The FQ Equality News 8.23.19
You might remember Equal Pay Day in April, which is the point where the “average” woman catches up to what a non-Hispanic white man earned in 2018. The “average” woman, including white women, makes 80 cents for every dollar earned by a white man. For black women, that gap is actually much worse. In order to make the same amount that white man did in 2018, black women must work until August 22 of 2019. Over a lifetime, this gap costs black women nearly $ 1 million in lost wages compared to men. That’s why black women need their own equal payday: because, on average, black women still make less than white women— and both still make less than white men.
In order to close these gaps, we need to focus attention on them. The number of businesses owned by black women has grown by 164% since 2007, making black women the fastest-growing population of entrepreneurs today. As consumers and agents of change, we each have the power to help all women succeed. Scroll down to find out how leaders are making headlines—and equality moves—this week.
Black women aren’t letting the gender pay gap hold them back. Equal Pay Day is supposed to mark the date that the “typical woman” has finally earned the same amount of money as the typical man. However, for black women that date falls much later in the year. This year, Black Women’s Equal Pay Day fell on August 22 while the rest of the U.S. celebrated Equal Pay Day on April 2. The reason? White women make on average 80 cents on the dollar as compared with white men, whereas black women make on average just 63 cents on the dollar, according to PayScale. The upside? Efforts to increase funding for women of color-led businesses is on the rise. This week, Sarah Kurnst’s fund, Cleo Capital, closed a $3.5 million VC fund. Arian Simone and Keshia Knight Pulliam also announced that they raised $5 million for The Fearless Fund. Click the link below to learn more about the state of the gender pay gap.
Returning black women to the unfinished struggle for women’s voting rights: Next week is Women’s Equality Day, which commemorates the passage of the 19th Amendment that gave women the right to vote on August 26, 1920. However, barriers preventing many women of color and other minorities from being able to cast their ballot weren’t removed until the passage of the Voting Rights Act in 1965. Three exhibitions in Washington (all curated by women) excavate the role of black women who were largely excluded from white-led suffrage organizations and the early histories of the movement if mentioned at all. As Lauretta Charlton, a Times Editor Focused on Race, points out, “We have to know our past in order to understand our current moment, but we can’t let our past prevent us from working toward a better future.”
Source: New York Times
CEOs open up about having babies while running a business. A story by Fortune recently featured 11 CEOs and founders who gave birth while running their companies. While pregnant women in corporate leadership isn’t a novel concept, they’re becoming more visible due to the boom in successful young female executives launching VC-backed startups. Read more about their stories and how they’re shaping perceptions around working mothers in the link below.
Banking and investment bodies are considering a radical plan to break the wheel. In an effort to increase the representation of women in finance, Ellevest CEO Sallie Krawcheck is urging the male-dominated industry to “break the wheel.” If standard diversity groups and mentoring programs were “going to work,” Krawcheck says, “it would’ve worked.” Now, two trade bodies in Europe, the Association for Financial Markets in Europe, are in the midst of early-stage discussions about reducing stock market trading hours. Their goal is to foster female talent by creating more flexible working conditions for women.
Source: Financial News
Women are running the fastest-growing companies. Fortune‘s annual list of the 100 fastest-growing companies came out this week. The list features the world’s top three-year performers in revenues, profits, and stock returns— and three of those companies are led by women: Arista Networks, Match Group, and WEX. Check out the full list to find out more.
The FQ Buzz: For more on Black Women’s Equal Pay Day, don’t miss this Forbes Piece on why we need to see color by our CEO Shelley Zalis. “It’s time to be brave and do what needs to be done and share the good, the bad and the ugly,” says Shelley.
You can also catch up on what’s in the headlines here:
What You Need to Know About Black Women’s Equal Pay Day
In Her Words: Is Our Diversity & Inclusion Culture Coming Up Short?
The FQ Equality News 8.9.19