Despite efforts, striking racial economic disparity is still pervasive in the American workforce. Out of all the Fortune 500 CEOs working today, only three of them are black and none of them are women. Many prominent companies have made public promises to increase diversity, but unfortunately there is still a long way to go in order to close the racial economic gap.
Pinnacle Accounting and Finance takes a closer look at some steps you can take today to support black owned businesses in your community.
1. Use Buying Power Strategically
Black owned businesses face disadvantages from all angles. Black owned businesses tend to be smaller, have fewer employees, and are less lucrative than white owned businesses on a whole. In order to combat these disappointing statistics, customers can choose to specifically seek out businesses that are black owned, whereas in the past they might not have paid close attention to such information. Because there are fewer black owned businesses than there are white owned businesses, it is important to consciously seek out those that are black owned so that they too can benefit. Using your buying power wisely and strategically can go a long way in helping to fight racial wealth inequality.
2. Spread the Word
As with any business, particularly small businesses, word of mouth can be of enormous benefit to black owned businesses in terms of their bottom line. If you shop at a black owned business or purchase a product from a black creator, be sure to spread the word. According to the Harvard Business Review, word of mouth marketing is still the most powerful tool for most businesses. A study showed that 83 percent of people polled trust the recommendations of friends and family, while 92 percent trust recommendations from other people in general. The study also showed that 20-50 percent of all purchases made are influenced by word of mouth. So, if you are satisfied by a black owned business or product, be sure to tell your friends and family and help increase the prosperity of black owned businesses.
3. Engage on Social Media
In addition to simply telling your friends and family about your favorite new black owned businesses, be sure to give them a shoutout on social media. Many people are taking to Instagram to share their favorite black owned businesses and artists. Engaging with a company or individual on social media increases their followers and visibility. If you are inspired by a black owned business, why not sign up for their mailing list and visit their website? These simple actions will further increase traffic, visibility, and ultimately the financial bottom line of black owned businesses. These steps may seem simple, but they are effective.
Pinnacle Supports Increasing Black Representation In the Pittsburgh Workforce
Pinnacle Accounting and Finance believes in increasing racial diversity and representation throughout the Pittsburgh area and beyond. Whether we are recruiting for accounting firms in Pittsburgh or placing talent in finance jobs in Pittsburgh, our talent acquisition teams make sure to recruit from diverse backgrounds and are mindful of racial disparity statistics in the accounting and finance, HR, and IT industries, to name a few. One of the greatest perks of living in Pittsburgh is experiencing its diverse cultures and we strive to do our part in promoting racial justice and equality.
If your team is looking to recruit for a permanent placement or a temporary job placement, Pinnacle is the staffing agency for you. If you’re searching for your dream permanent placement, our team of experienced recruiters at Pinnacle Accounting & Finance staffing agency efficiently match qualified candidates with our client companies throughout the Pittsburgh market. If you would like to learn more, please contact us at 412-343-6300 or firstname.lastname@example.org.