This episode is part of our “Black Women at Work” series in honor of Black History Month.
Today, we’re discussing the 7 most common struggles faced by Black women in the workplace. From lack of representation to lack of access to higher levels of management, there are many hurdles in their path. However, shedding light on these allows us to be more educated about these, and also to heal and bring effective solutions and strategies to these issues.
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In academics as well as the professional sphere, Black women have been conditioned to operate in excellence for the longest time. There is a badge of honor that comes with always showing up in your optimal capacity, especially if and when you’re the “only” Black woman in the room, the department, at this or that level, or in the company as a whole. The traditional saying according to which Black women have to work twice as hard to achieve the same, or lesser results, than their counterparts, has and still is, holding true for many Black women in the workplace…
However, with the advent of the COVID-19 pandemic and the racial reckoning that has accompanied it, it is a reality that is increasingly starting to fade out. As the glaring gender, race and class inequalities are rearing their ugly heads, inflamed by the repercussions of a global health crisis shaking the very foundations of our society, women in general, and Black women in particular are questioning the legitimacy and necessity of a narrative aimed at glorifying an ideal of excellence rarely rewarded in kind by the advancement, growth and progress it was always supposed to create.
Excellence, for the sake of it, is certainly a noble pursuit to aspire to. For many, Black Excellence has served as a tool of empowerment. However, unrecognized, demeaned and even questioned excellence drastically diminishes its intended impact and effects. The point of making it into once restricted rooms, once secret conversations, and into once segregated systems, is to birth opportunities for change, growth and progress. When these opportunities are stifled and compressed, status quo not only remains, it grows stronger by the sheer compounding effect of the unrecognized effort and the barriers in place. All in all, it becomes an even harsh reminder of the barriers still standing in the way of gender and race equity for all.
? How can this be when Black women are graduating at higher rates than their male counterparts, and entering the workforce in larger numbers? How can Black excellence result in such dismal representation at lower and higher levels of management alike?
These are just some of the questions at the tip of the Black Excellence iceberg that is prompting many a Black woman to divest from it, and even begin to embrace mediocrity, which for many Black women has long been associated with lack of opportunity. What was hailed as a protection against unfairness and bias, is increasingly being experienced and seen as too costly a badge of honor to carry. One that may unwittingly reduce the lives of those who strive for it, to exceptionalism that may not be necessarily fulfilling, rather than true meaning, purpose, and even sanity.
More and more, the question is being raised as to whether or not measuring Black women’s worth through what is traditionally being defined as “exceptionalism” is still valid? Is being a CEO or high-tech executive in a non-diverse environment the real definition of exceptional success, or one that needs to be re-visited to expand more inclusive definitions of what success may look like across gender and race spaces? Maybe true excellence is about fulfilling a career and life of meaning on our own terms, inclusive of our different identities and aspirations, making it a welcoming space of growth rather than an enclosed trap of traditional expectations…
In the world of entrepreneurship, funding is a vital source of growth. However, for many, if not most female entrepreneurs, it’s also a major obstacle. As a matter of fact, one third of the world’s female entrepreneurs face gender bias when attempting to raise capital for their businesses, according to HSBC Private Banking’s research. Women face the most gender bias in the UK, the United States and Singapore. Further research shows female-led ventures are at a greater disadvantage when raising funds for businesses in male-dominated fields as opposed to female-dominated ones.
As the COVID-19 pandemic has resulted in a large number of businesses created by women entrepreneurs, it has also predominantly negatively affected the latter. Faced with the scarcity of funding opportunities for women entrepreneurs, several lenders and corporations are lending a hand to help reduce disadvantages experienced by women entrepreneurs. As such, these organizations are offering help and support to female entrepreneurs by making these 15 small business grants available:
This business grant program through Visa is dedicated to Black women-owned businesses. In order to qualify for this grant, applicants must be Black women business owners for at least two years, be a business-to-consumer company, and reach a minimum revenue of $24,000. Specific location restrictions also apply.
This grant is directed at female entrepreneurs planning to start a local small business. To apply for this grant, all that is required is for the applicant to explain their business’ purpose. One women-owned business is selected each month to receive a $10,000 grant. In addition, one of the monthly winners is then selected at the end of the year to receive a $25,000 grant.
Through this initiative, FedEx engages the public to vote for the business of their choice. Candidates who receive the most vote win a $75,000 grant. To sweeten the pot, the winner also benefits from free exposure through FedEx’s media outlets.
This grant allows prospective women-owned businesses to be eligible for a federal government grant for research and development needs. In order to qualify, female-led businesses must employ fewer than 500 employees. Eligible businesses can receive over $750,000 if the research produces positive outcomes.
Speaking of research and development needs, the Small Business Innovation Research grant applies to female-owned businesses boasting cutting-edge ideas. Eligible companies can earn a $150,000 grant, and can receive up to $1 million in the span of two years
For any women-owned businesses whose mission is focused on furthering the cause of women and girls, grants are made available from the Ms Foundation for Women. Examples of businesses who have benefited from these grants include businesses advocating for affordable childcare, against domestic violence, and for reproductive health, to cite a few examples.
The Cartier Women’s Initiative Award is bestowed upon 21 female entrepreneurs each year by Cartier. As a prize, winners get one-on-one expert coaching, media coverage, as well as business workshops, in addition to other rewards ranging from $30,000 to $100,000.
These 7 business grants for women entrepreneurs, among others, are a good start to begin the process of helping women-owned businesses overcome the barriers in their way.
In 2020, a Pew Research Center analysis revealed women earned 84% of their male counterparts’ earnings. The gap is even deeper for Black and Latina women, who respectively earn 65% and 59% of white men’s earnings. This is not recent news, as the gender pay gap, as we ‘ve traditionally known it, has not changed much in the last 15 years. However, there is an another part of the gender pay gap we don’t often think of or talk about. It’s the equity compensation gap.
The Journal of Applied Psychology recently published a study which found a gap in equity-based compensation awards between genders ranging from 15 to 30%. This equity compensation gap closely mirrors the gender pay gap, taking into account a 20% pay gap in the United States and an estimated 17% gap in Europe. According to an analysis of venture-backed companies’ equity by Carta including over 6,000 companies and 15,000 founders, women were found to hold only 20% of equity despite constituting 35% of equity holding employees. For every dollar owned by male employees, female employees holding equity own just 47 cents. At the founder level, it was found while women make up 13% of startup founders, they only hold 6% of their companies’ equity. For every dollar of equity owned by male founders, female founders only own 39 cents.
While many businesses are striving to address the gender pay gap, they may not be addressing the gap in equity-based awards. As equity-based awards are incentives to retain employees, it can be inferred female employees are not seen as valuable as their male counterparts. Another inference is that women may not be able to build wealth as men do.
Among the factors contributing to the noted gender disparities in equity compensation, is the misinformation or lack of information among employees as related to equity compensation.
To remedy this, here are three ways women can reduce, and possibly eliminate the equity compensation gap:
Talk to trusted colleagues and peers
Male employees often have access to career-related information women may not access, due to not belonging to the same circles. Much of this information points them towards what to negotiate for. This is why it’s important for women to create and nurture their social networks, and talk to trusted peers and colleagues. This is all the more important as women tend to be negatively viewed when negotiating or asserting themselves at work.
Know what to negotiate for beyond salary compensation
Often, women come to the negotiation table without a clear understanding of equity and stock options’ value as related to their overall compensation. Too much emphasis is then put on salary, and not enough on other forms of compensation such as equity and stock options. Understanding this and knowing what (and how) to negotiate for, goes a long way towards reducing equity-based gender gaps.
Advocate for pay transparency
Pay transparency is not only beneficial to employees, but can also help employers identify and remedy existing gaps. As advocates for pay transparency, women can encourage a process whereby female employees have a better understanding of compensation and what to ask for, and where bias is minimized or removed entirely.
All in all, the gender pay gap is more layered and deeply ingrained in the compensation structure than most of us know or realize. Being aware of and proactive about the gender gap in equity compensation can help peel another layer of the pay gap onion, thus reducing the inequity plaguing women at work.
Were you aware of the gender equity gap? If so, how are you fighting it at your level?
In this episode, I discuss how we, as working women and moms, can make a plan to reach our goals this year, minus the stress, disappointment and time wasted…
Listen in!
Thanks for Listening!
Thanks so much for tuning in and listening to this week’s episode! If you enjoyed this week’s episode, please share it by using the social media at the bottom of this post!
Also, leave me a review for the TCS podcast on Apple Podcasts !
