I initiatives, twice the percentages for Asian and white women. 14% of LatinX desk workers shared this view.

•F or Millennials, Black women feel that they are receiving less recognition for their D&I activities than the other racial groups: 58% Black, 70% LatinX, 60% Asian, 60% white.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

33

DIVERSITY & INCLUSION: I HAVE MORE RESPONSIBILITY AND I AM REWARDED

Black women

52%

All Ages

58%

Millennials

LatinX women

All Ages

61% 70%

Millennials

Yes - I get positive rewards and recognition

Asian women

All Ages

48%

Millennials

White women

60%

All Ages

48% 60%

Millennials

DIVERSITY & INCLUSION: SHOULD MANAGERS BE EVALUATED DIVERSITY & INCLUSION ACTIVITES? 2020 Women ofFOR ColorTHEIR in Business: Cross-Generational Survey©

72%

All women

86% Yes

73% 64% 63%

•A lthough majorities of female desk workers across the four races feel that their managers should be evaluated for their Diversity and Inclusion activities, only 58% of the Black female Millennial workers that they are rewarded for their own D&I activities.

2020 Women of Color inbelieve Business: Cross-Generational Survey© •L arger percentages of the other races report positive rewards for such work (70% for LatinX Millennial women and 60% for Asian Millennials and white Millennial women).

34

DIVERSITY & INCLUSION: I HAVE MORE RESPONSIBILITY AND I AM REWARDED

Black women

All Ages

52% 58%

Millennials

LatinX women

All Ages

61% 70%

Millennials

Yes - I get positive rewards and recognition

Asian women

All Ages

48% 60%

Millennials

White women

All Ages Millennials

48% 60%

2020 Women of Color in Business: Cross-Generational Survey©

Systemic Bias The perceived existence of systemic bias based on race and gender sharply diverged among the female desk workers.

•6 5% of Black women vs. 33% white women strongly agree that systemic bias against people of color exists in the United States.

•5 1% of Black women vs. 27% of white women agree that systemic bias against women is widespread.

•T he numbers are more pronounced among older Boomer women, with Black women reporting the most significant percentage of perceived racial bias at 66%.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

35

SYSTEMIC BIAS AGAINST PEOPLE OF COLOR

Strongly agree

All women

All Ages

Black women

All Ages

42% 65% 66%

Boomers I believe systemic bias against people of color is widespread in the US

LatinX women

All Ages Boomers

Asian women

White women

All Ages Boomers

2020 Women of Color in Business: Cross-Generational Survey©

29%

All Ages Boomers

36

39%

32% 20% 33% 27%

SYSTEMIC BIAS AGAINST WOMEN

Strongly agree

All women

All Ages

Black women

All Ages

33% 51%

Boomers

LatinX women I believe systemic bias against women is widespread in the US

All Ages Boomers

Asian women

52%

All Ages

31% 27% 22%

13% Boomers

White women

All Ages Boomers

27% 21%

Impact of Systemic Racism on the Economy 2020 Women of Colorperspectives in Business: Cross-Generational Given their relative and the length ofSurvey© their lived experiences with systemic bias against women and people of color, it is not surprising that 75% of Black women reported that systemic racism hurts the economy. This finding is quantified in the 2020 Citi Global Perspectives & Solutions (GPS)’s report, Closing the Racial Inequality Gaps: The Economic Cost of Black Inequality in the U.S., which calculated $16 trillion in lost GDP over the past 20 years because of the gaps between African Americans and whites in wages, discriminatory lending and access to quality education.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

37

SYSTEM RACISM: DOES IT IT HURT THE ECONOMY?

All

Black women

LatinX women

75%

48%

Asian women

White women

A great deal

49%

34%

37%

Somewhat

32%

17%

35%

44%

34%

Not very much

9%

5%

8%

13%

12%

2020 Women of Color in Business: Cross-Generational Survey©

Generational Diversity: Comparing 2019 and 2020 Findings The authors observe that companies have been overlooking “generational diversity” in their Diversity and Inclusion discussions. And yet, the concept is increasingly important when analyzing the nuances about young Millennial and Gen Z female desk workers. As they did in the 2019 Survey, younger women of color in 2020, especially Black and LatinX women, reported that they are innovative and are confidently demanding workplaces that provide the support they need to thrive.

38

The authors urge companies to pay attention to these findings as they develop strategies to seek and retain workers of color who have, traditionally, been challenging to source.orities of female desk work

Innovation and Technology As they were in 2019, Black female desk workers are the most tech-forward, especially in Gen Z: • I n 2020, 42% of Black Gen Zs said they are “the first to know when something new or cuttingedge is released.” The gap with the other races is almost two-to-one.

-O nly 24% LatinX, 26% Asian, and 21% white Gen Z women report that they are first to know when something new or cutting edge is released.

INNOVATION: FIRST TO KNOW IN TECHNOLOGY

Are always the first to know

42%

Black women GenZ

24%

26%

LatinX women GenZ

Asian women GenZ

21%

White women GenZ

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

39

Confidence and Control In 2019, Millennial and Gen Z female desk workers, especially Black women, said that they felt that they could find a good job relatively easily, and both could and would have control over their careers.

•D espite the pandemic-driven economic downturn of 2020, 59% of Black women desk workers expressed great confidence about their job prospects and control over their careers.

•T heir LatinX, Asian and white counterparts are even more confident of having control over their careers in 2020.

CONFIDENCE: I COULD FIND ANOTHER JOB EASILY

If I wanted, I could find another good job I would like relatively easily

59%

60%

61%

62%

Black women

LatinX women

Asian women

White women

2020 Women of Color in Business: Cross-Generational Survey©

40

Retention is an important component of D&I activities. Finding and hiring underrepresented talent can be difficult, but having any of them leave, after a company has invested in an employee, can be costly.

RETENTION: DO YOU SEE YOURSELF LEAVING YOUR CURRENT POSITION WITHIN THE NEXT YEAR?

Yes

38% 30% 22%

Black women

LatinX women

Asian women

25%

White women

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

41

If Black women think about leaving their current jobs, they are more likely to state that their reason is “I feel like I can better get ahead by leaving.” (44% for Black women compared to 38% for white women).

RETENTION: RATIONALE FOR LEAVING YOUR CURRENT POSITION

26% I feel discouraged or undervalued at my workplace

20% LatinX women 25% 28%

11% Black women I feel like I do not belong at my workplace

12% LatinX women 14% Asian women 10% White women

44% I feel like I can better get ahead in my career by leaving

41% 33% 38%

2020 Women of Color in Business: Cross-Generational Survey©

42

Female desk workers of all races say that they are growing in their current roles. However, compared to the female managers in the four races, the desk workers’ growth is significantly smaller.

•B lack females: 72% managers vs 58% desk workers •L atinX: 73% managers vs 60% desk workers •A sian: 61% managers vs 56% desk workers •W hite: 71% managers vs 60% desk workers

CAREER GROWTH AT CURRENT JOB: DESK WORKERS VS FEMALE MANAGERS

Black women

All Desk workers

58%

Managers

LatinX women I feel like Iʼm growing in my current role at my company

All Desk workers

72% 60%

Managers

Asian women

White women

All Desk workers

73% 56%

Managers

61%

All Desk workers

60%

Managers

71%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

43

Sisterhood In the 2019 survey, one of the authors’ most surprising findings was the near unanimous support for the concept of sisterhood -- of women helping one another in the workplace -- among Gen Z desk workers. The concept remains extremely important in the 2020 findings.

•9 2% of Black women and 88% of LatinX women felt sisterhood would be important to them at work. The percentages were smaller with the other two groups: 83% of Asian women and 84% of white women.

• I n 2020, Gen Z women reported minor changes in the importance of sisterhood: 89% for Black women, 92% for LatinX women, 87% for Asian and 83% for white women said sisterhood was very or somewhat important.

IMPORTANCE OF SISTERHOOD: GEN Z 2019 AND 2020 Do you think what some people call “sisterhood” is to you currently – in other words, other women, perhaps of the samerace as you, who share good and bad times, exchange advice, and listen through each other’s issues?

Black women GenZ

LatinX women GenZ

Asian women GenZ

White women GenZ

Very important /Somewhat important (2020)

89%

92%

87%

93%

83%

84%

Very important /Somewhat important (2019)

92%

88%

2020 Women of Color in Business: Cross-Generational Survey©

44

The authors were struck by the 2020 reactions of the older generation of women on the subject of sisterhood.

•O verall, 76% of Black women considered sisterhood very or somewhat important, compared to 72% LatinX, 67% Asian, and 69% white women.

•W hen examining the responses by generation, Millennial women of all races report greater value in sisterhood than the Boomers. (Millennials: 81% Black, 75% LatinX, 79% Asian and 80% white; Boomers: 40% Black, 25% LatinX, 24% Asian and 21% white).

•M ajorities of all of the races across the older generations do report that sisterhood is very or somewhat important. However, Asian and white Gen X and Boomer women report less value in sisterhood compared to their Black and LatinX colleagues.

Since the publication of their book, the authors have participated in several “sisterhood circles” aimed specifically at Asian, LatinX and Black women in business. The camaraderie, shared experiences and openness of the exchanges have convinced the authors of the need for even more such events and for the value of their SaaS concept: Sisters as a Service.

SISTERHOOD: BOOMERS TO MILLENNIALS How has been for you at work – in other words, other women, perhaps of the same race as you, who share good and bad times, exchange advice, and listen through each other’s issues?

Very Important/Somewhat important

81% 74% 74%

72%

80%

79%

75% 76% 66%

69%

68%

67%

68% 58%

Black women

LatinX women

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

Asian women

GenX

Millennials

All Ages

Boomers

GenX

Millennials

All Ages

Boomers

GenX

Millennials

All Ages

Boomers

GenX

Millennials

All Ages

53%

Boomers

76%

White women

45

Take the #TeamUp Challenges After analyzing all of their data over two years, the authors have come up with a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

For Senior Leaders and Managers: After mastering IQ (intelligence), EQ (Emotional Intelligence) and CQ, (Cultural Intelligence), the authors have another metric for managers: GD (Generational Diversity) which they highlight in their surveys as the nuance and complexity managers will face as the workplace converges across generations who hold different expectations.

Goals: 1. Start to understand the differences across the generations;

2. C reate a sense of belonging that the younger workers are demanding;

3. A ctivate the full breadth of talent across the generations to fuel workers’ innovation, creativity, and ROI.

Conclusion “The beauty of anti-racism is that you don’t have to pretend to be free of racism to be an antiracist.

Anti-racism is the commitment to fight racism wherever you find it, including in yourself. And it’s the only way forward.” – Ijeoma Oluo, author of “So You Want to Talk About Race.”

On May 25, 2020, America watched for a full eight minutes and 46 seconds as George Floyd took his last breath. In the aftermath, a number of corporations, universities and organizations had an abrupt awakening as they scrambled to identify and redress evidence of institutional racism.

Myriad Diversity & Inclusion activities, task forces, and media campaigns sprang up.

The authors hope this awakening is not just a moment but a new way of life that creates opportunities for the brilliance of underrepresented minorities to flourish. It’s not just the right thing to do. It’s profitable too.

46

SECTION III

Professional D eve l o p m e n t : Stretch Assignments & Allyship

Ta b l e o f C o n t e n t s : Introduction 40 Allies and a Stretch Assignment: Definitions Professional Development: Career Advice Allies by Gender and Race Word Clouds: Advice for Women of Color in the Workplace Word Clouds: Best Ways for Manager or Supervisor to Support a Woman of Color #TeamUp Challenges Conclusion

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

47

Introduction Co-authors Bonita Stewart and Jacqueline Adams strongly suggest that women of color pursue stretch assignments to progress in their careers. In “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive,” Stewart and Adams introduced the concept of 40 Allies and a Stretch Assignment. In the period after the Civil War, freed slaves were promised 40 acres and a mule. Rarely was that promise kept, but today, inclusive and insightful leaders and managers can revisit the strategy by surrounding “rising star” employees of color with improved feedback, additional allies and opportunities to “stretch” or grow their capabilities.

This section provides definitions of a stretch assignment and 40 allies. It also lays out the experiences of our American female desk workers across four races and four generations as they seek and give advice in the workplace.

40 Allies and Stretch Assignment: Definitions Stretch assignments can be a tool for tapping workers with exceptional talent, either visible or hidden. It can also be used when there is a misalignment of skills and job requirements or a clash of personalities, or even boredom. Frustrations can break out on all sides. However, in many cases, if a leader or manager is truly observant and/or empathetic, the misalignment can be adjusted, thereby salvaging a talented worker, improving productivity, and reducing the costs of losing an employee in whom an organization has invested. Proper use of a stretch assignment can accrue to an organization’s ROI. Encouraging stretch assignments is far more than a “nice-to-do” perk for an outstanding performer. Increasingly, it is a viable retention mechanism.

For the individual, a stretch assignment can provide an opportunity to differentiate oneself, to achieve what others deem impossible, unexpected, or unlikely to catapult one’s career and to give women employees a chance to believe in themselves while driving meaningful results and impact. A stretch assignment is NOT housekeeping, taking on additional extracurricular chores in the office.

When the authors say 40 allies, they suggest including: • 1 0 people on your existing team at work, • 1 0 managers from other parts of the business, • 1 0 “sisters” or supportive women of color, and • 1 0 members of your personal board of directors (i.e., relatives, teachers, clergy, former colleagues, people of any race or gender who have one’s best interests at heart and have provided useful advice in the past).

Large majorities of the female desk workers of all races report that they have NOT received a stretch assignment in the past 12 months. However, 37% of Black and LatinX Millennial desk workers report that they have received stretch assignments, the most significant percentages among the nonmanagers.

48

•A bout a quarter of the female desk workers said they initiated the stretch assignments themselves, with Asian women reporting the highest percentage at 28%.

The authors looked closely at the experiences of somewhat more senior, Gen X workers.

•L arge majorities of the women of all races report that they were recommended for the stretch assignments by their supervisors.

•O f women who have received a stretch assignment, Black women are most likely to report that it increased their professional development.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

49

STRETCH ASSIGNMENTS  WITHIN THE LAST 12 MONTHS, HAVE YOU VOLUNTEERED OR BEEN RECOMMENDED?

Yes

Black women

32% 37%

LatinX women

30% 37%

Asian women

28% 34%

White women

26% 33%

No

Black women

64% 59% 67%

LatinX women 57%

Asian women

66% 59%

White women

68% 63%

50

STRETCH ASSIGNMENTS  IMPACT ON PROFESSIONAL DEVELOPMENT

A great deal

Black women

35%

All Ages

32%

Millennials

44%

GenX

LatinX women

23%

All Ages

18%

Millennials

23%

GenX

Asian women

24%

All Ages

30%

Millennials GenX

White women

14%

All Ages

24% 30%

Millennials GenX

23%

•4 4% of Black Gen X women say their stretch assignment enhanced their professional growth a great deal (61% greatly or moderately).

2020 Women of Color in Business: Cross-Generational Survey©

•G en X white women reported much smaller numbers, only 23% a great deal, 39% at least moderately.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

51

Impact of Feedback and Professional Advice Feedback is an essential component in the quest for a stretch assignment. Feedback involves having a manager assess a desk worker’s performance honestly and suggest additional or new duties to improve her career trajectory.

• 48% of Black Millennials and 51% of LatinX Millennials reported that the feedback they receive at work is very helpful in improving their performance. The same is true of only 36% of Asian and 40% of white Millennials.

•N ear majorities of older female workers also said they appreciate the feedback they receive: 45% of Gen X LatinX women, 46% of Black and 48% of LatinX Boomers.

FEEDBACK: IMPACT ON IMPROVING WORK PERFORMANCE

Very Helpful

48%

Black women

LatinX women

Asian women

2020 Women of Color in Business: Cross-Generational Survey©

52

33%

35%

40% 38%

27%

26%

White women

Boomers

All Ages

Boomers

GenX

Millennials

All Ages

Boomers

GenX

Millennials

All Ages

32%

36%

GenX

39%

45%

Millennials

51%

All Ages

48%

Boomers

46%

GenX

48%

Millennials

44%

Sources of Career Advice As the authors found, honest career feedback and advice are important to developing stretch assignments and achieving career growth.

However, only 39% of Black women desk workers overall strongly agree that they have someone to consult for career advice. The same is true for only 24% of Asian women.

• The percentages improve for Millennial female desk workers across the races. Black women report the largest percentage( 50%) of having someone to consult for career advice.

•W hen asked whom the female desk workers go to themselves for career support or advice, 42% of the white women said they seek people of their own race and gender. Smaller numbers of women of the other races said that they seek out people like themselves.

•H owever, large majorities of all of the female desk workers said they would mentor and support anyone who asks for help, regardless of race or gender.

TO WHAT EXTENT DO YOU FEEL YOU HAVE SOMEONE YOU CAN GO TO FOR CAREER ADVICE?

A great deal

50% 41%

Black women

LatinX women

Asian women

Millennials

32% All Ages

24%

Millennials

32% All Ages

Millennials

All Ages

31% 33% Millennials

All Ages

39%

White women

2020 Women of Color in Business: Cross-Generational Survey© 2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

53

WHOM DO YOU MENTOR: PEOPLE OF MY OWN RACE/GENDER OR ANYONE WHO ASKS?

Black women

LatinX women

Asian women

White women

People of my own race and/or gender, because I feel I can better identify with them

22%

20%

17%

14%

People of another race and/or gender, because they may have less access to professional support

12%

17%

18%

11%

Anyone who asks for help, regardless of race or gender

65%

63%

2020 Women of Color in Business: Cross-Generational Survey©

54

65%

75%

FROM WHOM DO YOU SEEK CAREER ADVICE: SAME RACE/GENDER?

My same race/ethnicity and same gender

42%

38% 27% 21%

Black women

LatinX women

Asian women

White women

2020 Women of Color in Business: Cross-Generational Survey©

Word Clouds: Advice for Women of Color in the Workplace The authors asked respondents in 2020, as they did in 2019, for their first piece of advice they would give to women of color to achieve success in their career and work. As these Word Clouds illustrate, all of the respondents stressed, “Work Hard.“ The answer is different but consistent with the most popular earlier answer: “Never Give Up!” As in 2019, there were distinct differences by race.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

55

ACK WOMEN

hat is the first piece of advice you’d give to a women of color for success in her WOMEN eer and inBLACK her work?

What is the first piece of advice you’d give to a women of color for success in her career and in her work?

Be Confident Do your best Be strong Be successful Seek support Be Confident

Black women overall said:

• Work hard • Be yourself • Believe in yourself Follow your passion Stick to your values • Never give up Be strong • Seek support Keep fighting Be successful Color doesn’t matter

- Keep your head up Be positive Get an education Learn Follow your passion Be professional - Advocate for yourself Stick to your values Keep your head up - Do your best Keep fighting Advocate for youself Believe in yourself Be confident Color doesn’t matter Be positive Get an education Don’t be discouraged - Follow your passion Never give up Learn Be professional - Get an education Know your worth - Don’t be discouraged

best Be yourselfDo your Focus

Seek support

Work hard Be yourself

Focus

Work hard Keep your head up

Advocate for youself

Believe in yourself Never give up

Don’t be discouraged

ATINX WOMEN

Know your worth

LATINX WOMEN

hat isWomen the first advice you’d give to a women of color for success in her 2020 ofpiece Color of in Business: Cross-Generational Survey© reer and inWhat her work? is the first piece of advice you’d give to a women of color for success in her

career and in her work?

Keep your head up 2020 Women of Color in Business: Cross-Generational Survey©

Color doesn’t matter

Be confident

Keep your head up Get an education

Color doesn’t matter Know your worth

LatinX women overall gave many of the same answers but also stressed:

• Be confident

• Don’t be discouraged Be yourself • Get an education Be confident Get an education Keep fighting Focus Be positive Do your best Seek support Seek support Be strong Be yourself Know• your worth Advocate for yourself Work hard Keep fighting Focus

Be strong

Follow your passion

Follow your passion

Do your best Be positive

Be professional

Stick to your values

Learn

Don’t be discouraged Seek support

Never giveAdvocate up for yourself Work hard Believe in yourself

Be successful

Be professional

Stick to your values

56

Learn

Be successful

Don’t be discouraged

Never give up Believe in yourself

WOMEN

s the first piece of advice you’d give to a women of color for success in her and in herASIAN work?WOMEN

What is the first piece of advice you’d give to a women of color for success in her career and in her work?

Get an education

Know your worth

Asian women overall offered the same advice, but they added:

Be successful

Focus

Advocate for yourself Get an education Keep fighting • Keep fighting Learn Know your worth Be successful Be positive Be yourself Seek support • Be strong Focus Advocate for headyourself up Follow yourDo passionyour best Keep your Work hard Keep fighting Learn Stick to your valeues Believe in yourself Be positive Be yourself Seek support Follow your passion

Be confident Be strong Do your best Work hard Never giveBelieve up in yourself color doesn’t matter

Keep your head up

Stick to your valeues

Dont be discouraged Be confident Be strong Never give up color doesn’t matter

OMEN

Dont be discouraged

e first piece of advice you’d give to a women of color for success in her WHITE WOMEN d in her work?

the firstCross-Generational piece of adviceSurvey© you’d give to a women of color for success in her Women ofWhat Color inisBusiness: career and in her work?

Color doesn’t matter 2020 Women of Color in Business: Cross-Generational Survey©

White women overall echoed the other races and added:

Seek support • Be confident Color doesn’t matter Believe in yourself Keep your head up • Be yourself Seek support Advocate for yourself • Believe in yourself Focus Keep fighting

Stick to your values

Focus Keep fighting

Believe in yourself head • Color doesn’t matter. beup discouraged Do yourKeep best yourDont

Advocate for hard yourself Be confident Work Be strong

Do your Never givebest up

Be yourself confident Be

Be strong

Stick to your values

Dont be discouraged

Work hard Never give up

Be yourself 2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

57

Word Clouds: Best Ways for a Manager or Supervisor to Support a Woman of Color (by generations) In 2019, the authors called on leaders to conceptualize 40 allies and a stretch assignment.

In the 2020 survey, respondents were asked directly to name the best way a manager or supervisor could support them. While the answers were somewhat similar across the different groups by generation, there were clear differences in emphasis.

Gen Z women overall responded as their elders did. However, more than the other groups, the youngest desk workers had specific requests of managers to “Listen to me,” and to both “Be fair” and “Be positive:”

: WOMEN OF COLOR

Z:aWOMEN OF s the bestGEN way manager orCOLOR workplace supervisor could support you?

What’s the best way a manager or workplace supervisor could support you?

Reward success Gen Z women added: Be available • Constructive criticism Training Reward success Be fair • Encouragement Be available Training Be fair Direct feedback Communicate • Direct feedback Direct feedback Communicate Constructive criticism Listen to me • Be supportive

Check in Growth criticism opportunites Constructive success Listen toReward me - Be fair off opportunites Be positive Check in Hands Growth Encouragement - Listen to me Encouragement Transparency Be supportive - Be positive

Be positive

Collaborate

Transparency

Hands off

Collaborate

Be supportive - Transparency

- Growth opportunities

0 Women of Color in Business: Cross-Generational Survey© 2020 Women of Color in Business: Cross-Generational Survey©

58

IALS: WOMEN OF COLOR

MILLENNIALS: WOMEN OF COLOR e best way a manager or workplace supervisor could support you?

What’s the best way a manager or workplace supervisor could support you?

Check in Millennial women overall echoed Gen Z but added: Training Be supportive Check in Training Be supportive • Communicate

Constructive criticism • Be available Constructive criticism Be fair • Hands off Communicate Be fair Direct feedback Encouragement Communicate Collaborate

Collaborate

Be positive

Hands off

Direct feedback Be available Listen to me Encouragement Be positive available Transparency Reward success Listen to me Hands off Be Transparency Reward success Growth opportunities Growth opportunities

omen of Color in Business: Cross-Generational Survey© 2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

59

X: WOMEN OF X: COLOR GEN WOMEN OF COLOR

’s the bestWhat’s way a manager or workplace supervisor could support you? could support you? the best way a manager or workplace supervisor

Gen X women overall were the most emphatic in their responses:

Hands off

off CheckHands in Reward success Check in• Direct feedback me Training

Reward success

Listen to • Constructive criticism Training Transparency Listen to me Direct feedback • Training Transparency Be positive

Be available Direct feedback Be positive• Listen to me Constructive criticism Be available • Be supportive Be supportive Collaborate Constructive criticism Communicate BeCollaborate fair Encouragement • Communicate Be supportive Growth opportunities Be fair • Growth opportunities Communicate Encouragement

Growth opportunities

• Encouragement

OMERS: WOMEN OF COLOR

BOOMERS: WOMEN OF COLOR

at’s the best way a manager or workplace supervisor could support you?

20 Women of Color in the Business: Survey© What’s bestCross-Generational way a manager or workplace supervisor could support you?

2020 Women of Color in Business: Cross-Generational Survey©

Growth opportunities Training ConstructiveGrowth Boomer women overall criticismopportunities had the same requests as

Transparency TrainingListen to me Be positive

Be

criticism fair Hands off Be Constructive • Collaborate Be positive Listen to me supportive Communicate • Encouragement fair Hands off •Be Collaborate Be available Direct feedback Listen to me

Transparency

Collaborate

Millennials but added:

Be supportive Reward success Check in Communicate Be available Direct feedback Encouragement 60

Reward success Check in Encouragement

Take the #TeamUp Challenges After analyzing all of their data over two years, the authors have come up with a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

For Managers: Track “stretch assignments” among women of color. Ensure that intentional “nudges” or formal programs are developed to provide greater opportunity for those with potential.

Goal: 100% of top identified women of color receive stretch assignments within the next year.

For Women of Color: Identify and activate your 40 allies: 10 people on your team---10 other managers —10 “sisters” — 10 people on your personal board of directors (family, friends, clergy, etc.).

Goal: Seek at least one “stretch” assignment in the next 12 months.

Conclusion Advice is easy to give and sometimes difficult to hear and follow. Constructive feedback, on the other hand, is essential to a person’s professional development. In the authors’ professional experiences, however, managers and even co-workers often have great difficulty providing crucial, constructive feedback, especially to women of color. That’s why the 2020 Women of Color in Business: CrossGenerational Survey© asked so many questions on the subject of feedback and framed them in the context of “stretch assignments” and allies.

The Word Clouds in this section illustrate the importance and consistency of the advice that women of all four races offer up: Work Hard, Never Give Up, and happily, increasingly: Be Yourself.

Likewise, the second set of Word Clouds -- with suggestions for supervisors and managers -- should provide helpful insights to those designated to provide feedback: Constructive Criticism but also Be Supportive showed up in the answers of all four generations.

The goals of the surveys and #TeamUp Challenges are to increase the number of women of color in the workplace, to help them thrive and to offer easy, actionable tools to their allies to achieve those goals.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

61

SECTION IV

Employee Migration 2.0 Entrepreneurship or Corporate Advancement

Ta b l e o f C o n t e n t s : Introduction Side-preneurship Ambition and Economics Motives: Profit or Social Good Allure of Self-Employment #TeamUp Challenges Conclusions and Corporate Implications

62

Introduction Black women overall demonstrate strong entrepreneurial spirit, and the younger two generations of Black women, Millennials and Gen Z, are optimistic about their abilities to attain the American Dream, despite their acute awareness of systemic bias.

Side-preneurship 29% of Black women have a business they run or are developing in their free time, compared to 15% Latinx women, 11% of Asian women, and 10% of white women. The authors call this phenomenon “sidepreneurship” or the “side hustle” and are struck by the three-times engagement of Black women vs Asian and white women.

SIDEPRENEUR: IN ADDITION TO YOUR DESK JOB, DO YOU HAVE A BUSINESS YOU CURRENTLY RUN, OR ARE DEVELOPING, IN YOUR FREE TIME?

Yes

29% 16% All women

15% Black women

11%

10%

LatinX women

Asian women

White women

85%

89%

LatinX women

Asian women

No

84%

90%

71%

All women

Black women

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

White women

63

Ambition and Economics • Only 14% of Black female desk workers hope to stay in the same role after three years, compared to 36% of white women.

•T he ambition of Black female desk workers can be seen in their expectation that they will be promoted, that they will be in a higher role in their companies within three years (45% for Black women versus 42% for LatinX and Asian women and just 35% for white women).

CAREER EXPECTATIONS IN THREE YEARS

14% In the same role

27% 33% 36%

45% 42%

At the same company, but in a higher role

42% 35%

22% Black women At a different company

20% LatinX women 15% Asian women 18% White women

19% Black women Other

11% LatinX women 9% Asian women 11% White women

64

An explanation for the trend toward “side-preneurship” may be found in the income disparities reported by the respondents.

•M ajority of the Black (63%), LatinX (56%) and white (50%) female desk workers reported earning between $50,000 and $99,000 per year. Only 33% of Asian desk workers were in the lower salary bracket.

•A sian female desk workers were the exception in the $100,000 to $150,000 range at 35%.

The other races reported much smaller percentages in the higher salary bracket: Black 20%, LatinX 25% and white 30%.

CURRENT INCOME

50% All women 63% Black women

$25,000 to $74,999

56% LatinX women 33% Asian women 50% White women

CURRENT INCOME 2020 Women of Color in Business: Cross-Generational Survey©

27% All women 20% Black women

$75,000 to $124,999

25% LatinX women 35% Asian women 28% White women

2020 Women of Color in Business: Cross-Generational Survey© 2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

65

The authors’ 2020 findings aligned with studies conducted by American Express, which reported that overall, between 2014 and 2019, the number of women-owned businesses climbed 21%, to nearly 13 million; by contrast, the number of U.S. businesses overall increased just 9%. Firms owned by women of color grew even more, by 43%. Black-owned side-prenuers have grown by 39%.

Dell Gines, author of the Federal Reserve Bank of Kansas City report, Black Women Business StartUps, explains that a reason for the spike in Black female-owned businesses is financial need.

According to his findings, most Black women entrepreneurs work part-time in their businesses, less than 39 hours a week.

“Many Black women founders may be single parents and need to have this dual income to support the household needs,” said Gines. “Because the women are taking care of their families, they need to have a level of confidence before they can make that jump completely. Women who are responsible for the household tend to keep the size of businesses artificially low because they need health insurance from a primary employer and want to make sure everything is absolutely appropriate before taking the jump.”

Results in the 2020 Women of Color in Business: Cross-Generational Survey© support the financial need argument made by Gines.

•5 9% of Black female desk workers report that they are the sole providers in their households, and 41% of them also say they have children under the age of 18 in their homes. It is a logical inference that these women could use the extra income.

• I t is striking that white (52%) and LatinX (50%) women also report large percentages of sole providers and similar percentages of children under age 18 (40% for white and 44% for LatinX women). However, the data indicates that women of these races appear not to have responded to likely financial pressures by launching entrepreneurial or side-preneur activities to the same degree that Black women have.

66

SOLE PROVIDER IN HOUSEHOLD

Black women

LatinX women

Asian women

White women

59%

50%

42%

52%

46%

54%

45%

Me

Me and another person

38%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

67

CHILDREN UNDER 18 IN HOUSEHOLD

All women

Black women

LatinX women

36%

41%

44%

64%

59%

56%

Asian women

White women

Yes

30%

30%

No

2020 Women of Color in Business: Cross-Generational Survey©

68

70%

70%

Motives: Profit or Social Good When they do turn to entrepreneurship, white women report that their motive is primarily to make a profit. By contrast, side-preneurs and entrepreneurs of the other races are all pursuing opportunities that include some component of a social mission.

SIDEPRENEUR BUSINESS MOTIVE: PROFIT AND/OR SOCIAL MISSION

Black women

LatinX women

Asian women

White women

The business has a social mission

11%

27%

14%

7%

The business is primarily for profit

41%

48%

49%

70%

A mix of both social mission and profit (e.g. sustainable products)

48%

25%

38%

22%

2020 Women of Color in Business: Cross-Generational Survey© 2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

69

Allure of Self-Employment One more finding is relevant to the entrepreneurship story.

•L arge numbers of younger female workers, especially Millennial and Gen Z women, expect to achieve higher roles or promotions in the companies in which they are working.

•V ery few of any race expect to stay in their same role in three years. More than a quarter of these young women, across the races, expect to be working at a different company, suggesting a certain ambition, a certain restlessness if they do not achieve the promotions to which they aspire.

AMBITION: PROMOTION OR EXIT IN THREE YEARS

In the same role

Black women

8% Millennials 13% GenX

LatinX women

19% Millennials 27% GenX

Asian women

16% Millennials 29% GenX

White women

19% Millennials 41% GenX

At the same company, but in a higher role

70

Black women

Millennials GenX

50% 49%

29% GenX

White women

19% Millennials 41% GenX

AMBITION: PROMOTION OR EXIT IN THREE YEARS At the same company, but in a higher role

In the same role

Black women Black women

Millennials

50%

8% Millennials GenX

49%

13% GenX

LatinX women LatinX women

Millennials

43% 19% Millennials 47%

GenX

27% GenX

Asian women Asian women

Millennials GenX

54%

16% Millennials

50%

29% GenX

White women White women

Millennials GenX

47% 19% Millennials 33% 41% GenX

At a different company At the same company, but in a higher role

Black women

Millennials

Black women

GenX Millennials

LatinX women

GenX Millennials

LatinX women

GenX Millennials

Asian women

GenX Millennials

Asian women

GenX 15% Millennials

White women

GenX Millennials

White women

GenX Millennials 17%

29% 22%

50% 49%

29% 21%

43%

26%

47% 54%

31%

50%

47%

GenX

33%

At Women a different 2020 of company Color in Business: Cross-Generational Survey©

Black women

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

Millennials GenX

29% 22%

71

The authors used a different lens to examine the career aspirations of Black Millennial and Gen X female desk workers. The numbers of respondents are relatively small, but the findings do offer directional support of their interest in entrepreneurship and side-preneurship.

The career aspirations for these women in the three-year timeframe is that they will be selfemployed, in other words, entrepreneurs.

BLACK MILLENNIAL AND GEN X ASPIRATIONS: IN THREE YEARS

14%

Same role

11% other

26%

Different company

49% Same company,

higher role

Other: Open-ended Responses Self-employed

61%

Successful

12%

Not working

9%

Financially Independent

7%

Other

5%

Leadership role

4%

Further education

2%

2020 Women of Color in Business: Cross-Generational Survey©

72

BLACK MILLENNIAL + GEN X: Aspirations in three years?

Leadership role

Successful Other

Self-employed

Not working

Further education

Financially independent

The evidence for financial need driving side-preneurship is strong. However, Stewart and Adams offer another theory for the appeal of entrepreneurship and side-preneurship among younger Black and Brown women.

Their 2019 and 2020 Survey results show that Black women, especially Millennial and Gen Z women, are first adopters of technology and are supremely confident about their futures. They see around corners. They see opportunities. Like their elders, they “make a way out of no way.” They are risk-takers, and even without infusions of venture capital funds or strong networks of “friends and families” who can provide funding for a new venture, these women consistently strive to turn their ideas into money-generating businesses.

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

73

Take the #TeamUp Challenges After analyzing all of their data over two years, the authors have come up with a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

Entrepreneurs and Side-preneurs For Corporations: Harness the innovation within your employee ranks. Remember, ideas come from everywhere. Don’t curb the side-preneurship enthusiasm.

Goal: Figure out how you can create meaningful, exciting stretch assignments to activate the ambitions and creativity of your existing talent.

For Venture Capital Funds: You have Women of Color (WoC) budding entrepreneurs in plain sight.

Understand that because of their lack of external funding, WoC are using their existing employment to bootstrap their opportunities.

Goals: Look broadly as you consider the next era of entrepreneurs. Remember, if Women of Color entrepreneurs and side-preneurs had funding, they might pursue alternative paths which could provide significant boosts to the U.S. economy.

Conclusions and Corporate Implications The side-preneurship findings in this section present venture capitalists with an opportunity and corporations with a potential problem. Three-times as many younger Black and LatinX workers as white say that they are already pursuing side-preneur enterprises. More than a quarter of them feel that they could and would leave their current positions within 1-3 years. Imagine the exodus if venture capitalists found and funded these women. It could constitute a Great Migration 2.0, a new exodus of people of color in search of economic opportunity.

Alternatively, imagine the boosts to innovation, productivity and their own bottom lines if corporations found and supported these women internally. Either scenario increases wealth creation in the Black community. If the women are correct about their ambitions, their eagerness to leave corporations, only one of these scenarios will “win” over the next three years.

74

SECTION V

Financial Literacy: Money Matters and the American Dream

Ta b l e o f C o n t e n t s : Introduction Financial Literacy: Money Matters Knowledge of Sources of Financial Advice The American Dream #TeamUp Challenge Conclusions and Corporate Implications

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

75

Introduction A 2021 analysis by the Urban Institute reported how much wealth disparities have grown since the authors were children. “In 1963, white families had a median wealth of about $45,000 more than families of color. By 2019, white families’ median wealth had grown to about $165,000 more than Black families and about $153,000 more than LatinX families…Put another way, the typical white family had eight times the wealth of the typical Black family and five times the wealth of the typical Latinx family.” The Urban Institute analysts noted that their data, collected in 2019, pre-dated the dramatic, devastating economic impact of the COVID-19 pandemic on people of color.

Given the wealth gap and the multiple pandemics of 2020, Stewart and Adams were eager to see how their female desk workers save and invest and whether they had adequate, accurate sources of financial advice.

Financial Literacy: Money Matters Despite the disproportionate impact of the 2020 economic downturn on people of color, Black women reported the strongest confidence in their financial abilities and decision making. Ironically, the data showed that younger Black women expressed notable confidence in their ability to invest, even though they said they were the least likely to save their money.

•4 9% of Black Millennial women strongly agreed that they could support themselves financially with no one’s help, as opposed to 35% LatinX, 38% Asian, 36% white.

•T he inverse of these findings paints a troubling financial picture for Millennial female desk workers of all races. 51% of Black women, 65% of LatinX, 62% of Asian and 64% of white Millennial women did NOT think they could support themselves without anyone else’s help.

76

FINANCIAL INDEPENDENCE: SUPPORTING MYSELF

Black women

All Ages

42%

Millennials

49%

GenZ

LatinX women

39%

All Ages

38% 35%

Millennials I would be able to support myself financially without anyone elseʼs help

GenZ

Asian women

21%

All Ages

42%

Millennials

38%

GenZ 12%

White women

All Ages

39%

Millennials GenZ

36%

13%

2020 Color in Business: Cross-Generational Survey© •G Women iven theofshe-cession wrought by the COVID-19 pandemic, only the Asian women said they were reasonably confident that they would have enough money to survive six months if they lost their job.

•B lack, LatinX and white Millennial workers reported limited confidence in their current abilities to survive six months without a job.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

77

FINANCIAL INSTABILTY

Black women

All Ages Millennials

Iʼm confident I have enough money to survive for at least 6 months if I lost my job tomorrow

LatinX women

23%

All Ages Millennials

Asian women

22%

27% 18%

All Ages

44%

Millennials

White women

33%

All Ages Millennials

30% 20%

•3 9% of Gen Z Black women strongly agreed that they are confident in their ability to make smart investments. They were the most confident of all of their Gen Z female counterparts.

2020 Women of Color in Business: Cross-Generational Survey© •O nly 13% of Asian Gen Z women said they are confident about their ability to invest smartly.

78

FINANCIAL INDEPENDENCE: MAKING SMART INVESTMENTS

Black women

All Ages

27% 33%

Millennials GenZ

LatinX women

39%

All Ages

27%

Millennials I am confident in my ability to make smart investments

GenZ

Asian women

21%

All Ages

22%

Millennials

22%

GenZ

White women

29%

13%

All Ages

21%

Millennials

21%

GenZ

21%

The 2020 Survey identified several contradictions regarding finances and financial literacy.

2020 Women of Color in Business: Cross-Generational Survey© •W hile Black women across the generations are less likely to save their money, they display the most confidence about their ability to invest their money.

• I f they had a $2000 windfall, Millennial and Gen Z Black women said they were the most likely in their generations to invest their money in real estate, mutual funds, or stocks. However, it is important to note that those saying they would invest represent very small percentages.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

79

FINANCIAL: IMAGINE YOU CAME INTO A SUM OF $2000.

IF YOU COULD DO ONLY ONE THING, WHAT WOULD YOU DO?

57% 66%

Deposit it into savings

64% 75%

14% Black women Spend it

13% LatinX women 6% Asian women 10% White women

12% Black women Invest in real estate (towards a mortgage/house)

7% LatinX women 6% Asian women 6% White women

16% Black women Invest in stocks or mutual funds

13% LatinX women 23% Asian women 9% White women

•W hite women of all generations said they were most likely to save a sum of money.

•B lack women were the most likely overall to spend an imaginary $2000 windfall. However, women were more confident than whiteSurvey© women that they would spend their money 2020Black Women of Color in Business: Cross-Generational wisely (34% vs. 29%). Yet again, the inverse of these findings is daunting.

- 66% of Black women and 71% of white women are NOT confident that they would spend their money wisely.

80

• G en X and Boomer Asian women said they were the most likely in their generations to invest a sum of money.

- However, Asian women are the group least confident in their ability to make smart investments. They are the most confident, especially the older Boomers, that they would have enough money to survive if they lost their job.

FINANCIAL INDEPENDENCE: MAKING SMART INVESTMENTS

Black women

All Ages

27% 33%

Millennials GenZ

LatinX women

39%

All Ages

27%

Millennials I am confident in my ability to make smart investments

GenZ

Asian women

21%

All Ages

22%

Millennials

22%

GenZ

White women

29%

13%

All Ages

21%

Millennials

21%

GenZ

21%

•B lack women, especially younger women, said they were most confident in their spending habits, as well as their ability to provide for themselves and make smart investments: - 3 9% of of Gen Z Black women strongly agreedSurvey© they were confident in their ability to make 2020 Women Color in Business: Cross-Generational smart investments. The same is true of 21% LatinX and white Gen Z women and 13% of Asian Gen Z women.

- T he findings suggest that these younger women may be learning about financial literacy at an earlier age than elders did.

- H owever, again, the inverse of the reported numbers shows large majorities of women who said they were not confident of their financial abilities.

The lack of knowledge and confidence about financial matters can perhaps be explained by the relative lack of knowledge about where to turn for advice about finances.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

81

Knowledge About Sources Of Financial Advice

• Overall, LatinX women said they were the least likely to know where to seek financial advice: - 48% LatinX overall, as opposed to 52% Black women, 53% Asian, and 59% white women.

•T he least knowledgeable groups about sources of financial advice were Black Boomer female KNOWLEDGEABLE ABOUT SOURCES OF FINANCIAL ADVICE desk workers as well as LatinX Boomers and Gen X desk workers at just 46%.

Yes

KNOWLEDGEABLE ABOUT SOURCES OF FINANCIAL ADVICE

64%

59% 59%

Black women

LatinX women

Asian women

White women

Black women

LatinX women

Asian women

White women

2020 Women of Color in Business: Cross-Generational Survey©

2020 Women of Color in Business: Cross-Generational Survey©

82

Boomers Boomers

53%

Boomers Boomers

53%

All Ages All Ages

48% 46% Boomers Boomers

46%

48% 46%

All Ages All Ages

All Ages All Ages

52%

46%

Boomers Boomers

52%

59% 59%

All Ages All Ages

64%

Yes

The American Dream In part, because author Jacqueline Adams joined the Advisory Board of the Milken Center for Advancing the American Dream, a question was added to the 2020 Survey about the aspiration of achieving the American Dream. Even at the end of a year marked by significant economic and health challenges for most Americans, the women of color desk workers in the 2020 Women of Color in Business: Cross-Generational Survey© believed that the American dream was within their grasp.

•O verall, the four generations and four races of female desk workers reported majority agreement with the statement: “If I work hard enough, I can achieve the American dream.”

•T hose who top the findings are Boomer Asian women at 87%, followed by Gen X LatinX women at 81%.

However, the analysis becomes more nuanced when one separates the responses by intensity, by Strongly Agree and Somewhat Agree.

•A mong the youngest Gen Z women, Black and LatinX women have significantly stronger optimistic opinions about their futures than their Asian or white counterparts (Strongly Agree: Black 39%, LatinX 32%, Asian 22% and white 23%).

•M illennial women follow a similar pattern. (Strongly Agree: Black 41%, LatinX 36%, Asian 32% white 31%) •A mong Gen X women, LatinX women’s intensity significantly outpaced that of the other women (Black 32%, LatinX 44%, Asian 31%, white 33%).

•A nd for Boomer women, Asian women far outpaced the intensity of the other women (Black 34%, LatinX 40%, Asian 52% and white 33%).

•T he inverse of these findings is striking. If one looks at just “strongly agree,” majorities of almost all of the races and generations are NOT optimistic that they can achieve the American Dream through hard work.

As Boomers themselves, the authors might conclude that the closer one gets to finishing the race towards the American Dream, the clearer the reality of it appears.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

83

IF I WORK HARD, I CAN ACHIEVE THE AMERICAN DREAM

Strongly agree

Black women

39%

GenZ

41%

Millennials

32%

GenX

34%

Boomers

LatinX women

32%

GenZ

36%

Millennials

44%

GenX

Boomers

Asian women

GenZ

40% 22%

Millennials

32%

GenX

31% 52%

Boomers

White women

GenZ Millennials

31%

GenX

33%

Boomers

33%

2020 Women of Color in Business: Cross-Generational Survey©

84

23%

IF I WORK HARD, I CAN ACHIEVE THE AMERICAN DREAM

Somewhat agree

Black women

GenZ

Millennials

24% 32% 39%

GenX Boomers

LatinX women

GenZ

30%

Millennials

38%

GenX

37%

Boomers

Asian women

28%

GenZ

Millennials

31% 39% 41% 43%

GenX Boomers

White women

35%

GenZ

45%

Millennials

46%

GenX Boomers

44% 39%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

85

Take The #TeamUp Challenge After analyzing all of their data over two years, the authors have come up with a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

Women of Color: Financial literacy, saving and investing wisely, and achieving the American dream go hand-in-hand. A place to start to calculate how much to save is the wealth calculator tool on the Calculate My Wealth website: www.calculatemywealth. com/wealth-calculator/ (In the interest of full transparency, this tool and website are the work of Bonita’s husband, Kevin Stewart.)

Goal: Conduct your own experiment. Using the Wealth Calculator tool, see how much you could earn by the time you want to retire if you invest in equities, bank savings or half in savings and half in stocks.

Goal: Treat financial literacy as lifelong learning.

Conclusion Co-authors Stewart and Adams devoted an entire chapter of their book to the subject of wealth, value and power. Enslaved people were extraordinarily valuable but owned none of the wealth they created nor the wealth of their very bodies and offspring. In the aftermath of the Civil War, laws were passed to keep descendants of slaves from achieving wealth. The data in the introduction of this section shows how successful the wealth denying activities have been: in 2019, the typical white family had eight times the wealth of the typical Black family and five times the wealth of the typical LatinX family.

Despite the history and the facts, women of color, particularly younger Black women, report in this section of the 2020 Women of Color in Business: Cross-Generational Survey© that they are confident about their ability to use the financial resources that they have, even amid health and economic pandemics. A vast majority, 87%, of older Boomer Black women said that with hard work, they could achieve the American Dream, however they define that dream.

As poet Maya Angelou wrote: “We are the miraculous!”

86

SECTION VI

Perspectives From Managers: White Males and Women of Color

Ta b l e o f C o n t e n t s : Introduction Context and Perspective Eleven Major Findings 1. Scrutiny 2. Career and Financial Satisfaction 3. Salaries 4. Confidence and Ambition 5. Diversity and Inclusion: involvement and rewards 6. Systemic Racism and the U.S. Economy 7. The Aftermath of the 2020 Racial and Social Justice Protests: Stress, Authenticity, Seeking help 8. Stretch Assignments and Feedback 9. Sisterhood 10. Allies by Gender and Race 11. Achieving the American Dream #TeamUp Challenge Conclusion

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

87

Introduction For the first time, the 2020 Women of Color in Business: Cross-Generational Survey© sought the opinions and experiences of white male managers and contrasted those with female managers of four races (Black, LatinX, Asian and white). Co-authors Bonita C. Stewart and Jacqueline Adams added this new component to their research as a follow-up to the chapter, Dreaming of Allies, in their book, “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive.”

After the book’s publication, the authors received many questions from senior white male leaders and managers about how they could become more inclusive, empathetic, and helpful to female leaders and managers of color, especially in the aftermath of the racial justice protests and the prominence of domestic terrorism in 2020.

The new research paints a portrait of white male allies eager to be helpful but tentative, perhaps even confused, about a workplace landscape that has changed so drastically so quickly. Many corporations have strengthened their Diversity and Inclusion commitments across areas such as hiring, minority-owned business and supplier engagement, and raised the expectations of all employees through code of conduct policies.

Based on the new data, it appears senior leaders and their managers should find ways to create “psychological safety” and increased empathy as white male managers find their footing in the new environment.The data confirmed that these men want to win. Wharton organizational psychologist and author Adam Grant explained the concept: “Psychological safety is not relaxing your standards, feeling comfortable, being nice and agreeable, or giving unconditional praise. Psychological safety is a culture of respect, trust, and openness where it’s not risky to raise ideas and concerns.”

Transformational leaders, both female and male, can help those “uneasy” and “agile” leaders transition to embrace their “cultural intelligence” alongside their IQ and EQ (emotional intelligence).

Context and Perspective The year 2020 was momentous for many reasons. A woman of color, Kamala Harris, was elected Vice President of the United States for the first time in the nation’s almost 250-year history. More women of color ran and were elected to office than ever before. And, Black women were credited with driving successful voter registration efforts that ensured the victory by President Joseph R. Biden, Jr. The A.P. VoteCast survey found that 93% of Black women voted for Biden/Harris. These successes are the embodiment of the data presented in the 2019 Survey. They are evidence of the power of SaaS or “sisters as a service” and “teaming up,” which the authors described in their book.

For business leaders, 2020 was filled with complexity, none of which is going away.

The worldwide coronavirus pandemic forced the lockdown of almost all travel and major losses for the bricks-and-mortar sector of commerce. In 2020, COVID-19 caused approximately 375,000

88

deaths in the U.S., according to the Centers for Disease Control.

In the United States, women, especially Black and LatinX women, bore the most severe economic burden with substantial job losses in the service industries and occupations where women are disproportionately represented.

•B y the fourth quarter, close to 1 million women had dropped out of the workforce, four times the number of men. The Bureau of Labor Statistics reported in October that since February 2020, the number of Hispanic women in the U.S. labor force had fallen nearly 7%, the number of Black women declined 5.6%, and the number of white women nearly 3%. The figures compare to a drop of just 1.7% for white men and less than 1% for Hispanic men. The decrease for Black men was more than 4%.

Worldwide protests for social and racial justice followed the videotaped murder of George Floyd by a Minneapolis police officer and workplaces did not escape the tumult.

Young people, young workers, supported many of the protests, corroborating this survey’s findings about generational diversity, that Gen Z and Millennial workers are more mission-driven.

Business leaders were forced to have difficult race conversations and in response, many pledged their support for racial harmony and offered innovative responses to the collective trauma. For example, OneTen.org aims to train and hire 1 million Black workers over the next decade and provide increased investments for entrepreneurs of color.

As global business leaders make their way through 2021, it is clear that the complexities described here now constitute a new normal for workplaces.

Leadership Implications Leadership is undergoing its own seismic shift and the new normal of the workplace will require greater agility, increased empathy. It will be increasingly important that all employees have more consistent, less variable, experiences.

The authors want to clarify their definitions of leaders and managers. In the context of this Executive Summary, the term “leaders” refers to senior executives, individuals at the top of their organizations, and management as an academic subject. The word “manager” is more generic—anyone who oversees individual workers and directly influences their performance.

The authors have devised a Manager Variability (MV) measure, comparing four management types against employee expectations and their respective inclusive leadership capabilities, which we categorize as cultural intelligence or CQ. Components of CQ move beyond IQ and EQ (emotional intelligence) to include awareness and appreciation of race, gender, and generational differences. The four types are: Transformational, Agile, Hands Off and Uneasy.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

89

The ultimate goal is to recognize and reward the most “transformational” managers. Those are the managers who will most successfully drive profitability, innovation and retention among their star performers, who increasingly will be women of color.

“Agile” managers with inherent or learned CQ will likely move toward increasingly high-performing and satisfied teams.

By contrast, managers who are “uneasy” or remain “hands off” will face a challenging management journey, if they fail to improve their leadership capabilities.

MANAGER VARIABILITY

Leadership Capability Transformational

Agile

Hands off

Uneasy

Employee Expectations

2020 Women of Color in Business: Cross-Generational Survey©

90

Eleven Major Findings In summary, the new data from white male managers and their female counterparts across four races reveal that the men had an awakening about systemic racism in the workplace in 2020, which they are helping to combat, especially if the activities serve a business case, and they are being rewarded for their Diversity & Inclusion activities.

The findings show that white male managers are: • Better compensated than women of color managers; • Offered career-enhancing “stretch assignments” to a greater degree;.

• They reported feeling valued at work and receive regular promotions.

• They ask for help when they feel stress at work more than the female managers.

•W hen seeking and offering feedback, they are most comfortable interacting with people who share their race and gender.

Despite all of their positive feedback, the white men also reported that they cannot be their authentic selves in the workplace. These findings reflect their confusion, perhaps their fear, their need for greater “psychological safety” in the new corporate and societal landscapes.

Blatantly racist and misogynistic behaviors and attitudes toward women and people of color exemplified in the “Mad Men” series are now largely forbidden. As the authors stated above, female managers have an opportunity, and a necessity to help their male allies become comfortable being uncomfortable. In the physical world, muscles strengthen when they are stretched, when they experience a bit of pain. The same is true for corporate and behavioral muscles. Discomfort should come to be valued as a sign of progress.

1. Scrutiny Half (50%) of the white male managers said their job applications were scrutinized because of their race and gender. By contrast, much smaller percentages of the female managers held this view: 39% Black female managers, 19% LatinX female managers, 29% Asian female managers, and 21% white female managers. A quarter of the LatinX female managers felt that their race and gender made them more attractive candidates for employment.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

91

MANAGERS: SCRUTINY IN HIRING

People viewed my job application more skeptically, with more scrutiny

50% 39% 29% 21%

19%

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

15%

13%

Asian women Managers

White women Managers

MANAGERS: SCRUTINY IN HIRING 2020 Women of Color in Business: Cross-Generational Survey© My race and/or gender made me more desirable as an applicant

25% 18%

15%

White men Managers

Black women Managers

LatinX women Managers

White male managers said that their identity causes others to view their work with some scrutiny (44%), more than is reported by the female managers of any race. Once again, about a quarter of 2020 Women Color in Business: Survey© LatinX femaleof managers said thatCross-Generational their race and gender were considered as positives on the job.

92

MANAGERS: SCRUTINY ON THE JOB

In the workplace my race and/or gender make people view my contributions more skeptically, with more scrutiny

44%

41% 31% 24%

White men Managers

Black women Managers

LatinX women Managers

23%

Asian women Managers

White women Managers

MANAGERS: SCRUTINY ON THE JOB 2020 Women of Color in Business: Cross-Generational Survey© My race and/or gender is considered a positive in the workplace

27% 19%

19%

17%

10% White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

2. Career and Financial Satisfaction 2020 Women of Color in Business: Cross-Generational Survey©

Despite the scrutiny they report, white male managers cite high levels of career satisfaction and financial satisfaction.

•6 8% said they have made strong contributions at work, and 61% said their work contributed to the social good.

•B lack female managers had the highest score on the question of strong contributions at work at 73%.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

93

MANAGERS: CAREER AND JOB SATISFACTION

68%

White men

73%

Black women

I’ve made strong contributions in the jobs I’ve had

65%

LatinX women

57%

Asian women

67%

White women

2020 Women of Color in Business: Cross-Generational Survey©

MANAGERS: CAREER AND JOB SATISFACTION

61%

White men

I feel as though my work in my job has had a good impact on society more broadly

44%

LatinX women Asian women

White women

2020 Women of Color in Business: Cross-Generational Survey©

94

46%

Black women

35% 40%

MANAGERS: CAREER AND JOB SATISFACTION

I’ve had the opportunity to do meaningful and satisfying work

White men

61%

Black women

61% 56%

LatinX women Asian women White women

48% 51%

2020 Women of Color in Business: Cross-Generational Survey© White male managers reported strong satisfaction with their ability to save and thereby have the lifestyle they want at 72%.

•A sian female managers reported the least satisfaction in this category at 38%.

•B lack female managers (48%), LatinX female managers (46%), and white female managers reported 49%.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

95

MANAGERS: WORKPLACE AND FINANCIAL SATISFACTION

69%

White men

44%

Black women

I am very satisfied with my life overall

50%

LatinX women

42%

Asian women

47%

White women

72%

White men

48%

Black women

I feel fulfilled in my work

46%

LatinX women

38%

Asian women

49%

White women

59%

White men

I’ve been able to earn and save as much as I would like for the lifestyle I want

Black women

32%

LatinX women

33%

Asian women White women

36% 29%

65%

White men

I have a network of colleagues and friends at work who support me when I need it

Black women LatinX women Asian women White women

52% 49% 46% 48%

91% of white male managers feel that they are growing in their roles. Their perception is strikingly more significant than that of any of the races of female managers.

2020 Women of Color in Business: Cross-Generational Survey©

96

MANAGERS: CAREER GROWTH

I feel as if I’m growing in my current role at my company

91% 72%

73%

71% 61%

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

3. Salaries 2020 Women of Color in Business: Cross-Generational Survey©

Their salaries might be a major reason why white male managers and their female counterparts report such divergent reactions to their job satisfaction and financial situations. Women managers of all races reported that they earned significantly less than white male managers.

•6 6% of white male managers reported earning more than $125,000 per year.

- I n the same wage category were only 16% of Black female managers, 20% of LatinX female managers, 33% of Asian female managers, and 22% of white female managers.

•T he inverse of the wage data was equally stark. 33% of white male managers reported earning less than $125,000, as did 82% of Black female managers, 77% of LatinX female managers, 65% of Asian female managers and 75% of white female managers.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

97

98

As a corollary to the salary question, the authors asked white male and female managers of color if they know where to seek financial advice.

• 65% of white male and female managers said they know where to turn.

•T he numbers were smaller for Black (49%), LatinX (54%) and Asian (60%) female managers.

4. Confidence and Ambition Asked about career stability and ambition, the white male managers seemed confident that they will remain at their same companies, in the same or a higher role in three years. Only 5% of the men expected to be at a different company.

• All of the women of color managers expected to be in higher roles at their companies in three years, with Black female managers (55%) citing more ambition than the other races.

•A lthough the numbers were relatively smaller, Black female managers said they were more likely to be at another company (18%). White female managers were not far behind at 17%.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

99

MANAGERS: THREE YEAR PROFESSIONAL OUTLOOK

47%

White men

15% Black women

In the same role

LatinX women

26%

Asian women

37% 33%

White women

43%

White men

55%

Black women

At the same company, but in a higher role

49%

LatinX women

47%

Asian women White women

44%

5% White men 18% Black women

At a different company

15% LatinX women 11% Asian women 17% White women

In another display of confidence, if the managers decided to switch companies, white male (76%) and female (73%) managers reported being most confident that they could easily find another job.

2020 Women of Color in Business: Cross-Generational Survey© •B lack (69%), LatinX (65%) and Asian (65%) female managers were not far behind, however.

10 0

MANAGERS: CAREER CONFIDENCE

If I wanted, I could find another good job I would like relatively easily

76% 69%

White men Managers

Black women Managers

73% 65%

65%

LatinX women Managers

Asian women Managers

White women Managers

2020 Women of Color in Business: Cross-Generational Survey©

White male managers demonstrated their confidence in two findings:

• 76% of the white male managers were confident that they could find another job easily, surpassing the confidence of all of the female managers.

•6 0% of white male managers said they could consider leaving their positions within the next year.

- The female managers were significantly less likely to leave their positions, but of those who would, Black women said they were the most likely: 38% Black, 35% LatinX, 17% Asian, 29% white women managers.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

101

MANAGER: LEAVING WITHIN THE NEXT YEAR

Yes

60%

38%

35%

29% 17%

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

2020 Women Colormale in Business: Cross-Generational Survey© A majority ofofwhite managers (53%) expected to be promoted every year.

•B y contrast, the female managers of all races were much less confident of yearly progress: 19% Black women managers, 22% LatinX women, 13% Asian women, 19% white women.

10 2

MANAGERS: EXPECTATIONS FOR PROMOTIONS

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

19%

22%

13%

19%

20%

18%

21%

Every year

53%

Every other year

17%

25%

Every two to three years

21%

28%

10%

28%

33%

44%

32%

Never

25%

24%

28%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

10 3

5. Diversity and Inclusion: Involvement and Rewards White male managers reported the strongest rewards for their involvement with workplace D&I at 88%. The female managers of all colors report significantly less appreciation on the job for their involvement with diversity and inclusion activities.

MANAGERS: RECOGNITION FOR DIVERSITY & INITIATIVE WORK

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

60%

68%

Yes - I get positive rewards and recognition

88%

64%

73%

The factors that convince the white male managers of D&I’s importance are different from the other respondents.

2020 Women of Color in Business: Cross-Generational Survey© •2 5% of white male managers cited economic benefit, as opposed to only 9% of white female managers.

The female managers of all colors feel that D&I efforts create a better workforce and ensure that people are treated fairly to a far greater degree than their white male counterparts.

MANAGERS: PERSPECTIVE ON DIVERSITY AND INCLUSION AT YOUR COMPANY

25% White men Good for the economy overall

16% Black women 9% LatinX women 11% Asian women 9% White wome

10 4 2020 Women of Color in Business: Cross-Generational Survey©

MANAGERS: PERSPECTIVE ON DIVERSITY AND INCLUSION AT YOUR COMPANY

21% White men 27% Black women 31% LatinX women

Just the right thing to do

25% Asian women 39% White women

MANAGERS: PERSPECTIVE ON DIVERSITY AND INCLUSION AT YOUR COMPANY 2020 Women of Color in Business: Cross-Generational Survey©

25% White men Good for business overall

20% Black women 18% LatinX women 24% Asian women 15% White women

MANAGERS: PERSPECTIVE ON DIVERSITY AND INCLUSION AT YOUR COMPANY 2020 Women of Color in Business: Cross-Generational Survey©

25% White men 31% Black women Creates a better workforce

31% LatinX women 37% Asian women 27% White women

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

10 5

6. Systemic racism and the U.S. economy The vast majority of Black female managers (70%) said that systemic racism has hurt the U.S. economy a great deal. A slim majority (53%) of white male managers concurred.

MANAGERS: IMPACT OF SYSTEMIC RACISM ON THE ECONOMY

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

70%

44%

38%

41%

38%

38%

35%

A great deal

53%

Somewhat

35%

21%

Asked if an increased focus on Diversity & Inclusion activities had begun before the 2020 racial justice protests, only 21% of the white male managers agreed. The women managers of all colors were evenly mixed about when the focus on D&I activities began.

2020more Women of Color in Business: Cross-Generational Survey©

10 6

MANAGERS: INCREASED FOCUS ON DIVERSITY AND INCLUSION

Yes, this began with the racial equality movement in the last year

79%

White men Managers

52%

52%

50%

Black women Managers

LatinX women Managers

Asian women Managers

53%

White women Managers

No, this has been true since before the last year

48%

48%

50%

Black women Managers

LatinX women Managers

Asian women Managers

47%

21%

White men Managers

White women Managers

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

107

7. The aftermath of the 2020 racial and social justice protests: stress, authenticity, seeking help As the authors observed with female desk workers, 2020 brought increased scrutiny and additional stress to the workplace, especially among Black females.

•A mong managers, however, white males reported that they endured more stress as a result of the protests than any of the other audiences surveyed.

•6 3% of white male managers reported that their stress increased greatly or somewhat in 2020, significantly more than the female managers across the races: 56% Black female managers, 40% Latinx, 37% Asian, 36% white female managers.

MANAGERS: INCREASED STRESS FROM 2020’S FOCUS ON RACIAL JUSTICE

36% White men 19% Black women Greatly increased

12% LatinX women 10% Asian women 11% White women

27% White men 37% Black women Somewhat increased

28% LatinX women 27% Asian women 25% White women 32% White men Black women Mangers

Stayed the same

LatinX women Managers

Asian women Managers White women Managers

10 8

42% Black women 56% LatinX women 60% Asian women 58% White women

White male managers also reported that they did not feel that they could be authentically themselves in the workplace and that they had to tone down who they really are to fit in.

•5 5% of white male managers said they feel the need to tone down who they are, compared to 43% of Black, 35% Latinx, 39% Asian, and 35% white women managers.

•M ajorities of all of the female managers reported they could be authentically themselves on the job.

MANAGERS: AUTHENTICITY AT WORK

I have to tone down who I really am to better fit in

55% 43% 35%

White men Managers

Black women Managers

LatinX women Managers

39%

35%

Asian women Managers

White women Managers

61%

65%

Asian women Managers

White women Managers

I can be authentic and myself

65% 57% 45%

White men Managers

Black women Managers

2 02 0 Wome f C o lo r in in e sin s : Cros s - Ge nCross-Generational e ration al Su r ve y © 2020n oWomen of Bus Color Business:

LatinX women Managers

Survey©

10 9

While white male managers report high levels of work-related stress, they are also the audience most likely to ask for help, while Asian women are the least likely to do so.

•5 9% of white male managers said they would ask for help when facing stress rather than deal with the stress themselves.

•M ajorities of the female managers of all the races said they would deal with their stress themselves: 60% Black, 66% LatinX, 71% Asian, 68% white female managers.

MANAGERS: RESPONSE TO STRESS

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

Talk to or seek guidance from other people at work

59%

33%

34%

28%

31%

Handle it on my own

41%

60%

66%

2020 Women of Color in Business: Cross-Generational Survey©

11 0

71%

68%

8. Stretch Assignments and Feedback The authors advocate strongly for stretch assignments to increase the skills and opportunities for women of color in the workplace. For the first time, they included questions about stretch assignments in their 2020 Survey.

The findings confirmed that this strategy works well for white male managers and is making a dent among women managers, especially Black female managers.

•6 2% of white male managers said they have received a stretch assignment within the last 12 months, compared to 44% Black, 36% LatinX, 37% Asian, 35% white female managers.

MANAGERS: STRETCH ASSIGNMENTS IN THE LAST 12 MONTHS

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

62%

44%

36%

37%

53%

60%

58%

White women Managers

Yes

35%

No

33%

60%

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

111

The authors believe that honest feedback is helpful to thriving on the job, especially in stretch assignments.

•7 5% of the white male managers said that they were receiving helpful feedback.

•5 1% of the LatinX female managers reported that they too received helpful feedback.

Majorities of the other races of female managers indicated that they were not receiving helpful feedback.

MANAGERS: HELPFUL/AVAILABLE FEEDBACK

Yes

75%

48%

White men Managers

Black women Managers

51%

LatinX women Managers

2020 Women of Color in Business: Cross-Generational Survey©

112

37%

39%

Asian women Managers

White women Managers

Having someone to turn to for honest feedback and career advice is essential for successfully navigating a stretch assignment.

•C onsistent with the findings on feedback, 62% of white male managers reported that they have someone to turn to for career advice.

•M ajorities of the female managers of all colors said that they do not.

The implication is that managers and supervisors, as well as desk workers, need allies and sponsors for honest feedback. They need trusted career advisors when navigating issues in the workplace as they strive to grow there.

MANAGERS: ACCESS TO CAREER ADVICE

Yes - A great deal

62% 49% 39%

34% 26%

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

113

9. Sisterhood In their 2020 Survey, the authors asked female managers about a subject that had proven extremely important for younger desk workers across all races: sisterhood. The authors see sisterhood as a major component of their overarching theme of women of color “teaming up.”

•U nlike the younger cohorts who reported near-unanimous support for the concept of women helping one another, only Black female managers offered strong support for the concept of sisterhood at 42%.

SISTERHOOD AND FEMALE MANAGERS

How has what some people call “sisterhood” been to you at work – in other words, other women, perhaps of the same race as you, who share good and bad times, exchange advice, and listen through each other’s issues?

Very Important

42% 32%

Black women Managers

LatinX women Managers

29%

Asian women Managers

32%

White women Managers

10. Allies by gender and race

2020 Women of Color in Business: Cross-Generational Survey©

The authors looked at allies from two perspectives: from whom do you seek advice/mentoring, and whom do you mentor/support professionally.

Majorities of white male managers reported that they both help (51%) and seek assistance from other white men (61%). The explanation: “because I feel that I can better identify with them.”

114

This finding is perhaps at the heart of the authors’ message to white male allies, their challenge to corporate leaders. “Inclusive” and “empathetic” senior leaders as well as managers must be eager to find and reward talent among people who do not look like themselves. Success will demand leaders who seek and bring out the best from all.

However, these findings also suggest a need to recognize the fear and discomfort that some white male managers may be feeling and the need to create psychologically safe places for them to embrace inclusivity and empathy.

MANAGERS: WHOM DO YOU MENTOR PROFESSIONALLY - PEOPLE OF MY OWN RACE/GENDER OR ANYONE WHO ASKS

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

People of my own race and/or gender, because I feel I can better identify with them

23%

51%

25%

21%

19%

22%

15%

People of another race and/or gender, because they may have less access to professional support

15%

14%

19%

Anyone who asks for help, regardless of race or gender

34%

64%

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

57%

2020 Women of Color in Business: Cross-Generational Survey©

56%

65%

115

MANAGERS: FROM WHOM DO YOU SEEK CAREER ADVICE - SAME RACE/GENDER

My same race/ethnicity and same gender

61%

40%

39% 27%

White men Managers

Black women Managers

LatinX women Managers

22%

Asian women Managers

White women Managers

Large majorities of the female managers of all races did not report that they seek advice primarily from members of their own race or gender. Large majorities of Black (64%) and white (65%) female 2020 Women of Color Business:and Cross-Generational Survey© “anyone who asks for help, managers said they have in mentored supported professionally regardless of race or gender.” 57% of LatinX and 56% of Asian female managers agreed.

11. Achieving the American Dream The American Dream is defined in a number of ways, but almost all involve hard work and professional success.

•T he vast majority of the white male managers in this survey (73%) strongly agreed that this dream is within their reach. Another 22% somewhat agreed.

116

• The

female managers of all races were less sure.

- A sian (50%) and LatinX (47%) female managers most strongly agreed that the American dream was achievable through hard work.

- W hite (39%) and Black(38%) female managers were closely aligned in the “strongly agree” category.

MANAGERS: IF I WORK HARD ENOUGH, I CAN ACHIEVE THE AMERICAN DREAM Strongly agree

73%

47%

50% 39%

38%

White men Managers

Black women Managers

LatinX women Managers

Asian women Managers

35%

35%

36%

Black women Managers

LatinX women Managers

Asian women Managers

White women Managers

Somewhat agree

40%

22%

White men Managers

White women Managers

2020 Women of Color in Business: Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

117

Take the #TeamUp Challenges After analyzing all of their data over two years, the authors have come up with a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

For Managers: Many senior leaders and their managers have mastered IQ (intelligence) and EQ (emotional intelligence). We challenge both leaders and managers to develop greater awareness of CQ (cultural intelligence, as defined by Deloitte). CQ involves understanding the reality of someone who is ’s different, by gender or race or socio-economic upbringing, from the manager. Discomfort is necessary when you’re building physical muscles. The same is true with leadership muscles.

Goal: In your annual performance appraisal, demonstrate that you have improved your cultural intelligence by recording in your self-assessment what you have done to enhance belonging for everyone but especially for your employees of color in the workplace. Be honest and be specific with your personal impact.

Goal: Flatten the wave of manager variability and inclusive inconsistency. Reward the managers who hold themselves accountable for improving the outcomes for their women of color employees.

Goal: Rank managers based on self-assessment and other quantitative factors. Commit to an inclusive leaderboard that tracks underrepresented minority performers, including any bottom performers. Eliminate the 10% of managers and leaders who do not improve their “manager excellence” indicators based on the inclusiveness and well-being of their teams.

Conclusion As outlined in both the 2019 and 2020 Women of Color in Business: Cross-Generational Survey©, the active engagement of senior leaders as well as managers is “table stakes” for nurturing the highest level of productivity among all women of color while creating a true sense of “belonging” in the workplace. The data indicate that white male managers now have a heightened sense of awareness around racial matters brought to the surface in 2020 as the world watched the harrowing death of George Floyd.

Adam Grant, an organizational psychologist from Wharton and best-selling author, explained how and why psychological safety is so critical in this leadership moment. “Psychological safety is not relaxing your standards, feeling comfortable, being nice and agreeable, or giving unconditional

118

praise. Psychological safety is a culture of respect, trust, and openness where it’s not risky to raise ideas and concerns.”

McKinsey’s recent study of psychological safety also confirmed this powerful leadership trait. ”Team leaders are more likely to exhibit supportive, consultative and challenging leadership if their senior leaders demonstrate inclusiveness, for example, by seeking out opinions that might differ from their own and by treating others with respect.“ Cultural awareness was in the top category for senior leader inclusiveness.

The future successes for leaders and managers belong to those willing to harness the data, recognize the generational diversity nuances, and bring accountability to the table. The future will shine brightly for those transformational leaders and managers who invest in themselves to serve as role models and/or allies to lift the capability bar for ALL leaders while illuminating the talent of those “hidden in plain sight.”

To reduce variability of leadership capability across managers and supervisors, companies should actively engage in training modules informed by the new generational diversity trends.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

119

SECTION VII

Leadership Implications

Ta bl e o f C on t e n t s : Leadership Implications Drawn from the 2020 Women of Color in Business: Cross-Generational Survey© Summary of #TeamUp Challenges About Quadrant Strategies - Research Methodology - Quote by Quadrant Strategies Managing Partner Scott Siff About the Executive Leadership Council - Quote by ELC President Michael Hyter Authors’ Bios

12 0

Leadership Implications Drawn From t he 2020 Women of Color in Business: Cross-Generational Sur vey © The central themes of “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive,” and its follow-up survey are “team-up,” “generational diversity,” reduce the number of “onlys” in professional settings by hiring women of color in multiples, support the ambition and innovations of “sidepreneurs,” “40 allies and a stretch assignment,” and “Calculate Your Wealth.”

Some six months since the public phase of their work began, co-authors Bonita Stewart and Jacqueline Adams have identified a new talent moonshot goal, “manager excellence.”

Manager variability is too well — variable. To reduce the variability of leadership capabilities across managers and supervisors, companies should actively engage in training modules informed by the new generational diversity trends.

Organizations can and should ensure that all new managers are trained BEFORE they assume people management responsibilities. Existing managers should be properly trained and retrained regularly to empower their teams, to recognize bias, and to reward great performers. More importantly, managers should be held accountable for their people management capabilities as, increasingly, these skill sets will have a direct correlation to the risks and the rewards of the workplace.

Organizations can also reach a significant goal by hiring women of color in multiples, thereby remedying the troubling reality that emerged in the 2019 Women of Color in Business: CrossGenerational Survey©. Nearly half (47%) of Black female desk workers reported that they are always or frequently the “only” person of their race in a professional setting. In 2020, the figure went down by just one point to 46%. For LatinX women in 2020, more than a third (36%) said that they were always or frequently the only person of their race in a professional setting, an improvement over the 41% reported in 2019. Other surveys are beginning to echo the co-authors’ findings. LinkedIn reported in early 2021 that 46% of its respondents, Black professionals ages 18–34, have faced blatant discrimination and/or microaggressions at work.

The 2020 Women of Color in Business: Cross-Generational Survey© has outlined actionable challenges at the end of each section. These are concrete ideas that senior leaders and managers can activate to nurture the highest level of productivity among all women of color while creating a true sense of “belonging” in the workplace. Reduce the number of “onlys” to 25% by 2025 and to 0% soon thereafter.

As the authors found in the 2020 data, white male managers now have a heightened sense of awareness around racial matters that was brought to the surface in 2020 as the world watched the harrowing death of George Floyd.

Let’s harness that data. The male managers want to succeed. Managers should be held accountable for their people management capabilities as, increasingly, these skill sets will have a direct correlation to the risks and the rewards of the workplace.

Given the ambition, creativity and confidence demonstrated especially by younger Gen Z and

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

121

Millennial women of colors, the authors have been told, “Women of color are thirsty right now.

And we all have an opportunity to bring them a glass of water.” Teaming up is the glass. Great managers can be the water.

The authors said it at the end of Section I of this Executive Summary. Great managers matter.

Take the #TeamUp Challenges After analyzing all of their data over two years, the authors have come up with a series of challenges for both managers and individual desk workers. These challenges are intended to help everyone “lead, empower, and thrive” in their workplaces.

Challenge #1 For Senior Leaders and Managers:

Eradicate the “Onlys” on your team by hiring more of them! Look around and understand where “Onlys” reside within your company and track when critical mass is reached, particularly in teams of 20+. Hire in multiples and strive for overall workplace belonging.

Goal:

Reduce the 46% of Black women who have frequently or always been the only person of their race in a professional situation to 25% by 2025 and 0% soon thereafter.

Challenge #2 For Senior Leaders and Managers:

After you’ve mastered IQ, EQ and CQ the authors have another one for you: GD-- Generational Diversity----which they highlight in their surveys as the nuance and complexity managers will face as the workplace converges across generations who hold different expectations.

Goals:

1) Start to understand the differences across the generations; 2) Create a sense of belonging that the younger workers are demanding; and 3) Activate the full breadth of talent across the generations to fuel workers’ innovation, creativity, and ROI. Challenge #3 For Managers:

Track “stretch assignments” among women of color. Ensure that intentional “nudges” or formal programs are developed to provide greater opportunity for those with potential.

Goal:

100% of top identified women of color receive stretch assignments within the next year.

12 2

Challenge #4 For Women of Color:

Identify and activate your 40 allies: 10 people on your team---10 other managers —10 “sisters” — 10 people on your personal board of directors (family, friends, clergy, etc.).

Goal:

Seek at least one “stretch” assignment in the next 12 months.

Challenge #5 For Corporations:

Harness the innovation within your employee ranks. Remember, ideas come from everywhere. Don’t curb the side-preneurship enthusiasm.

Goal:

Figure out how you can create meaningful, exciting stretch assignments to activate your existing talent.

Challenge #6 For Venture Capital Funds:

You have Women of Color budding entrepreneurs in plain sight. Understand that because of their lack of external funding, WoC are using their existing employment to bootstrap their opportunities.

Goals:

Look broadly as you consider the next era of entrepreneurs. Remember, if Women of Color entrepreneurs and side-preneurs had funding, they might pursue alternative paths which could provide major boosts to the U.S. economy.

Challenge #7 For Women of Color:

Financial literacy, saving and investing wisely, and achieving the American dream go hand-in-hand. A place to start to calculate how much to save is the wealth calculator tool on the Calculate My Wealth website: www.calculatemywealth.com/wealth-calculator/ (In the interest of full transparency, this tool and website are the work of Bonita’s husband, Kevin Stewart.)

Goal:

Conduct your own experiment. Using the Wealth Calculator tool, see how much you could earn by the time you want to retire if you invest in equities, bank savings or half in savings and half in stocks.

Goal: Treat financial literacy as lifelong learning.

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

12 3

Challenge #8 For Senior Leaders and Managers:

Many senior leaders and their managers have mastered IQ (intelligence) and EQ (emotional intelligence). We challenge both leaders and managers to develop greater awareness of CQ (cultural intelligence, as defined by Deloitte). CQ involves understanding the reality of someone who’s different, by gender or race or socio-economic upbringing, from the manager.

Discomfort is necessary when you’re building physical muscles. The same is true with leadership muscles.

Goal:

In your annual performance appraisal, demonstrate that you have improved your cultural intelligence by recording in your self-assessment what you have done to enhance belonging in the workplace. Be honest and be specific with your personal impact.

Challenge #9 For Senior Leaders:

Flatten the wave of manager variability and inclusive inconsistency. Reward the managers who hold themselves accountable for improving the outcomes for their women of color employees.

Goal:

Rank managers based on self-assessment and other quantitative factors. Commit to an inclusive leaderboard that tracks underrepresented minority performers, including any bottom performers.

Eliminate the 10% of managers and leaders who do not improve their “manager excellence” indicators based on the inclusiveness and well-being of their team.

124

Research Methodology (Team Lead: Reem Omer, Research

Associate) •T he 2020 Women of Color in Business: Cross-Generational Survey was conducted by Quadrant Strategies between November 17 and December 16, 2020. A total of 2,420 respondents participated with a margin of error of +/- 1.99%.

Respondents included American female “desk workers” across four races (Black, LatinX, Asian and white) and four generations (Boomer, Gen X, Millennials and Gen Z). For the first time, the survey included responses from 150 white male managers across all

generations.

“Quadrant Strategies is thrilled to be part of this groundbreaking work. This comparative look at women-of-color desk workers across generations is long overdue, and it reveals some really unexpected insights that Jackie and Bonita use to chart a powerful path forward. Nearly every business and every person in a business environment will find these insights invaluable. Most refreshingly, the path they chart is full of optimism and energy. The entrepreneurial spirit and technological savvy for example, especially of young Black and LatinX women, clearly indicate there is huge business impact and wealth creation to be unlocked by absorbing the findings Jackie and Bonita so clearly set out.” - Scott Siff, Managing Partner, Quadrant Strategies About Quadrant Strategies

The company helps clients solve a wide range of brand and communications challenges by employing a broad set of qualitative and quantitative research tools. Quadrant’s partners have 50 combined years of experience helping Fortune 500 companies and other leading organizations address their most pressing branding and strategic communications issues in times of crisis and, more often, not. www.quadrantstrategies.com

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

12 5

About The Executive Leadership Council

The Executive Leadership Council, an independent non-profit 501(c)(3) corporation founded in 1986 is the preeminent membership organization committed to increasing the number of global Black executives in C-Suites, on corporate boards, and in global enterprises. Comprised of 800 current and former Black CEOs, senior executives, and board directors at Fortune 1000 and Global 500 companies, and entrepreneurs at top-tier firms, members work to build an inclusive business leadership pipeline to empower global Black leaders in making impactful contributions to the marketplace and the global communities they serve.

For more information, please visit www.elcinfo.com.

“The past several months have seen multiple Black women make history rising to CEO positions in Fortune 500 companies and the highest leadership positions in government,” says Michael C. Hyter, President and CEO of The ELC. “The issue is not the lack of qualified Black women. It’s the lack of opportunity for Black women to ascend to these roles. The ELC is proud to support this research to empower and energize Black women, and enlighten their organizations, as they strive for future career success.”

12 6

Aut hors’ Bios: Bonita C. Stewart, Google VP of Global Partnerships

https://www.linkedin.com/in/bonitacstewart/ Bonita C. Stewart brings extensive consumer technology and operational experience as her career spans over two decades of digital transformation across multiple industries. Since joining Google in 2006, she has risen to lead multi-billion-dollar operations and has driven the adoption of digital technologies within the US and Americas. Currently, she oversees the company’s Global Partnerships team for the largest US publishers across Search, Mobile Apps, Commerce, News, Broadcast, Telecommunications and Domains.

Ms. Stewart was the first African American woman vice president at Google. Over the past several years, she has been recognized externally for her leadership as a Woman to Watch (Advertising Age, 2011), Power 100 (Ebony, 2012, 2019), Woman to Watch in Tech (Crain’s NY, 2014) and Most Powerful Women (Crain’s NYC, 2015, 2017, 2019). In 2017 she created the concept for Howard West, a technology immersion program for historically black colleges and universities (HBCU), powered by Google.

In 2014 Ms. Stewart was nominated to the Deckers Brands corporate board [NYSE:DECK] and currently serves on the corporate governance and compensation committees. In 2021, she joined the PagerDuty corporate board [NYSE:PD]. She served on the Pluralsight board [NASDAQ:PS] from 2018-2021.

Prior to Google, she served as Director, Chrysler Group Interactive Communications for DaimlerChrysler AG and spearheaded all digital efforts for Chrysler, Dodge and Jeep. During the Dot Com era, she was recruited back to DaimlerChrysler to lead Chrysler brand’s $400 million advertising and marketing operation. During her leadership tenure, Advertising Age named the Chrysler Group the 2005 Interactive Marketer of the Year, and she co-authored “The Fifth P of Marketing,” an article for CRM Magazine. During the first stint of her automotive career, Ms. Stewart led the brand development for future and existing Dodge passenger cars and minivans, representing an $8+ billion annual revenue target.

In 2012 and 2013, she received award recognition from the Harvard Business School and Howard University, respectively, for alumni achievement. She has served on the following non-profit boards: Detroit Music Hall, Cranbrook Art Academy, Harvard Business School African American Alumni Association, Lincoln Center for the Performing Arts and Harvard Business School Club of New York City. Currently, she serves on the American Ballet Theatre Advisory Council for Project RISE and board member for the Women’s Forum of NY. Ms. Stewart spent her formative years in Denver, CO and graduated magna cum laude with a Bachelor of Arts from Howard University and an MBA from Harvard Business School. She resides in Englewood, NJ, with her husband, Kevin Stewart (HBS 1979).

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

12 7

Aut hors’ Bios:

Jacqueline Adams, President, J Adams: Strategic Communications, LLC

https://www.linkedin.com/in/jackie-adams-1471602/ Jacqueline Adams launched a second career as a communications strategist after more than two decades as an Emmy Award-winning CBS News correspondent. A natural “connector,” she has the unique ability to hear clients’ strategic concerns and find creative solutions, drawing upon her wealth of contacts and experiences in media, business, academic and civic circles.

Through her boutique consulting firm, J Adams: Strategic Communications, LLC, she counsels various corporate and non-profit clients. She has had multi-year engagements with the global communications strategy firm Burson-Marsteller and the Ford Foundation. She serves as a senior advisor to the new payment platform for publishers, NICKLPass and has a major role in the training program for rising star managers of color, The Diverse Future. In 2020, she launched a bi-monthly column, #TeamUp, in The Christian Science Monitor.

Ms. Adams covered the groundbreaking campaigns of Jesse Jackson for President and Geraldine Ferraro for Vice President before spending five years as a White House correspondent during the Ronald Reagan and George H. W. Bush administrations. In the 1990s, she was a prolific contributor to the CBS Evening News with Dan Rather and CBS News Sunday Morning. She won a News and Documentary Emmy Award for the 48 Hours broadcast, “The Search for Matthew.”

A graduate of Harvard Business School, Ms. Adams deliberately saves time for a number of non-profit activities. She serves on the Board of Directors of the Harvard Business School Club of New York and was among the alumnae profiled during the school’s 50th anniversary celebrations of women and African-American students.

She is a member of the Council on Foreign Relations, the International Advisory Committee of the United States Institute of Peace, and the Advisory Council of the Milken Center for Advancing the American Dream. She is a patron of the Alvin Ailey American Dance Theater and is in the fifth year of a planned decade-long study of classical composers at the Juilliard School of Music’s Evening Division.

12 8

WOMEN OF COLOR

IN BUSINESS Cross-Generational Survey©

2 02 0 Wome n o f C o lo r in Bus in e s s : Cros s - Ge n e ration al Su r ve y ©

12 9