The corporate world isn’t friendly towards women, let alone Black women. In some countries Black women are often overlooked, undervalued, and prejudged simply because of the colour of their skin. In other instances, the prejudice against Black women can take a more nuanced approach, which manifests itself in barriers to promotion, wage inequities, and daily microaggressions.
A study published in 2020 found that less than 1 per cent of Canadian corporate leaders are black. Facing numerous hurdles, it is becoming increasingly difficult for Black women to break into corporate entrepreneurship.
Admittedly, entrepreneurship can open doors for Black women, giving them the freedom to start their own businesses and yield economic and social power and influence. Giving Black women the chance to become entrepreneurs and start their own businesses allows them not only to build themselves financially but also to uplift their families, strengthen their communities, and, most importantly, create an equitable economy.
If breaking into the corporate world isn’t easy for Black women, then it’s time for them to try something different. To that end, Black women can start their own businesses and become entrepreneurs. Owning their own business gives them financial freedom, and it also means that their salary isn’t dictated by someone who might, in one way or another, limit their success.
A side business or entrepreneurship can empower Black women, providing them with a supplementary income and giving them greater autonomy and control over their personal and professional lives. It also offers Black women the opportunity to invest in their families and communities, and to advocate for social change.
If you are currently a leader or manager in the corporate world and would like to see a shift in economic power for Black women, how can you help them overcome their challenges and succeed? Consider a few steps that you can take to invest in Black women professionals, regardless of their financial standing.
Create Equitable Opportunities at Work
A study conducted in the United States revealed that Black women face lower wages and fewer career opportunities than their peers. The study revealed that for every dollar a white man earns, a Black woman earns roughly 69 cents. They also occupy fewer senior positions. As a senior executive or manager, never underestimate your role in providing equitable opportunities for Black women. For starters, you can examine your compensation structure to ensure that they are being fairly compensated as their peers.
Mentorship and Advocacy
If you are a business leader or manager, consider mentoring a Black woman professional or entrepreneur. In doing so, you can amplify her voice and help her overcome systemic barriers. You can also make a difference by considering serving on the board of directors of nonprofits that promote Black women professionals from underserved communities.
Bank with Black-Owned Banks
Investing your money and funds with a Black owned bank allows you to support Black entrepreneurs and communities. When you deposit funds in Black-owned banks, you increase the capital available for Black businesses and also strengthen Black communities. Consider the potential impact your investments could have on the community if you and others were to deposit funds in Black-owned banks.
Support Black Women-Owned Businesses
Supporting Black women-owned businesses plays a pivotal role in contributing to their success. When you purchase products and services from Black women-owned businesses, you promote diversity and inclusion, help close the racial and gender wage gap, and give Black women financial power.
Every business leader, whether big or small, can play a role in advocating for Black women entrepreneurs; in doing so, they create a ripple effect that impacts Black communities, strengthening families and transforming economies.
David Messiha | Staff Writer