by Marc H. Morial,
<TriceEdneyWire.com> — “Who will try to blend communities of color during a time the administration would like to see it kept apart? A strong combined effort would turn politics and the economy on its head by creating a single voice of people tired of being relegated to society’s second class. Who will step up?” — Ray Marcano.
They may not be making as much noise as the extremists who boycott LGBTQ + inclusive brands, but communities of color are quietly flexing their economic muscle against companies who abandon diversity, equity, and inclusion policies.
The combined spending power of Black and Latino Americans (who make up more than 30% of the U.S. population) is $6 trillion. That’s larger than the economies of every nation on earth except the United States and China.
Companies who kow-tow to extremist demands to abandon their commitments to diversity, equity, and inclusion policies are sacrificing their bottom line for political expediency. Even though there’s been no call for communities of color to join forces in a large-scale, organized boycott, companies who back tracked are losing out to companies who stood firm in their commitments.
As shareholder activist Andrew Behar recently told Fortune magazine, the Trump administration’s crusade against diversity, equity, and inclusion is forcing companies to underperform.
“This is an anti-capitalist, anti-freedom, anti-democracy crusade that is being waged to try to suppress information and suppress shareholders from having the disclosure and the information they need to make good fiduciary decisions,” Behar said.
Without calling for a boycott or singling out any particular business, the NAACP earlier this year issued a Black Consumer Advisory, encouraging people to spend their money where they’re respected, to support Black-owned businesses, and to demand that businesses prioritize people over profit.
But it turns out that prioritizing people actually is profitable. And the financial consequences of failing to do so are potentially enormous.
DEI strategist Joseph Santana wrote: “CEOs that cut DEI initiatives miscalculated the market impact, incurring costly consequences in a business landscape where talent, consumers, and investors demand alignment with modern values.”
During the Essence Festival of Culture in New Orleans earlier this month, a panel titled ‘We Drive Prosperity: Impact of Black and Brown Businesses on the Economy’ brought together Robert Hartwell, host of HBO Max’s Breaking New Ground; Juan Proaño, CEO of League of United Latin American Citizens; and Elis Clementino, head of strategic relationships at NVH Studios.
Their message: “Black and Brown communities already have the economic power. They just need to use it together.”
