Corporate Executive Justin Grant wants to see more Black executives sponsor people within their community. Sponsorship allows an individual in a higher position than you to advocate for you in rooms with the goal of helping your career reach new heights, unlike mentorship , which typically is intended for skill building and obtaining more knowledge. “You want your boss’s peers in other departments to know who you are and to be in your network and to be folks that will, when your name comes up, when they’re deciding who to promote or who to give the bigger bonus to. ‘Yeah, I know that person. I vouch for them.’ So I think that’s the distinction,” Grant said on the “Black Tech Green Money” podcast hosted by AFROTECH™ Brand Manager Will Lucas. Grant credits three white individuals for serving as executive sponsors throughout his career and speaks to an alarming trend that he witnessed that has prompted a call to action. He notes that Black executives have been less inclined to open...

Diversity, equity, and inclusion (DEI) is like the studio album, “The Miseducation of Lauryn Hill” — critically acclaimed by some, misunderstood by others, and a constant source of debate. Whether celebrated or criticized, DEI has become one of the most polarizing issues in corporate America. And let’s be honest: When companies start scaling back on DEI, it’s not just a boardroom shuffle — it’s a move that disproportionately impacts the Black community. This polarizing environment extends beyond corporate America. According to the Associated Press, President Donald Trump made waves with executive orders aimed at dismantling DEI programs within the federal government. Among these was the rescission of Executive Order 11246, which mandated affirmative action for federal contractors, a policy originally designed to level the playing field for underrepresented groups, as well as nondiscrimination. In addition, DEI offices were defunded, DEI employees were laid off, diversity training...

Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Corporate companies have gutted and targeted diversity, equity, and inclusion (DEI) programs throughout 2024. As we head into 2025, efforts to reverse these changes will only increase. DEI programs have been the center of several political battles since Republicans wrongfully came to attack critical race theory. Just as conservatives have a woeful misunderstanding of critical race theory and where it applies, DEI has become a buzzword associated with the aforementioned cultural wars. What Is DEI? DEI initiatives are implemented in schools, businesses, and government agencies to address inequities within historically marginalized groups. According to Erica Foldy, a professor at NYU’s Wagner Graduate School of Public Service, initiatives could include training, organizational policies and practices, and organizational culture. DEI isn’t just a rule or legislation created for organizations to pat...

Determined to have her voice heard in the financial sector, Sandra L. Richards now leads with over 20 years of experience. Since May 2007, she has been a dedicated member of Morgan Stanley. Initially hired as a director, diversity specialist, she supported diversity strategies in recruiting, retention, and business development. Over the years, Richards has been promoted six times, including moving into roles as vice president, business development officer – diverse and multicultural markets; managing director, head of business development and segment marketing; and most recently, managing director, head of global sports & entertainment and segment sales & engagement group for the past five years, according to LinkedIn. In her current role, she focuses on helping entertainers, industry professionals, and athletes build wealth by providing advice, tools, and resources. She is spearheading the digital financial education program Money In The Making, which encompasses topics such as...

Wells Fargo remains under the spotlight as investors respond to the financial giant’s recent announcement of workforce reduction plans. The news, which surfaced in late 2023, revealed that Wells Fargo CEO Charlie Scharf shared plans to cut the company’s workforce, anticipating severance costs ranging between $750 million to $1 billion during the fiscal fourth quarter of last year. This strategic move follows earlier layoffs at Wells Fargo disclosed last month, totaling 11,300 jobs or 4.7% of its workforce in 2023. The company’s approach under Scharf’s leadership aims to maintain a workforce presence near its various hubs across the United States. Why Are The Wells Fargo Layoffs Happening The decision to reduce headcount comes in the wake of Wells Fargo’s ongoing efforts to navigate challenges in the economic landscape. Last month, Scharf highlighted the necessity of these payments, citing the need for the company to adjust its workforce amid persistently low turnover rates. In...

A new law coming into effect at the beginning of 2024 will affect numerous small business owners. According to the U.S. Chamber of Commerce, the Corporate Transparency Act (ACT) will go into effect on Jan. 1, 2024. The law is intended to take action against money laundering, tax fraud, and financing for terrorism by retrieving more information around the ownership of a business.

In June 2020, financial institutions nationwide committed a record-breaking $4.2 billion to racial equity. Nonprofits directly received $300 million, representing 51% of total donation volume that month. However just six months later, funding for racial equity fell to 5% of the donation share. Now three years later, while energy has further slowed, racial justice remains a top concern across demographics. We know nonprofits steered by Black leaders and people of color are best positioned to drive racial equity. However, it’s simply not enough for corporate funders looking to affirm their values to financially empower BIPOC leaders. To properly equip nonprofit leaders, financial institutions and other corporate funders must embrace a two-pronged approach of capital and capacity building. One of the most effective interventions in capacity-building for BIPOC-led nonprofits lies in technology. Seventy-four percent of nonprofits say digital transformation is a need-to or must-have, yet...