When it comes to black women’s success and potential, the story is one of underestimated richness and underdeveloped but rapidly emerging power.
Today is August 7, 2018, which is equal pay day for black women. The day represents the average number of days beyond 2017 that they work to make the same income as their white male counterparts. According to many sources, that specific average is $0.63 for every $1 earned by a male white counterpart. Compared to the 2017 day, which fell on July 31, the gap increased for black women by an additional week, and closing the gap could mean an additional $870,000 in income for most black women, according to the National Women’s Law Center.
But this isn’t just a wage issue. As with women of other races, the pay gap is compounded by a leadership gap as well. According to a Lean In study done in 2017, black women only have have 3% representation in corporate C-Suites, with the numbers not being much higher in other executive spaces like senior Vice President (4%) or Vice President (6%) roles. Yet while the percentages are small, the number of black women executives in the United states has actually doubled since 2014. The Washington Post covered a report by the American Association of University Women, 1.5% of executives were African American women, representing 7.6% of the private sector workforce.
Despite the inequality in earnings, black women are gaining real economic power in the United States. Black women represent one of the fastest growing groups generating entrepreneurial wealth and consumer power. According to the Nielsen Company, total black spending will grow to a record $1.5 trillion by 2021, and black women will drive a majority of that spending. Black women also own and operate more than 1.5 million businesses, and are the fastest growing group of business owners in the United States.
I was curious to see how black women in my network felt about the pay gap, so I asked black women in my network if they would share with me the advice they would give their younger selves. I received incredible wisdom from twenty women from a variety of industries, organizations and at different stages of their careers. These women are CEOs and executives at some of the largest companies in the world, as well as small business owners and emerging leaders. They live and work across the United States and even the United Kingdom.
Cultivate your team
Having a team of advisors, peers or friends can help protect a developing sense of confidence. Minda Harts is founder of The Memo, a career development company for women of color. She stressed that it’s important to remember that you are your own best advocate, but you don’t have to go it alone. “Success is not a solo sport,” she said. Harts suggested that networking internally is strategically vital to to securing a seat at the table where decisions are made. Modjossorica Elysee, Founder and CEO, BeautyLynk, agrees. “Build a brain-trust of individuals you can talk to about your career and your salary. Having a group like this can help you build your confidence.” Dr. Cheryl Ingram, CEO and Founder of Inclusology also feels that cultivating mentors can be key to negotiating success, and urges to “not be afraid to ask for support, and make sure you tell your potential mentor exactly what you need from them.”