Diversity MBAs CEOs Perspective on the Impact of the Child Tax Credit and What Still Must Come?

CHICAGOPamela McElvane, the founder and ceo of DiversityMBA Media and one of the nation’s foremost authorities on diversity, equity and inclusion in corporate America and other sectors, issued the following statement today in response to impact of the child tax credit.

Kudos to the Biden Administration for not just saying what they want to do, but actually doing what they promised.  We know how slowly the legislative process can move so anytime something worth while that impacts the lives of the underserved, and the under-represented communities is done is a big win.

Now let’s not forget about the reality of the impact of systemic and institutional racism that plague the lives of black and brown Americans every day.  While the child tax credit will provide some economic relief that will make a difference in the lives of so many, we still need significant change in affordable housing redlining, educational inequities in the low-income communities, healthcare disparities, and police reform.  What is unfortunate, is that these communities, need all the institutional systems to have policies and legislation that will make a difference happen simultaneously.  

We cannot be ok with tiny wins.  This is not the instance when we celebrate small steps forward.  However, we can acknowledge progress with the convergence of those in power when systemic policies are made for change then executed. 

My advantage point is that I understand the collective efforts corporate America is making to support the gross inequities that exist among the under-represented and under-served. On an annual basis we collect data and track the trends being made by corporate America.  Here’s the good news, in response to the heighten devastation of police brutality within the black and brown communities, hate crimes among the Asians, and LGBTQ plus individuals, corporate America’s investment into these communities increased by 38 percent; the open role for diversity leaders in organizations increased by 80 percent among companies that did not have this organizational focus; cultural awareness and focus among employees of color increased 87 percent; enhanced effort to uncover pay inequities increased by 57 percent; CEO pledges on either health equity, diversity, equity, and inclusion or specific initiatives to hire more blacks, veterans or persons with disabilities increased by 50 percent.  So, what is the question of the day, will corporate America sustain its commitment to change and continue to increase its efforts and investment into these communities and its workforce?

We know under the Biden Administration movement is occurring to level the field, however, it will only last if the party that cares remains in office.  With that said, we must have our own individual call to action to ensure what is necessary for the next generation continues;  you must arm yourself with information, active voices by voting; engaging in initiatives for change in your communities and within your workplace.  Get ready to Stay ready.

Pamela McElvane, hosts The Inclusive Voice Talk Show, 820 WLCT, Saturday 7am-8am central time

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