The 2020 murder of George Floyd by a Minneapolis police officer fueled a movement for racial justice in all elements of American society, from police forces to education to businesses. Now, a new survey has found that three-quarters of Black executives say their companies have since made positive changes in hiring and retaining Black Americans.
Nearly 75 percent of Black executives told CNBC — which conducted the survey in partnership with the Executive Leadership Council — that they have seen a positive change in hiring, retaining and promoting Black employees since Floyd’s murder. More than 40 percent of companies increased Black representation on their senior leadership teams.
The survey, conducted June 1-14, surveyed Black senior leaders in the C-suite or at the executive vice president level. A majority of the leaders came from organizations of 10,000 employees or larger.
The respondents reported that many of their organizations have expanded their services for Black employees, with 80 percent of the executives reporting that their companies have increased support for employee resource groups.
Despite these improvements, the report finds that many executives are worried not enough is being done for Black employees.
Nearly 24 percent of Black leaders said they do not believe they are equally compensated compared to their white peers, 43 percent said treatment of Black employees has not changed since Floyd’s murder and 9 percent say treatment has actually worsened.
Though many companies promised to invest in diversity, equity and inclusion (DEI) projects and programs, a staggering 88 percent of Black executives reported their companies fell short of fulfilling these promises.
The failure to uphold promises impacted nearly one-third of the survey respondents who left their jobs: Black leaders who left their organizations since 2020 reported that they felt their companies were simply “checking the DEI box.”