How can Business Close the Racial Wealth Gap?

Description:

Before COVID, median Black net wealth in the US was projected to be 0 by 2053 and Latinx projected to be 0 by 2073. The disproportionate impact of COVID and the 2020 economic downturn on Black and Latinx families accelerates the downward spiral. Business plays a key role in creating and widening the racial wealth gap by discriminatory hiring practices, harmful work environments, wage gap, substandard products targeting Black and Latinx consumers, not selecting Black and Latinx vendors, etc. How can business transform to close the gap, and why is it profitable to do so, especially as the market, workforce, and workforce changes: 43% of US Millennials are people of color, and 47% of Gen Z are people of color.