Untapped Women of Color: The Talent Force Multiplier by Black Digital

1 2021 EXECUTIVE SUMMARY U.S. Women of Color in Business: Cross-Generational Survey © SPONSORED BY 2021 EXECUTIVE SUMMARY 2021

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 2 2021 EXECUTIVE SUMMARY Executive Summary | Untapped Women of Color: The Talent Force Multiplier Table of SponsorshipContentsForeword – Melonie Parker, Chief Diversity Officer, Google LLC Methodology – Scott Siff, Managing Partner, Quadrant Strategies 2021BackgroundResearch Findings I. Generational Diversity: More Important Than Ever II. Onlyness Varies by Generation: A Troubling Millennial Spike III. Innovation: Still First to Know IV. Ambition Unstoppable Despite Systemic Biases V. Workplace Scrutiny and Stress: Sources and Ways of Coping VI. Uniquely Different Reactions of Asian American Women VII. Sisterhood: Teaming Up VIII. Entrepreneurship and Side-Preneurship On the Rise IX. The Career Contrast: Black and White Men Managers vs. Women of Color Managers X. Evolution of the Talent Convergence Theory XI. Unlocking Talent: Improving Leadership Capability in the Workplace XII. Conclusion: Building a Bridge, Creating a Talent Multiplier XIII. Full Methodology XIV. About the Authors

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 3 2021 EXECUTIVE SUMMARY

Bonita C. Stewart and Jacqueline Adams, trailblazing business leaders, co-authors, and Harvard Business School alumnae, have just completed their 2021 survey, their third conducted by Quadrant Strategies. The work represents an evolution from their original 2019 survey which powered their book, A BLESSING: Women of Color Teaming Up to Lead, Empower and Thrive, published in 2020. The latest research, entitled “Untapped Women of Color: The Talent Force Multiplier,” involved nearly 4300 respondents and, for the first time, compared and contrasted the views of Black and White men managers as well as women of color managers. The data have convinced the co-authors that “great managers matter.” Under-appreciated generational changes are both demanding workplaces of belonging for everyone and challenging leaders to assess “untapped” talent pools as a force multiplier for business success. At Google, we see this groundbreaking research as another lens to inform our internal initiatives while bringing exceptional thought leadership to all companies navigating the growing complexity of the workplace. Melonie Parker Google, LLC Chief Diversity Officer

We are thrilled to announce our sponsorship of the 2021 U.S. Women of Color in Business: Cross-Generational Survey©, which highlights the “generational diversity” among American women “desk workers” and students across four demographic groups (Gen Z, Millennials, Gen X, Boomers) and four races (Black, LatinX, Asian and White).

Sponsorship Foreword

Scott ManagingSiff Partner Quadrant Strategies

Methodology

The 2021-2022 U.S. Women of Color in Business: Cross-Generational Survey© was drafted by Quadrant Strategies between August and December 2021; it was fielded between January 4 and February 8, 2022. A total of 4300 respondents participated with a margin of error of +/- 1.49%. Respondents included American women desk workers and students across four races (Black, LatinX, Asian, and White) and four generations (Boomer, Gen X, and Millennial desk workers, as well as Gen Z students). The survey also included responses from 150 Black men managers and 150 White men managers across Millennial, Gen X and Boomers. The age ranges in 2021 have been adjusted to reflect the generations accurately, although the Gen Z age minimum of 17 remained consistent from 2020.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 4 2021 EXECUTIVE SUMMARY

Research Methodology Team Lead: Reem Omer, Quadrant Strategies Senior Associate. Quadrant Strategies is thrilled to partner with Jackie and Bonita on this third wave of groundbreaking research, which finds striking, and in some cases surprising, differences in the ways that race, gender and generations inform people’s workplace experiences. The findings point to increased entrepreneurship, sisterhood, and confidence among young Black and LatinX women in particular. The research provides tangible guidance for workplace managers on how to empower and develop their employees in ways that will drive higher productivity, morale, and teamwork across their organizations.

BackgroundWomen

The current Great Resignation/Migration reflects a new mindset, a new sense of independence among workers. The phenomenon includes demands for new hybrid work models, renewed calls for racial equity, worker insistence on communities of belonging, and the newly appreciated challenges of both parenting and elder care that became apparent during the COVID-19 lockdown. VUCA - volatility, uncertainty, complexity and ambiguity – now describe the environment for workplace leaders. The old perks are no longer enough to redress worker dissatisfaction. Managers and leaders are having to create and adopt new strategies. No amount of free food or aeron chairs or concierge dry cleaning services can keep a manager and his/her team Intocompetitive.thisturbulent environment, the co-authors are releasing their 2021 U.S. Women of Color in Business: Cross-Generational Survey©, their third survey conducted in collaboration with Quadrant Strategies, In “Untapped Women of Color: The Talent Force Multiplier,” the co-authors are continuing to explore the capabilities and opinions of women of color “desk workers,” the need for a more nuanced appreciation of “generational diversity,” and the fact that “great managers matter” – the major themes of their first two surveys. The new work casts a more sophisticated lens on the “untapped talent” at the center of their thought leadership, specifically the force multiplier effect of ambitious, confident, innovative and highly educated women of color in business. What is a force multiplier? In military terms, a force multiplier improves the ability of an entity to achieve its goals, to exceed expectations. Yes, it’s a bold notion, but the data backs up this analysis. To activate this force multiplier, the research contains specific, actionable suggestions - from the desk workers themselves - for new, evolving skills and attitudes that managers must develop to assess and motivate this talent pool, across cultures and generations, and thereby drive business success.

of Color are the Untapped Talent Force Multiplier. The intersection of Women of Color across four generations and a full cross-section of Managers remain at the center of the Co-authors’ research and thought leadership.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 5 2021 EXECUTIVE SUMMARY

A new era in workplace leadership is dawning and it’s calling for unprecedented improvements in manager capabilities just to keep pace. As employees tiptoe back into their post-pandemic offices, corporate leaders are having to address an array of new concerns to retain their existing workforce and to appeal to new, younger workers. In their earlier research, Co-authors Bonita C. Stewart and Jacqueline Adams identified what is now called the Great Resignation. They dubbed it the Great Migration 2.0. The phenomenon is a modern-day version of the massive workforce shift within the United States, when formerly enslaved men and women left farm work in the South for factory work in the North.

The survey was unique in that it queried 4,005 American female desk workers and students across four races (Black, LatinX, Asian American, and White) and four generations (Gen Z, Millennials, Gen X, and Boomers). Their 2020 research assessed the impacts of the COVID-19 pandemic, the social and racial justice protests that followed the murder of George Floyd, and included the views of White men managers for the first time.

The co-author’s 2019 research powered their book, “A BLESSING: Women of Color Teaming Up to Lead, Empower and Thrive.”

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 6 2021 EXECUTIVE SUMMARY

The co-authors are extremely grateful that Google has chosen to support this important research. The end goal is for corporations to become more competitive in the increasingly complex race for talent. To get there, the data and analyses presented below can provide business leaders with a new lens and new tools for assessing their existing workforce as well as for upgrading their manager capability training programs.

The new 2021 research involved nearly 4300 American female desk workers and students, again across the same four races and generations. For the first time, the survey compared and contrasted the views of both Black and White men managers. And the new research included another unique feature, differentiating the views of Asian American respondents based on their origins (Chinese, Vietnamese, Filipina, and Indian).

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 7 2021 EXECUTIVE SUMMARY Generational Diversity: More Important Than Ever 2021 EXECUTIVE SUMMARY

More distressing is that the number of Millennials – Black, LatinX as well as Asian American Millennials – who say they are always or frequently the only person of their race in a professional setting – has spiked.

It shouldn’t be a surprise that Boomer women desk workers have different experiences and expectations than those of Gen X, Millennials or Gen Z. However, the data now quantifies those differences and helps to explain the current turbulence and complexity in the workplace.

The 2021 results show clear differentiations among Black and LatinX Millennial women especially when it comes to confidence about the future, ways of coping with workplace stresses, and even teaming up within the “sisterhood.” This was a breakaway year for innovation among Millennials, what this survey calls “First to Know About Technology.”

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 8 2021 EXECUTIVE SUMMARY I. Generational Diversity: More Important Than Ever

Many surveys now say that younger workers value inclusiveness and diversity, especially after the last two years of pandemic and protest, uncertainty and change. In the 2021 U.S. Women of Color in Business: Cross-Generational Survey©, Millennial women are acknowledging systemic racism in the U.S. and are not shy about using their power to address it. In their Word Clouds, they offer their managers concrete advice for helping them succeed and it begins with better communication – better listening and providing honest feedback. But the 2021 data is not all uplifting. Despite promises of progress, despite disruptions to corporate recruiting, the co-authors’ chief performance metric – the Onlys – remains stalled.

They did it first. Co-authors Stewart and Adams coined the phrase “Generational Diversity” after analyzing their first survey data in 2019.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 9 2021 EXECUTIVE SUMMARY Onlyness Varies by Generation: A Troubling Millennial Spike 2021 EXECUTIVE SUMMARY

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 10 2021 EXECUTIVE SUMMARY II. Onlyness Remains, Yet Varies by Generation In their first survey, the co-authors were alarmed by their finding that 47% of Black women desk workers – almost half – said they were Onlys – always or frequently the only person of their race in a professional setting. Following 2020’s racial unrest and corporate promises of action, the authors had hoped to see a marked decline in the number of Onlys. Unfortunately, the data showed that the number of Black women Onlys dropped by only 1% to 46%. One year later, in 2021, the data again showed little progress. The percentages of Onlys were flat for Black female desk workers (46%) overall and increased for LatinX (41%). Onlyness – Overall By Race How often are you always or frequently the only person of your race in a professional setting? WomenBlack WomenLatinX WomenAsian WomenWhite 08040703060205010 46% 2021 2021 2021 20212020 2020 2020 20202019 2019 2019 2019 41% 42% 15%47% 41% 39% 15%46% 36% 40% 16%

How often are you always or frequently the only person of your race in a professional setting?

However, using this study’s unique lens, the co-authors observed a dramatic difference in the 2021 Only percentage by generation.

44%45%MillennialsBlackWomen WomenLatinX WomenAsian WomenWhite 08040703060205010 55% 21%

Onlyness - 2021 Millennial Spike among Black Desk Workers

The 2021 findings about Onlys further validates the co-authors’ prior warnings about the need for managers to take generational diversity seriously. Now is the time to hire these younger women of color, to look for their potential and to promote them, to make them feel welcome. The time to tap this untapped pool of talent is now. These women of color are assets, especially since this survey’s findings continue to show that Black and LatinX Millennial women are the most innovative, the “first to know” when something new or cutting edge in technology is released.

Implications: Previous survey analyses by Stewart and Adams have described the costs of Onlyness for women of color in the workplace, e.g. greater scrutiny in hiring and on the job, fewer opportunities for stretch assignments, and limited feedback and mentoring.

For Millennial women desk workers (ages 25-39) the Onlys were significantly higher among Black Millennials at 55%. In 2021 47% of Black Millennials (up from 30% in 2020) were always or frequently the Only woman in a professional situation, as were 41% of LatinX Millennials (up from 28% in 2020).

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 11 2021 EXECUTIVE SUMMARY

The U.S. Census reports that Millennial and Gen Z workers of color are about to become the majority – within the next six years.

However, the spikes in Millennial Onlys in 2021 raise new alarms for managers. The women can see that they are the Onlys in their professional settings. And managers can no longer pretend that they are unable to see what the women see.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 12 2021 EXECUTIVE SUMMARY StillInnovation:Firstto Know 2021 EXECUTIVE SUMMARY

Always

MillennialsMillennialsMillennialsMillennialsWomenBlackBlackLatinXAsianWhiteLatinXWomenAsianWomenWhiteWomen 10 5020 6030 7040 800 44%30%32%42%28%33%23%38%

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 13 2021 EXECUTIVE SUMMARY III. Innovation: Still First to Know

Take the Lead

Innovation: First to Know terms of technology, when something new or cuttingedge released do you find that you: Are Always the First to MillennialsKnow? – the First to Know

The “first to know” finding is the co-authors’ proxy for the creativity and innovation skills demonstrated by “untapped women of color.” Among Millennials, both Black and LatinX women saw significant gains in 2021. Notably, Black and LatinX women have been ahead of White women by statistically significant margins in all three years of this survey. Implications: Innovation and creativity are among the most desirable workplace skills. Managers should know and appreciate that their women of color desk workers, especially their Millennial women of color, are brimming with these skills. As you will read in the next section, these women know their value and are willing to take their talents elsewhere, if they are not appreciated. Despite obvious challenges, they are charging forward.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 14 2021 EXECUTIVE SUMMARY Ambition Unstoppable, Despite Ongoing Systemic Biases 2021 EXECUTIVE SUMMARY

Greater

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 15 2021 EXECUTIVE SUMMARY IV. Ambition Unstoppable, Despite Ongoing Systemic Biases

WomenBlack WomenLatinX WomenAsian WomenWhite 08040703060205010 40% 2021 2021 2021 20212020 2020 2020 20202019 2019 2019 2019 38% 25% 33%

Although Black Millennial women survey respondents were most likely to experience Onlyness in a professional setting, they reported being unfazed. Their unbridled creativity and optimism in 2021 reflect their ambition, activism and resilience, despite multiple losses caused by and during the Covid-19 pandemic. Black women confirmed their feelings of confidence and control about their job prospects. Black Millennial women said they are taking steps to confront the roadblocks and biases in their paths. These findings convince the co-authors that “untapped talent” within these women of color desk workers is indeed a talent force multiplier for their employers as well as the U.S. economy women reported increasingly positive career fulfillment, and overall satisfaction with their lives. Confidence and Control in 2021 than in 2020 I feel greatly fulfilled at work

40%

• 38% of LatinX and 33% of White women felt this way. Note: Only 25% of Asian American women reported positive career fulfillment and overall satisfaction. Almost half (49%) of Black Millennial women agreed a great deal that they felt fulfilled in their work, as opposed to 32% in 2020

33%

•overall.Black

• And distinct majorities of Millennial desk workers (across the races) said that they could find another job – another good job –relatively easily. 37% 26%32% 38% 32% 36%

• 40% of Black women overall felt greatly fulfilled in their work, compared to only 32% in 2020

• Black Millennial women increasingly felt as though they have had good opportunities for career growth and development: 52% agreed a great deal, compared to 41% to 2020.

37%

MillennialsMillennialsMillennialsMillennialsWomenBlackBlackLatinXAsianWhiteLatinXWomenAsianWomenWhiteWomen

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 16 2021 EXECUTIVE SUMMARY Confidence and Control I could find another job relatively easily 10 20 300 70%65%72%65%73%65%68%67%

- Millennials of the other races were even less comfortable about their abilities to earn and save: only 28% LatinX, 21% Asian American, 22% White felt similarly.

The number increased from 25% in 2020, but it was far from a majority.

Implications: Here is one explanation for the Great Resignation, or Great Migration 2.0. Millennial women know there is a shortage of talent. They know that they have talent. The 2021 U.S. Women of Color in Business: Cross-Generational Survey© results show that the risk profile of these desk workers has changed. They are willing to take career risks. They are willing to look for and take other positions. They are comfortable living and working in an environment of change. And majorities of Millennnials, across the races, said that they “can be authentic and myself at work”—52% for Black Millennials, 56% for LatinX Millennials, 57% for Asian American Millennials, and 67% for White Millennials. However, the data turned up an additional, much less upbeat reason for women of color embracing change. Across the races, they reported that they did not feel financially secure.

Only 38% of Black and Asian American Millennial women were confident that they have enough money to survive for six months, if they lost their job tomorrow.

- Comparing these responses with those in 2020, one can see a trend that Millennial women of all races have become much more confident about their financial security. However, the absolute numbers reflected deep financial insecurity.

Fewer LatinX (33%) and White (30%) Millennial women said they have enough money to survive for six months.

Only 37% Black Millennial women agreed a great deal that they have been able to earn and save as much as they’d like for the life they want.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 17 2021 EXECUTIVE SUMMARY Finances: Millennials’ Abilities to Save and Survive The trends have increased from 2020 to 2021, but fewer than two in five Millennials said they were financially secure 10 5020 6030 7040 800 30%33%38%40%33%38%31%31%MillennialsMillennialsMillennialsMillennialsWomenBlackBlackLatinXAsianWhiteLatinXWomenAsianWomenWhiteWomen

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 18 2021 EXECUTIVE SUMMARY Systemic Bias Against Women Strongly agree: I believe that systemic bias against women is widespread in the US of Black women strongly agreed that systemic bias is widespread against people of color, of Black women strongly agreed that systemic bias is widespread against women, compared to 41% LatinX women, 34% Asians & 38% White women. compared to 34% LatinX women, 27% Asian Americans, and 28% White women. 42% Among the manager audiences, 51% of Black men managers and 58% of Black women managers strongly agreed that systemic bias against people of color is widespread in the U.S. - compared to only 32% of White male managers and 36% White women managers. 60%

Systemic Bias Hurts the U.S. Economy: Men and Women Managers

Perhaps, Black Millennial women have this contrarian perception because they are taking action when it comes to systemic bias. They reported that they are speaking up; they are getting involved in their companies’ Diversity and Inclusion (D&I) activities and they are willing to leave their jobs.

• Among the men managers, Black men managers (64%) were more likely to agree that systemic racism hurts the U.S. economy than White men managers (41%).

53% of Black Millennial women agreed a great deal that systemic bias against people of color was widespread in the US, down from 68% in 2020.

Across all generations of women and among the managers, Black respondents most strongly believed that systemic racism hurts the U.S. economy and this contrast was stark. 69% of Black women desk workers believed systemic racism hurts the economy a great deal, compared to 51% LatinX women, 44% Asian American women, and 43% White women.

Both Black and LatinX Millennial women said that they are more comfortable speaking up about race with co-workers.

There was just one exception to the overall perceptions about the impact of systemic racism among Black respondents – Black Millennial women.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 19 2021 EXECUTIVE SUMMARY

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 20 2021 EXECUTIVE SUMMARY Black and LatinX Millennial Women Taking Action Against Systemic Bias I feel comfortable speaking up about race, 2021 vs. 2020 MillennialsWomenBlack MillennialsWomenLatinX MillennialsWomenAsian MillennialsWomenWhite 08040703060205010 61% 2021 2021 2021 20212020 2020 2020 2020 70% 53% 66%40% 56% 56% 72% • 61% of Black Millennials felt this way, compared to 40% in 2020. • 70% of LatinX Millennials felt this way, up from 56% in 2020. • 66% of White Millennials said they are comfortable speaking up about race. -51% of Black women overall believed they can freely communicate with coworkers about issues of race, up from 42% in 2020. -51% of Asian American women overall felt this way, down from 58% in 2020

Across the generations and races, there was a strong showing of cultural collaboration among the female desk workers. By large majorities, the women said that they have usually mentored and supported professionally “anyone who asks for help, regardless 33%

34%

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 21 2021 EXECUTIVE SUMMARY

• Black Millennial women were more likely to report receiving positive recognition for their efforts in 2021 (up from 58% in 2020 to 72%).

About a third of Black and LatinX Millennials said they have the power and resources to help others progress in their careers, a major increase over 2020.

• 34% of Black Millennial women and 33% of LatinX Millennial women felt they have the power and resources to help others progress in their careers (up from 25% and 23% in 2020, respectively).

• 41% (up from 30% in 2020), compared to 33% LatinX, and 25% Asian American and White women.

Diversity and Inclusion I am taking on more voluntary tasks and I am receiving positive recognition Among Millennials, Black women were the most likely to report taking on more voluntary tasks related to their company’s D&I initiative - and their involvement has increased since 2020.

professional

22% 14% 15% 11% People

People of my own race and/or gender because I feel I can better identify with them. of another race and/or gender because they may have less access to support. who asks for help, regardless of race or gender. Whom do you mentor and why?

Implications: Yes, the survey that they see impact systemic color U.S. Yes, to authentic collaboration women, power LatinX note. Here evidence women of color

racism against women and people of

Millennials, in particular. Managers, take

4% 10% 3% 5% Anyone

across generations and races, is undeniable in the data. The optimism, confidence, and trust in their

have difficulty bringing their

76% 82% 91% 88%

selves to their workplaces. However, the collective

2021

11% 13% 11% 6% Anyone

is the

BoomersWomenBlack BoomersWomenLatinX BoomersWomenAsian BoomersWomenWhite

they continue

shines through in the answers of Black and

in the

67% 72% 74% 83%

for

being the force multiplier for impact in the workplace.

respondents reported

19% 8% 7% 6% People

People of my own race and/or gender because I feel I can better identify with them. of another race and/or gender because they may have less access to professional support. who asks for help, regardless of race or gender.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 22 2021 EXECUTIVE SUMMARY Mentoring by Women of Color Desk Workers By Generation Whom do you mentor and why? MillennialsWomenBlack MillennialsWomenLatinX MillennialsWomenAsian MillennialsWomenWhite People of my own race and/or gender because I feel I can better identify with them. 26% 24% 17% 18% People of another race and/or gender because they may have less access to professional support. 21% 18% 17% 11% Anyone who asks for help, regardless of race or gender. 53% 58% 66% 71% Whom do you mentor and why? WomenBlackGenX WomenLatinXGenX WomenAsianGenX WomenWhiteGenX

the

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 23 2021 EXECUTIVE SUMMARY Workplace Scrutiny & Stress: Sources & Ways of Coping 2021 EXECUTIVE SUMMARY

Makes people view my contributions more skeptically, with more scrutiny

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 24 2021 EXECUTIVE SUMMARY V. Workplace Scrutiny and Stress: Sources and Ways of Coping

percentage for LatinX women jumped in 2021 after decreasing in 2020. of Black women felt this way in 2021, compared to 25% LatinX, 21% Asian, and twice the 16% for White women.

First, the good news.

Now, the not so good news: Impact of My Race and/or Gender on Work Contributions

• As the co-authors wrote above, in 2021, Black women desk workers reported a higher percentage of fulfillment in their work than in 2020, a higher percentage than any of the other races.

• A slim majority of Black Millennial women said they have had good opportunities for career growth and development. 52% agreed a great deal, compared to 41% in 2020.

• Black women continued to report the same distressing trends found in 2019 and 2020. This is the group most likely to feel that their race and/or gender makes people view their work with skepticism and scrutiny.

32%BlackWomen WomenLatinX WomenAsian WomenWhite 040302010 32% 2021 2021 2021 20212020 2020 2020 20202019 2019 2019 2019 25% 21% 16%35% 23% 17% 16%33% 18% 20% 15%

• 40% Black women (vs. 32% in 2020),38% of LatinX, 25% of Asian Americans, and 33% of White women felt this way.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 25 2021 EXECUTIVE SUMMARY 2021 Sources of Stress at Work Balancing High Workload and Lack of Support from Boss or Co-workers

• 23% of Black women feel this way, down from 29% in 2020.

I am most likely to: WomenBlack WomenLatinX WomenAsian WomenWhite Talk to or seek guidance from other people at work 24% 23% 25% 24% Talk to or seek guidance from a professional (e.g., a therapist, counselor, or social worker) 19% 16% 11% 12% Talk to friends or family 54% 48% 56% 55% Take time off from work 38% 29% 33% 26% Use self-service apps that address stress (e.g., Headspace, Calm) 15% 12% 10% 11% Handle it on my own 55% 56% 62% 63% Other 4% 3% 2% 4% Ways of Dealing with Work Stresses - Overall Women vs. Millennials 2021 - Overall Women

•

• Lack of support from boss or coworkers: 31% Black women, 31% LatinX women, 25% both Asian American and White women Overall, despite the lingering effects of the COVID-19 pandemic and the 2020 social and racial justice protests, Black women desk workers were less likely in 2021 to feel extremely or very stressed at work.

Unlike prior years, the 2021 survey asked women desk workers to name the sources of their stress in the workplace and the answers varied by race. All groups were most likely to note “high workload,” but Black and LatinX women were more likely than Asian American and White women to note “Lack of support from boss or coworkers.” Balancing high workload: 54% White women, 52% Asian American women, 45% LatinX women, 40% Black women

Talk to or seek guidance from other people at work 24% 25% 28% 22%

• Unfortunately, the vast majority of our desk workers – across all races and generations – said they deal with work-related stress by talking with friends and family and/or handling their stress on their own.

• In addition, more Black Millennial desk workers (28%) said they are using self-service apps to address stress

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 26 2021 EXECUTIVE SUMMARY

2021

To manage job stress, Black women were more likely than other racial groups to take time off from work. 38% said they are likely to do so, compared to 29% of LatinX women, 33% of Asian American women, and 26% of White women.

Talk to or seek guidance from a professional (e.g., a therapist, counselor, or social worker) 31% 23% 14% 18%

MillennialsWomenBlack MillennialsWomenLatinX MillennialsWomenAsian MillennialsWomenWhite

Talk to friends or family 46% 49% 56% 63% Take time off from work 37% 29% 36% 30% Use self-service apps that address stress (e.g., Headspace, Calm) 28% 17% 12% 14% Handle it on my own 47% 51% 57% 56% Other 0% 2% 1% 2% - Millennials

I am most likely to:

• At 28%, Black Millennial women were about twice as likely as their Asian American (12%) and White (14%) counterparts to use technology to address their stress, i.e. self-service apps.

Implications: What women desk workers are coping with now has a name: the Exhaustion Gap! It is real and has numerous sources. Fortunately, there are also plenty of resources for women to consider to reduce their stress and exhaustion. Central to the playbook component of their book, “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive,” Bonita Stewart and Jacqueline Adams created Living Logs at the end of each chapter. Self-care was the focus of the Living Log at the end of Chapter Three, Onward Sole Sisters. The log contains advice for dealing with stress: exercise, meditation, visualizing each day’s activities needed to win, hobbies, diet, sleep, seeing a mental health professional, breathing. As the 2021 data revealed, managers can be a major source of workplace stress, especially for Black and Brown female desk workers. Your goal should be to create or increase a sense of psychological safety in the workplace. Ensuring communities of belonging and active listening - key elements of CQ or Cultural Intelligence - are increasingly important for you to motivate and retain your untapped but hugely creative and profitable sources of talent.

Ways of Dealing with Work Stresses - Overall Women vs. Millennials

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 27 2021 EXECUTIVE SUMMARY Uniquely Different Reactions of Asian American Women 2021 EXECUTIVE SUMMARY

• 20% of Asian American women agree a great deal that they have this support, compared to 38% Black, 36% Latinx, and 33% White women.

30%31%23%

• Black women: 66% felt as if they’re growing in their role, up from 58% in 2020

VI.

Asian American women are also the least likely to get advice from someone of the same race or gender.

That’s why they made a special effort in their 2021 U.S. Women of Color in Business: Cross-Generational Survey© to assess the reactions of these women, specifically separating out the views of those whose families’ countries of origin include China, Vietnam, the Philippines, and India.

In 2021, Asian women fell behind other racial groups, across all generations, in terms of career satisfaction.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 28 2021 EXECUTIVE SUMMARY Co-authors Stewart and Adams had seen in their data that Asian female desk workers were reporting vastly different experiences than those of the other three racial groups. Confirming those differences, they heard numerous anecdotes from Asian women during their year-long virtual roadshow, publicizing the publication of their book.

Over the past three years, the percentages of Asian American female Onlys – frequently or always the only person of their race in a professional setting – has held steady at 39% in 2019, 40% in 2020 and 42% in 2021.

Where job promotions are concerned, Asian women were most likely to feel as though they’ve stagnated, while all other women of color were much more likely to say they’re growing. The gap between Asian and Black/LatinX women has widened over the last year.

• Only 23% of Asian American women saw themselves leaving their careers in the next year, compared to 34% of Black women, and 29% of LatinX women.

• Only 31% of Asian American women overall strongly agreed that the feedback they receive at work is very helpful, compared to 47% Latinx, and 45% Black women.

Across all generations, Asian American women are least likely to have someone they can go to for career advice.

• 35% of Asian women are getting advice from people who do NOT share their race or gender, compared to only 17% Black, 25% LatinX, 16% White women.

Uniquely Different Reactions of Asian American Women

Although they reported becoming increasingly dissatisfied, Asian American women were the least likely women of color to leave their current positions. They contrasted starkly with Black and LatinX women who reported taking greater control over their careers by moving to new companies, or starting their own companies.

• Asian American women: 58%, which holds consistent with 56% in 2020

• Only 18% reported that their self-confidence had greatly increased as a result of their work experiences (down from 24% last year).

When it comes to quality of feedback at work, Asian American women fell far behind other women of color, which parallels their low career satisfaction.

Asian women also reported that their confidence has gone down as a result of their work experiences.

• LatinX women: 67%, up from 60%

Only 30% of Asian American women (down from 39% in 2020) agreed a great deal that they’ve had the opportunity to do meaningful and satisfying work, compared to 42% White women, 47% LatinX women, and 51% Black women).

In terms of finances, Asian American women were the least confident in their investment abilities, but the most financially secure across all races.

Pessimism about the prospects for people of color in the workplace were especially true among Chinese American women, mirroring the trend of career fulfillment: 7% feel that things are headed in a very positive direction, compared to 20% of Indian and 23% of Filipina women.

For co-workers and managers, the implications of this data are straightforward. Empathy and increased cultural awareness, creating a sense of psychological safety in the workplace and beyond, are of paramount importance for the well-being and prosperity of all.

• Only 5% of Chinese American women founded or co-founded the business where they work, compared to 12% of Indian American, Filipina American, and Vietnamese American women combined.

The significant surge is part of an overall 11% increase in suspected hate crimes reported to police across a dozen of America’s largest cities. Asian Americans are not alone, sadly. The same reporting found that Black Americans remained the most targeted group across most cities. In New York, the Jewish community reported the most hate crimes last year. In Chicago, gay men were the most targeted.

• Only 13% of Asian American women agreed that prospects for people of color are headed in a very positive direction, compared to 24% Black, 26% LatinX, and 21% White women.

• Only 13% of Asian American Boomer women agreed that prospects for people of color are headed in a very positive direction (down from 21% last year). For Chinese American women, the findings were particularly stark.

• Strongly agree they’d have enough money to survive for six months if they lost their job tomorrow: 31% Black, 31% Latinx, 40% Asian, and 33% White women

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 29 2021 EXECUTIVE SUMMARY

Implications: Given the pessimism expressed by Asian American female desk workers, especially those of Chinese heritage, it is hard to ignore the impact of COVID-19 and the sharp increase in hate crimes against the Asian American community.

Notably, among Asian American women, Chinese American respondents in particular reported the lowest career satisfaction, while Indian American, Filipina American, and Vietnamese American women were comparatively more satisfied.

Numerous news reports cited the Center for the Study of Hate and Extremism which found that the numbers anti-Asian hate crime increased by 339% in 2021 compared to the year before, with New York, San Francisco, Los Angeles and other cities surpassing their record numbers in 2020.

Compared to other Asian American women, Chinese American women were much less likely to be entrepreneurs, to leave their current position, or to value sisterhood at their workplaces. All of these factors are likely to inform career satisfaction overall.

• Only 20% of Chinese American women said they plan to leave their career in the next year, compared to 31% of Indian American women.

• Strongly agree that they’re confident in ability to make smart investments: 32% Black women, 27% Latinx women, 21% Asian women, 25% White women

• Sisterhood was very important to 35% of Filipina American women and 34% of Indian American women, but only 16% of Chinese American women.

Asian American women reported being the most pessimistic about prospects for people of color in the workplace. For some age groups, this sentiment has grown since last year.

• Only 17% of Chinese American women feel greatly fulfilled at work, compared to 33% of Filipina American women, 32% of Indian American women, and 31% of Vietnamese American women.

17%

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 30 2021 EXECUTIVE SUMMARY TeamingSisterhood:Up 2021 EXECUTIVE SUMMARY

It is painful to see the angst that Asian American women desk workers expressed in the 2021 U.S. Women of Color in Business: Cross-Generational Survey©. It is even more painful to read the data about escalating hate crimes against a range of populations in the United States. The past two years have been crazy, jangly, and scary, filled with disease and death. Currently, a brutal war is raging again in Europe. But there have been triumphs too, particularly America’s election of the first female Vice President, an accomplished woman of color.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 31 2021 EXECUTIVE SUMMARY

From the beginning of their work together, Co-authors Bonita Stewart and Jacqueline Adams have offered an antidote to the pain: teaming up. They adapted the Silicon Valley phrase, SaaS (software as a service), and renamed it “Sisters as a Service.” The new SaaS is a model for teaming up, speeding the recognition of wins that women of color are racking up across a variety of sectors.

VII. Sisterhood: Teaming Up

In their final chapter called Team Up!, Stewart and Adams wrote: “We are determined to do our part to make “sisters as a service” scalable to drive revenue inclusion in this country. Indeed, if the economic power of women of color/entrepreneurs was fully activated, we could transform capitalism domestically and globally.”

In both 2019 and 2020, survey respondents expressed near unanimous support for the concept of sisterhood – of women helping one another in the workplace – among Gen Z desk workers and students. The trend continued in 2021, with three interesting additional findings:

1. Among 2021 Black Millennial women there was a slight uptick in the view that sisterhood in the workplace is very or somewhat important over 2020. In the survey, Sisterhood was defined as “other women, perhaps of the same race as you, who share good and bad times, exchange advice, and listen through each other’s issues.”

3. With the exception of the Asian American desk workers, The 2021 data offered evidence of very strong peer-to-peer mentoring among all races, especially among GenX Boomer women. These are examples of cross-generational sisterhood in action as well as of the talent multiplier effect of women of color in the workplace

10 5020 6030 7040 800 90 77%75%82%88%81%79%82%80%MillennialsMillennialsMillennialsMillennialsWomenBlackLatinXWomenAsianWomenWhiteWomen 02020202020202021202120212021202

• 56% of Gen Z Black women (up from 46%) anticipate that women at work (including other Black women) will be notably more helpful and supportive than others.

• 54% of Gen Z Black women receive career advice or mentorship from other Black women, compared to 44% in 2020.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 32 2021 EXECUTIVE SUMMARY Sisterhood: Millennials in 2021 vs. 2020 Is Sisterhood – Very or Somewhat Important – at work?

2. In 2021, in another example of teaming up, younger Black and LatinX women said they were more likely to seek mentorship and guidance from women who share their identity.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 33 2021 EXECUTIVE SUMMARY Sources of Mentoring for Women of Color Desk Workers I receive career support or advice from people of my same race/ethnicity and same gender WomenBlack WomenLatinX WomenAsian WomenWhite 08040703060205010 54% Gen Z Gen Z Gen Z Gen ZMillennial Millennial Millennial MillennialGen X Boomers Gen X Boomers Gen X Boomers Gen X Boomers 44% 28% 48%37% 41% 35% 22% 18% 16% 32% 39%48% 37% 26% 39%

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 34 2021 EXECUTIVE SUMMARY Gen Z: Women of Color What is the first piece of advice you’d give to a woman of color for success in her career and in her work?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 35 2021 EXECUTIVE SUMMARY Millennials: Women of Color What is the first piece of advice you’d give to a woman of color for success in her career and in her work?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 36 2021 EXECUTIVE SUMMARY Gen X: Women of Color What is the first piece of advice you’d give to a woman of color for success in her career and in her work?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 37 2021 EXECUTIVE SUMMARY Boomers: Women of Color What is the first piece of advice you’d give to a woman of color for success in her career and in her work?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 38 2021 EXECUTIVE SUMMARY Entrepreneurship & OnSide-preneurshiptheRise 2021 EXECUTIVE SUMMARY

VIII. Entrepreneurship and Side-preneurship On the Rise

It’s being called the biggest startup boom in our lifetimes and women of color are leading the trend. According to the U.S. census, 5.4 million people applied for small businesses licenses in 2020, a 53% jump from 2019, pre-pandemic. Global investment in startups shattered records in 2021, hitting $643 billion, 10 times what it was 10 years ago. And J.P.Morgan recently cited Black women as the fastest growing demographic of entrepreneurs in the U.S., with nearly 2.7 million businesses nationwide, despite limited access to venture capital financing.

– Still Primarily A Black Female Phenomenon of Black Millennial women, said they founded or co-founded the company they work at, more than doubling the 14% in 2020.32%

A big caveat here: no one has repealed the laws of entrepreneur ship. The U.S. Bureau of Labor Statistics (as quoted by Lending Tree ) reported in 2020 that approximately 20% of new businesses fai l during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of n ew businesses make it to 15 years or more. If their startup doesn’t work out , though, women know that they can find another job, given the c urrent shortages in the workplace. If the entrepreneurial venture does work out, it has the potential to change the profile of generational wealth in Black and LatinX communities.

• 46% of Black and LatinX entrepreneurs reported that their self- confidence has greatly increased as a result of their work experiences, compared to only 29% of non-entrepreneu rs. And this entrepreneurship trend does not show signs of slowing down. As they are considering their career options, Black and LatinX women - especially in the Millennial and Gen X age group s – said they are open to entrepreneurship.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 39 2021 EXECUTIVE SUMMARY

• 20% of both Black and LatinX Gen X women said this, compared to 10% Asian American Gen X, and 12% White Gen X women

• When asked about potential motivations to leave their jobs, Bla ck and LatinX women – both Millennials and Gen X –were almost twice as likely as Asian American and White women t o say “starting their own company.”

• Among Black and LatinX entrepreneurs overall, 55% said they fee l greatly fulfilled in their work, as opposed to 36% of non-entrepreneurs.

The female entrepreneurs said that working for oneself is a dri ver of positive career experiences.

• Of all women surveyed, Black and LatinX Millennials said they w ere the most likely to leave their job within the next year.

• 44% of Black, and 42% of LatinX Millennial women saw themselves doing so, compared to 32% Asian American Millennial women and 30% White Millennial women.

• The data indicate a significant rise in entrepreneurship for Gen X Black women as well, up to 18% from 7% in 2020.

Side-preneurship

Black and LatinX women reported in the 2021 U.S. Women of Color in Business: Cross-Generational Survey© that they are actively participating in this startup boom.

Two Implications: In Chapter Two of “A Blessing: Women of Color Teaming Up to Lea d, Empower and Thrive,” the co-authors lamented the racial wealth gap, particularly among Black women and Black families. There was data in 2018 and 2019 showing that Black women entrepreneurs were growing in numbers, but median funding from venture capital was $0 – zero dollars. The picture has improved, somewhat. The hope as stated above, the potential upside of the current boom in entrepreneurship and side-preneurship among Black and LatinX women, is creating wealth, generational wealth.

Women of color reported that they are equally likely to want th eir side gig to remain a side gig, as opposed to becoming a ful l time career.

There are implications for venture capitalists here. Ambitious Black and LatinX Millennial women have demonstrated their appetite for business ownership. They can see and seize opportu nities. They deserve equitable financial backing.

And there are implications for corporate leaders too. The data supports the co-authors’ assertion that women of color in the workplace are “force multipliers.” Even in professional environ ments in which they are always or frequently “onlys,” having to endure increased scrutiny and stress, they thrive. The tactics for unleashing these women’s creativity in business include gi ving them stretch assignments, offering honest feedback, and incubati ng the ideas that the data shows are there. Transformational leaders understand and can activate these tactics.

Just as they reported in 2020, Black women across all generatio ns are most likely overall to be side-preneurs, to have a busin ess they are working on outside of their desk job.

Side-preneurshipSUMMARY–Black

• 73% of Black women, 73% of LatinX women, 69% of Asian American women, and 76% of White women reported this.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 40 2021 EXECUTIVE

• 27% said they are side-preneurs, as opposed to 16% LatinX, 11% Asian American, and 12% White women.

Across all races of women side-preneurs, their ventures are lik ely to be for profit, or a mix of social mission and profit. And across all races, these businesses are much more likely to be i n a different industry from the womens’ current full time jobs, as opposed to the same industry.

• 47% of Black, 48% of LatinX, and 49% of Asian side-preneurs fel t this way.

Women Continue to Dominate

Black women are more than twice as likely to have a business ou tside their desk jobs than White or Asian American women.

• On the other hand, a much larger 66% of White women side-preneu rs said they want it to remain a side gig.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 41 2021 EXECUTIVE SUMMARY The Career Contrast: Black & White Men Managers vs. Women of Color Managers 2021 EXECUTIVE SUMMARY

And yet, when asked about their compensation, 150 White men man agers in this survey reported higher earnings than the other category of managers. Pay inequity, lengths of tenure or other circumstances could explain the discrepancy

Co-authors Bonita Stewart and Jacqueline Adams listened. They added Black men managers to their 2021 proprietary survey after having added White men managers in 2020. The reason: during their virtual roadshow publicizing their book, numerous senior men leaders and managers asked for ways to become more inclusive, empathetic, and helpful to female leaders, mana gers and desk workers of color.

The new data showed optimism and resilience among the Black men managers that mirrored the responses of the women managers and desk workers of color overall.There were two intri guing new findings that fell into the good news category.

racial politics cannot explain all of the findings. The co-authors cannot overlook the reality that managers have had an exceedingly challenging last two years. They have suffered thei r own ‘exhaustion gap,” brought on by having to lead their staff s through the pandemic,the aftermath of the social and racial jus tice movements, supply chain disruptions, and adjusting to the variety of work structures, while having to be in person themse lves in many instances. Maneuvering successfully through the current VUCA (volatility, uncertainty, complexity, and ambiguit y) environment has not been easy.

There was also a marked increase in “stretch assignment parity” in the 2021 responses. With the exception of Asian women mangers all other managers reported strikingly similar opportun ities in the last 12 months for “challenging work assignments that pushed you out of your comfort zone.” But the data showed that that parity has come with apparent costs.

Asked about people whom they have mentored or supported profess ionally, White men managers demonstrated the same magnanimity in 2021 that all the female managers expressed in 2 020. Instead of displaying a preference for helping “people of my own race and gender,” a majority of the White men in 2021 sa id they were supporting “anyone who asks for help.”

Comparing their 2021 and 2020 responses, White men managers rep orted marked declines in career fulfillment, career satisfaction, and their assessment of being successful. These apparent vulnerabilities could be expressions of what’s b eing called “white fragility,” defined by the Oxford Dictionary as “discomfort and defensiveness on the part of a white person when confronted by information about racial inequality and However,injustice.”

IX. The Career Contrast: Black & White Men Managers vs. Women of Color Managers

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 42 2021 EXECUTIVE SUMMARY

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 43 2021 EXECUTIVE SUMMARY Here are the findings: Onlyness, Scrutiny, Optimism, and Entrepreneurship. Managers: Onlyness Managers: Always or frequently the only person of your race in a professional setting Asked about being Onlys, always or frequently the only person of their race in a professional setting, 49% of Black men managers and 55% of Black women managers agreed. Their White counterparts’ responses: 39% for White men managers and 23% for White women managers. 47% 45%Managers55%BlackWomenManagersBlackMen ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhiteManagersWhiteMen 08040703060205010 39% 49% 23%

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 44 2021 EXECUTIVE SUMMARY Managers: Impact of My Race and/or Gender on Work Contributions Makes people view my contributions more skeptically, with greater scrutiny Black men managers said they are much more likely than White men managers to feel that their race and/or gender make people view their work contributions with skepticism or scrutiny: • 39% of Black men managers felt this way, compared to only 26% of White men managers. • Among the women of color managers, 38% of Black women managers reported that their work is viewed with skepticism or scrutiny, as did 33% of LatinX women managers, 26% of Asian American women managers, and 24% of White women managers.

• For reference, among the women desk workers, 32% of Black women reported feeling extra scrutiny because of their race and/or gender, compared to 25% LatinX, 21% Asian American, and 16% White women.

33% 26%Managers38%BlackWomenManagersBlackMen ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhiteManagersWhiteMen 08040703060205010 26% 39% 24%

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 45 2021 EXECUTIVE SUMMARY

• 59% of Black men managers said they feel greatly fulfilled in their wor k, as do 53% of Black women managers.

• 37% of Black men managers founded or co-founded the business wh ere they work, similar to Black women managers (33%).

Both Black and White men managers reported that they are more o ptimistic about prospects for people of color than their women manager counterparts:

Black men managers, similar to Black women, reported a very pos itive outlook on their own careers, and they are equally entrepreneurial.

In an example of increasing gender equity, women of color manag ers in 2021 (except for Asian American women managers) reported significant increases in their access to critically important s tretch assignments over the past year. Stretch assignments are defined as “a challenging work assignment that p ushes you out of your comfort zone.”

62% of both Black women managers and Black men managers agreed a great deal that they’ve had the opportunity to do meaningful and satisfying wor k. By contrast, just 50% of White men managers felt that they have had the opportunity t o do meaningful and satisfying work, on par with White women managers (52%).

Managers: Self-Confidence at Work

Despite the extra scrutiny they reported, 46% of Black men mana gers said that their self-confidence has greatly increased as a result of their work experiences, compared to only 37% of Black women managers.

• 43% of Black men managers and 47% of White men managers said things are headed in a very positive direction, as opposed to 35% of Black women and 25% of White women managers.

Gender parity, however, coincided with a statistically significa nt decline in stretch assignments for White male managers, from 62% to 50%.

46%

Stretch Assignment Parity: 2021 vs. 2020

I feel greatly fulfilled at work

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 46 2021 EXECUTIVE SUMMARY 50% 50% 51% 52% 41% 51% 2021 2021 2021 2021 2021 20212020 20202020 2020 2020 62% 35% NEW! 44% 36% 37% Managers: Stretch Assignments Within the last 12 months, have you volunteered or been recommended for a “stretch assignment”? This is defined as a challenging work assignment that pushes you out of your comfort zone Feedback: Receiving and providing career advice Honest feedback from trusted sources of career advice and support is critical to any manager’s performance and career progress. ManagersWomenBlackManagersBlackMen ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhiteManagersWhiteMen 08040703060205010

• Note: The White men manager percentage is dramatically lower th an it was in 2020, down from 75%. When it comes to access to career support, there’s a gender gap between the two White audiences.

• 54% of Black men managers and 49% of Black women managers agreed a great deal.

• 53% o f W hite men managers said they have access to career support but o nly 38% of White women managers agreed. Black men managers said they were equally likely as Black women managers to have access to this support.

• 44% of Bla ck women managers go to other Black women for career advice, wh ile only 32% of BMM go to other Black men 64%

Managers: Receiving Helpful Feedback at Work Black men managers reported receiving more helpful feedback at work than did Black women managers and White men managers.

Across the two groups of Black managers more than 50% would lik e anyone regardless of their race or gender to advocate for them professionally. Black women managers are more likely than Black men managers to have a mentor of their own race and gender

• 64 % of Black men managers said their work feedback is very helpful in impro ving their performan ce, compared to only 52% of Black w omen managers, and 52% of White men managers.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 48 2021 EXECUTIVE SUMMARY Are the people you can go to for career support or advice? ManagersWhiteMen ManagersBlackMen ManagersWomenBlack ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhite My same race/ ethnicity and same gender 52% 32% 44% 36% 22% 33% My same race/ ethnicity, but not gender 20% 29% 23% 20% 16% 30% My same gender, but not ethnicityrace/ 9% 15% 13% 19% 21% 14% Neither my race/ ethnicity nor gender 16% 22% 17% 23% 39% 19% Managers: Sources of Career Support or Advice

The vast majority of White men managers (59%) reported that the y mentored “anyone who asks for help, regardless of race or gender,” conforming with the magnanimity of the other c ategories of managers: 58% of Black men managers, 59% of Black women managers, 64% of LatinX women managers, 71% of A sian American women managers and 77% of White women managers.

In 2020, the co-authors called on “inclusive and empathetic sen ior leaders and managers to find and reward talent among people who do not look like themselves.” In other words, the c o-authors called for demonstrations of greater CQ or cultural intelligence by managers. The 2021 data seems to suggest that t hat call was heeded. In 2020, a majority of White men managers (51%) reported that t hey mentored people of their own race and/or gender “because I feel I can better identify with them.” In 2021, that percentage dropped to just 19%.

About one fifth (22%) of both White and Black men managers said they supported or mentored “people of another race and/ or gender because they may have less access to professional sup port.”

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 49 2021 EXECUTIVE SUMMARY Thinking of people you have mentored or been:haveprofessionally,supportedtheyusually ManagersWhiteMen ManagersBlackMen ManagersWomenBlack ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhite People of my own race and/or gender because I feel I can better identify with them 19% 20% 25% 18% 14% 14% People of another race and/or gender because they may have less access to professional support 22% 22% 16% 18% 15% 9% Anyone who asks for help, regardless of race or gender 59% 58% 59% 64% 71% 77% Thinking of people you have mentored or been:haveprofessionally,supportedtheyusually ManagersWhiteMen ManagersBlackMen ManagersWomenBlack ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhite People of my own race and/or gender because I feel I can better identify with them 51% N/A 23% 25% 21% 19% People of another race and/or gender because they may have less access to professional support 15% N/A 14% 19% 22% 15% Anyone who asks for help, regardless of race or gender 34% N/A 64% 57% 56% 65% Managers: Providing Professional Support or Mentoring 20202021

• While both groups of men managers are similarly engaged, there was a decrease in engagement for White men managers ( 41%, down from 55% in 2020). Black women desk workers across all generations most strongly a greed that D&I should be included in performance evaluations for managers. When looking at the managers, Black m en and women were more likely to agree than either White manager audience:

Diversity and Inclusion

White Men Managers reported significant drops in 2021

• By contr ast, 59% of Black men managers feel greatly fulfilled in their work.

• 62% of Black men managers reported that they feel they’ve had the oppo rtunity to d o meaningful and satisfy ing work, compared to just 50% of White men managers.

• 37% of Black men managers reported job insecurity as a source of stress, compared to 26% of White men managers.

• 81% Black men managers and 86% Black women managers strongly ag reed.

• The same is true of only 70% White women and 69% White men mana gers. 56%

• 47% of Black men managers strongly agreed that they have done s o, as have 43% of Black women managers, and 41% of White men managers.

Both groups of men managers reported that they are strongly inv olved in workplace D&I, but there’s more of a disparity among the women. Black women managers are significantly more in volved than White women managers. While Black men managers and Black women managers are equally involved in D&I, Black men managers are more likely to receive positive Blackrecognition.men,Black women, and White men managers are equally like ly to report taking on more voluntary tasks for workplace Diversity & Inclusion outside of their normal jobs than their c o-workers.

White men managers, who reported overwhelmingly positive career experiences in 2020, described significant drops in career fulfillment, satisfaction and perceived success. These findings s eem to suggest increased discomfort in the workplace.

• Only 45% said they felt greatly fulfilled in their work, compa red to 72% in 2020.

• Only 56% o f White men managers greatly agree d that they are successful, down fr om 68% last year.

• Although Blac k men managers said they are more fulfilled professionally, the y are more likely to be facing job insecurity than their White men counter parts.

Managers: Work Fulfillment, Satisfaction and Perceived Success

• 62% of White men managers reported incomes over $125,000

• 58% of White men managers said they were very confident they wou ld have enough money to survive for at least six months if they lost their job tomorrow, compared to only 41% of Black men managers.

• That percentage dwarfed the incomes of all of the other categor ies of managers:

• 21% of Black men managers reported the same income range, as di of LatinX women managers, 33% of Asian American women managers

The disparity was also apparent when the managers reported thei r incomes

The survey queried 150 White men managers and 150 Black men man agers. Results revealed a disparity between the two groups in terms of incomes and income security :

• 43% White men managers and 36% Black men managers agreed a grea t deal that their organizations have “used a wider range of tools to find potential candidates.” Disparities in Manager Incomes

Wide

Since the 2020 racial and social justice protests, there have b een loud calls for corporations to disrupt and expand longstanding recruiting practices that have not resulted in the hir ing of large numbers of candidates of color. Majorities of bot h groups of men managers reported that their companies are not do ing a lot to change their recruiting and hiring practices, although a larger percentage of White men managers were hopeful than Black men managers.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 52 2021 EXECUTIVE SUMMARY Reported Total Personal Annual Income ManagersWhiteMen ManagersBlackMen ManagersWomenBlack ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhite Less than $25,000 0% 4% 5% 4% 2% 2% $25,000 to $49,999 5% 17% 19% 15% 8% 15% $50,000 to $74,999 11% 24% 31% 23% 19% 24% $75,000 to $99,999 13% 23% 17% 22% 21% 20% $100,000 to $124,999 9% 11% 10% 13% 13% 13% $125,000 to $149,999 28% 7% 6% 9% 8% 11% $150,000 to $199,999 21% 6% 4% 6% 12% 9% $200,000 to $249,999 7% 2% 2% 3% 5% 2% $250,000 or more 6% 6% 5% 3% 8% 2% TOTAL $125K+ 62% 21% 17% 21% 33% 24% Managers: Reported Total Personal Annual Income Implications: Yes, the 2021 results provided indications of cultural intellig ence (CQ) in action, specifically evidence of more magnanimous mentoring by White men managers, alongside gender parity in str etch assignments. However, the widely disparate salary ranges reported by the man agers raise a series of red flags for business leaders. Pay equity within managerial ranks could contain multiple complianc e and legal risks. Eliminating workplace biases is essential to a company’s ability to recruit and retain its workers. A ta lent multiplier will only sustain itself with equitable pay pra ctices.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 53 2021 EXECUTIVE SUMMARY Evolution of the Talent FrameworkConvergence 2021 EXECUTIVE SUMMARY

Overall, since the Talent Convergence Theory was first put forwa rd, deficits have diminished and assets are on the rise.

XVI. Evolution of the Talent Convergence Framework

Overview Co-authors Bonita C. Stewart and Jacqueline Adams were prescien t in 2019, when they placed the untapped talent of women of color desk workers at the center of their Talent Convergence Theory . Since then, the framework has proven its applicability.

Underlying societal and business forces are all contributing to the speed with which managers are having to adjust. And these trends continue to support an increased return on investment fo r companies that embrace and nurture the burgeoning pool of women of color - of this underrepresented and as yet not tap ped talent resource - with a business model that creates a sense of belonging and well-being for all.

There have been major increases in the diversity of corporate boardrooms and some, more limited increases in diversity in the C-suite. The totals may still be small but venture capital (VC) funding has increased. Indeed, as noted in the Entrepreneurship chapter above, J.P.Morgan recently cited Black women as the fastest growing demographic of entrepreneurs in the U.S., with nearly 2.7 million businesses nationwide, despite limited acces s to venture capital financing.

Increasingly, the untapped talent of women of color is being se en as the force multiplier for progress and profitability in the U.S. and global economies.

Women of color have continued to make major advances, reinforci ng their standing as assets to both the economy and the social order. An undeniable proof point was Vice President Kama la Harris presiding over the Senate’s recent confirmation of Justice Ketanji Brown Jackson to the Supreme Court of the Unite d States.

Protests that followed the murder of George Floyd triggered an increase in public corporate commitments to racial equity and increased Diversity and Inclusion (D&I) awareness. Numerou s new programs were launched and existing efforts were Respondentsspotlighted. to both the 2020 and 2021 Women of Color in Busines s: Cross-Generational Survey© noted an increased adoption of D&I activities, as well as an awareness of the cost s of systemic racism on the U.S. economy.

Doubts linger, however. Was the corporate embrace of racial ju stice the beginning of a movement – or was it just a moment? And how do corporate leaders assess the very distinct indicators of White male vulnerability that emerged in the 2019 Talent Convergence Theory

Underlying forces As the framework notes, there had been a large number of major drivers of the Talent Convergence Theory: societal pressure; Environmental, Social, and Governance (ESG) pressure from shareholders and a number of major banks;the U.S. Census prediction that workers of color would be the majority b y 2027; a growing focus on workplace well being; as well as the undeniable ambition of women of color in the workforce. In 2020, however, there were volcanic eruptions in the workplac e, driven by the impact of an unprecedented pandemic as well as by global protests demanding greater social and racial equity. Neither trend looked positive initially.

Depending on which report you read, women - and especially wome n of color - suffered significant job losses as a result of the COVID-19 pandemic. As the first quarter of 2022 ended, unemployment rates for Black and LatinX workers remained above national levels, at 6.2% and 4.2% respectively. The work place became ground control for remote working and complicated balancing acts, as women juggled work with caring f or their families.

Corporate awareness, workplace evolution to hybrid or other mod els as well as the recognition of workers’ creativity and their embrace of entrepreneurship/side-preneurship are increasingly b eing seen as assets

LegacyLeadershipCapabilitySystemicProcesses Assets Corporate Awareness ChangingEntrepreneurshipDemographicsWorkplace ThePostWellbeingBelongingPandemic:FutureofWork Census 2027 Individual

2021DEISocietalGovernancePressureCommitmentsTalent Convergence Theory UntappedTalent

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 56 2021 EXECUTIVE SUMMARY 2021 research? 2021 Updates to the Talent Convergence Theory

Yes, assets and deficits are shifting. Yes, drivers of change a re, in some instances, multiplying. Indeed, some of those drive rs were captured in responses to the most recent Women of Color in Business: Cross-Generational Survey©. Based on the co-authors’ new research and analysis, lagging lea dership capability and legacy human resources systemic processes (e.g. recruiting, performance evaluations, promotions , talent reviews, etc.), are now being seen as major deficits

In fact, two years after Goldman Sachs declared it would not ta ke companies public without a diverse board member , the commitment has borne fruit. In March 2022, Goldman reported tha t it had placed its 50th diverse director on a client’s board. The post-pandemic workplace is the most prominent, most complex driver of a series of massive changes. The “Future of Work,” the “Great Resignation,” the “Great Migration 2.0” and t he “Great Reshuffle” are all competing for naming rights for thes e Onechanges.constant is that the untapped talent of women of color rema ins at the center of whatever this era will eventually be calle d. Deficits Ambition Great Resignation/ Reshuffle ESG

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 57 2021 EXECUTIVE SUMMARY Before the ongoing COVID pandemic which work structure did you prefer? WomenBlack WomenLatinX WomenAsian WomenWhite Fully in-person 53% 53% 47% 54% Fully remote 27% 19% 22% 23% Hybrid of remote and in-person 20% 28% 31% 22% Which work structure do you currently prefer? WomenBlack WomenLatinX WomenAsian WomenWhite Fully in-person 32% 30% 21% 28% Fully remote 43% 35% 42% 41% Hybrid of remote and in-person 25% 35% 37% 30% Remote Work – The New Reality – Preferences Before COVID Pandemic and Currently The 2021 U.S. Women of Color in Business: Cross-Generational Survey© asked respondents about their preferred work structures. The women of color desk workers were asked which work structure they preferred, before the COVID pandemic. At the end of 2021, however, 43% Black women, 42% Asian America n, 41% White and 35% LatinX women desk workers said they preferred fully remote work. Asian American women said they were least likely to prefer full y in-person work at just 21%.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 58 2021 EXECUTIVE SUMMARY Which structureworkdo you currently prefer? ManagersWhiteMen ManagersBlackMen ManagersWomenBlack ManagersWomenLatinX ManagersWomenAsian ManagersWomenWhite Fully in-person 43% 37% 40% 32% 26% 32% Fully remote 25% 31% 33% 29% 35% 31% Hybrid of remote and in-person 32% 32% 27% 38% 39% 36% Managers: Which work structure do you currently prefer? By contrast, greater percentages of the White men and Black wom en managers currently prefer fully in person work. Asian American managers do not. The 2021 research was confirmed by a new Harris Poll survey of professional workers across the U.S that found that women and people of color are generally happier working from home and are likelier than their white male colleagues to want to continue teleworking.

MANAGERLeadershipVARIABILITYCapability

Unlocking Talent: Improving Leadership Capability in the Workplace It’s all about the managers!

Managers’ experiences, expectations and necessary capabilities - as recently as 2019 before the COVID-19 pandemic set inhave all been jumbled, as have those of the workers whom they a re tasked with leading. However success was defined then is now outdated. Much more is being demanded of managers as they forge through t he uncertainty of the pandemic, new modes of working, and the emotional force of racial equity in the workplace. VUC A (Volatility, Uncertainty, Complexity, Ambiguity) is the prevailing aura in today’s workplace. In 2020, the co-authors recognized the circumstances in which e mployee expectations surpassed manager capability. Their Manager Variability framework explains how a lack of consistenc y of experience varies – from a manager who is considered Transformational or expresses Agility – to the laggards who are either Hands Off or Uneasy with the changing dimensions of the workplace.

Employee Expectations Transformational Uneasy Agile Hands Off

For the last quarter century, managers have embraced the theory of Emotional Intelligence or EQ to help them navigate the workplace. First introduced by two social psychologists, Peter Salovey and John Mayer, the ideas were popularized by former New York Times science writer Daniel Goleman in his 1995 book, Emotional Intelligence . EQ was defined as “a form of social intelligence that involves the ability to monitor one’s own and others’ feelings and emotions, to discriminate among them, and to use this information to guide one’s thinking and action.”

Cultural intelligence was first described in 2003 by London Busi ness School Professor P. Christopher Early and Professor Soon Ang of Nanyang Technological University in Singapore. They defined CQ as having “the ability to adapt to new cultural settings.” Experts in CQ “have the skills to go into new envir onments with confidence, and to make informed judgments based on observations and evidence. These people excel at understandi ng unfamiliar or ambiguous behavior.”

Research has shown repeatedly that diverse teams drive increased perfor mance and profitability. But mastering the intricacies of coalescing and motivating those diverse teams ha s proven elusive. Psychological safety is newly being seen as the prerequisite for effective diverse teams.

EQ’s adoption in the business world drove up employee performan ce and profitability. The four characteristics of emotionally intelligent people—self-awareness, self-management, social awar eness, and social skills – were said to have ushered in a fourth Industrial Revolution, i.e. “a business world marked by mindfulness, contextual awareness and intelligence beyond the traditional IQ.”

As the world becomes more diverse and younger generations deman d new standards for workplace belonging and inclusiveness, effective managers matter even more.

Yes, emotional intelligence is still needed. But now, as the w orkplace accelerates into a new mode of flexibility, transparenc y, and expected accountability, managers must master cultural Inte lligence or CQ to succeed at managing high performing teams. Here’s a good explanation of how and why: “People with high emotional intelligence can pick up on the emotions, wants and needs of others. People with high cultural intelligence are attuned to the values, beliefs and styles of communication of people from different cultures. They use this knowledge to help them relate to others with empathy and understanding.”

A Fifth Industrial Revolution Driven By CQ (Cultural Intelligence) and Generational Diversity But that was then. Co-authors Stewart and Adams now believe th e underlying drivers of their Talent Convergence Theory are crying out for a fifth industrial revolution. In this new era, e mployee performance and profitability will rise as a result of C Q or Cultural Intelligence as well as an understanding of their disc overy, Generational Diversity.

Stewart and Adams have been paying attention to the generationa l diversity overlay of CQ. The Word Clouds generated by their 2021 research delivered strong and actionable messages by generation and by race for what women of color now want from their managers. Their voices are loud, clear, and actiona ble.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 61 2021 EXECUTIVE SUMMARY Gen Z: Black + LatinX What’s the best way a manager or workplace supervisor could support you?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 62 2021 EXECUTIVE SUMMARY Millennial: Black + LatinX What’s the best way a manager or workplace supervisor could support you?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 63 2021 EXECUTIVE SUMMARY GEN X: Black + LatinX What’s the best way a manager or workplace supervisor could support you?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 64 2021 EXECUTIVE SUMMARY Boomers: Black + LatinX What’s the best way a manager or workplace supervisor could support you?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 65 2021 EXECUTIVE SUMMARY Black Men Managers Whatis the first piece of advice you’d give to a woman of color for success in her career and in her work?

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 66 2021 EXECUTIVE SUMMARY White Men Managers Whatis the first piece of advice you’d give to a woman of color for success in her career and in her work?

Constructive criticism and feedback are at the center of the ad vice that women of color, across the generations, have and have had for their managers and supervisors. Interestingly, both Bl ack and White men managers said they want many of the same

Between 2020 and 2021, more women managers of all colors are re ceiving plum, career-defining stretch assignments in equal numbers to th e White men. Coincidentally, perhaps, the White men managers’ career fulfillm ent plummeted to 45% in 2021 from 72% in 2020.

the co-authors closely examined the advice for managers – all of it actionable – there were some subtle differences.

• Black men managers called for Honesty.

• In addition to Constructive Criticism, Millennial women suggest ed more Open Communication, Training/Growth Opportunities, and they advised managers to Listen to Their Inp ut.

• Gen Z women, across the races, all added: Communicate/Be availa ble, Mentorship guidance. Encourage me. Be understanding and Help/collaborate.

The Chasm Seems Daunting As managers strive to combine IQ, EQ, and now CQ, the demands f or delivering “constructive criticism” will naturally vary by t he nuances of the culture as well as the generations within the wo rkplace. No surprise, the new workplace demands are creating a chasm, an observable level of discomfort for White men managers who hold the majority of these managerial roles. The co-author s have described an illuminating, new 2021 finding: the emergence of “s tretch assignment parity.”

Whenthings

• Positive Acknowledgment was noted slightly more frequently by W hite men managers, compared to Black men managers. The wisdom in these Word Clouds crystallize the essence of psychological safety , as described by author and Wharton Professor Adam Grant, who popularized the concept that was first developed by Harvard Business School Professor Amy Edmondson. Without knowing the official lingo, respondents are ca lling for a climate in which workers and their managers can be candid, one that will fuel creativity and innovation, one th at ensures that the people who normally get excluded have both a seat at the table and a voice. Grant and Edmondson stress, however, that psychological safety doesn’t happen naturally. Grant concludes: “Leaders have to create it. And it often takes more effort than we realize.”

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 68 2021 EXECUTIVE SUMMARY Conclusion: Building a Bridge, Creating a Talent Multiplier As Stewart and Adams examined the evolving workplace, they iden tified a new force multiplier that business leaders would be wise to adopt to enhance team performance. The new framework is a pinwheel, which requires the correct amo unt of “wind” to tap the Untapped Power of women of color in both corporate and entrepreneurial environments. The wind – manager momentum – is driven by Cultural Intelligenc e (CQ) skills as well as an appreciation of Generational BelowDiversity.are the key actionable areas of focus to ensure businesse s can capitalize on the insights as presented in this year’s 2021 Women of Color in Business Cross Generational Survey © Tapping the Untapped Talent MultiplierTalentGenerationalMomentumManagerDiversityAwareness+CulturalIntelligenceSkills(CQ) Enhanced Business & Team Performance

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 69 2021 EXECUTIVEAssessSUMMARYTalent through an Equity Lens • Move beyond assessing talent “to the average” • Seek the outliers • Learn to assess talent with greater sensitivity to cultural d ifferences • Look for potential, not perfection • Conduct fully inclusive talent reviews to ensure that women o f color are presented equitably Reduce Workplace Scrutiny and Stress • Review the workload for women of color, including their core as signment as well as D&I and seek opportunities for equitable allocation. • Ensure all workplace processes are “bias proof” to reduce exces s scrutiny • Understand the pulse of the workplace culture and surround Only s and Women of Color with a blanket of psychological safety to share greater authenticity among their co-workers Trust with Confidence • Create trust through thoughtful shared experiences. Reserve sp ace for Onlys to learn at the “table” and through stretch assignments • Study and practice the art of substantive allyship. Read the D reaming of Allies Chapter Five in A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive • Understand the gratitude, value add, and ROI women of color wil l bring to Allies. They are YOUR allies, too Value an entrepreneurial mindset • Engage Black and LatinX women in creating innovative solutions, special projects, seeking different perspectives, and unlocking technology enabled products and ser vices • Continue to develop financial investment avenues and inclusive m entoring for women of color founders/ entrepreneurs. Just say Yes • Engage often and directly • Read and heed the “advice for managers” in the Word Clouds: • Be available • Offer mentorship guidance • Encourage me • Be understanding • Help/collaborate • Offer positive acknowledgement Deliver Constructive Communication • Don’t be afraid of providing honest feedback. Women of color de sk workers, across the generations, want and need it. • Practice active listening and the art of asking open ended qu estions • Prepare yourself. Invest in feedback delivery training

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 70 2021 EXECUTIVE SUMMARY Endnote: Co-authors Stewart and Adams started this Executive Summary ove rview with the importance of understanding Generational Diversity. Gen Z “Zoomers” offer a glimpse into the future of t he workplace which is increasingly becoming worker first. In their open-ended question, their best advice for Women of Color is to “Know your Worth” and “Be Yourself.”

Within the workplace, the co-authors’ Talent Convergence Framew ork has captured real progress for women of color. However, that progress has also generated elements of backlash. Even as leaders look to the next generation, they must recognize that Gen Z has grown up amid wave after wave of traum a: from 9/11 to the economic shocks of 2008-2009, the epidemic of school shootings, two+ years’ of pandemic and lockd owns, and in 2022, the outbreak of another war in Europe. Amid all of the swirling workplace and cultural currents, one a spect of the future is clear. Businesses can expect the Gen Z cohort to challenge and demand more from managers and leaders w hen they fully enter the workforce. 20%

Unlike the workplace Onlys, only 31% of Gen Z Blacks, 20% of Gen Z LatinX, 27% of G en Z Asian Americans, and 6% of Gen Z White said they are always or frequently the only person of t heir race in school settings. The Census reports that by 2027, Gen Z workers of color will be the majority and the data alread y reflect this imminent reality.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 71 2021 EXECUTIVE SUMMARY Gen Z Onlyness in School

27%

WomenBlackGenZ WomenLatinXGenZ WomenAsianGenZ WomenWhiteGenZ 08040703060205010 31% 6%

America’s youngest cohort of workers already embody CQ: the cur iosity, collaboration, awareness, empathy and lived experiences of multiculturalism. Repeatedly, they have demonstr ated that they are mission-driven and believe their values can create a better future for everyone.

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 72 2021 EXECUTIVE SUMMARY Full Methodology 2021 EXECUTIVE SUMMARY

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 73 2021 EXECUTIVE SUMMARY XVII. Full Methodology The company helps clients solve a wide range of brand and commu nications challenges by employing a broad set of qualitative and quantitative research tools. Quadrant’s partners have 50 co mbined years of experience helping Fortune 500 companies and other leading organizations address their most pressing bra nding and strategic communications issues in times of crisis and, more often, not. www.quadrantstrategies.com Between August and December 2021, Co-authors Bonita Stewart and Jacqueline Adams worked with Quadrant Strategies to draft Wave Three of the Women of Color in Business: Cross-Gener ational Survey©. It was fielded between January 4th and February 8th, 2022. A total of 4300 participants responded, inc luding the following audiences (all residing in the U.S.): 1000 Black women (Margin of error: +/- 3.1%) • 250 Gen Z students (MoE: +/- 6.2%) • 250 Millennial desk workers (MoE: +/- 6.2%) • 250 Gen X desk workers (MoE: +/- 6.2%) • 250 Boomer desk workers (MoE: +/- 6.2%) 1000 LatinX women (Margin of error: +/- 3.1%) • 257 Gen Z students (MoE: +/- 6.1%) • 269 Millennial desk workers (MoE: +/- 6.0%) • 260 Gen X desk workers (MoE: +/- 6.1%) • 214 Boomer desk workers (MoE: +/- 6.7%) *Each LatinX generational group was weighted to the target samp le size of 250* 1000 Asian American women (Margin of error: +/- 3.1%) • 137 Gen Z students (MoE: +/- 8.4%) *weighted down to target sample size of 132* • 359 Millennial desk workers (MoE: +/- 5.2%) *weighted down to target sample size of 356* • 366 Gen X desk workers (MoE: +/- 5.1%) *weighted down to target sample size of 360* • 138 Boomer desk workers (MoE: +/- 8.3%) *weighted up to target sample size of 152* 1000 White women (Margin of error: +/- 3.1%) • 250 Gen Z students (MoE: +/- 6.2%) • 250 Millennial desk workers (MoE: +/- 6.2%) • 250 Gen X desk workers (MoE: +/- 6.2%) • 250 Boomer desk workers (MoE: +/- 6.2%)

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 74 2021 EXECUTIVE SUMMARY • 150 White men managers (MoE: +/- 8.0%) • 150 Black men managers (new for this wave) (MoE: +/- 8.0%) For the women audiences, we adjusted age ranges this year to ac curately reflect the generations, although we have held the Gen Z age minimum of 17 consistent from last year, and will do so in the following waves: • Gen Z: Ages 17-24 • Millennial: Ages 25-39 • Gen X: Ages 40-56 • Boomer: Ages 57-74 For the women audiences, we also doubled the sample sizes from last year’s wave, holding generational quotas consistent. Across the women surveyed, we compared the following groups (wo men who reported being workplace managers and supervisors) to the men manager audiences: • 350 Black women managers (MoE: +/- 5.2%) • 411 LatinX women managers (MoE: +/- 4.8%) • 415 Asian American women managers (MoE: +/- 4.8%) • 327 White women managers (MoE: +/- 5.4%)

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 75 2021 EXECUTIVE SUMMARY About the Authors 2021 EXECUTIVE SUMMARY

Stewart brings extensive consumer technology and operational experience as her career spans over three decades of digital transformation across multiple industries. Since joining Google in 2006, she has risen to lead high growth, multi-billion-dollar operations and has driven the adoption of digital technologies within the US and Americas. Currently, she is Board Partner at Gradient Ventures, Google’s early stage venture firm, specializing in AI-enabled st Previously, she oversaw the company’s Global Partnerships team for the largest US publishers across search, mobile apps, commerce, news and media/entertainment.

Bonita C. Stewart Board Partner at Gradient Ventures and Google Vice President BonitaLinkedInC.

Ms. Stewart was the first African American woman vice president at Google. Over the past several years, she has been recognized externally for her leadership as a Woman to Watch (Advertising Age, 2011), Power 100 (Ebony, 2012, 2019), Woman to Watch in Tech (Crain’s NY, 2014) and Most Powerful Women (Crain’s NYC, 2015, 2017, 2019). In 2017, she created the concept for Howard West, a technology immersion program for historically black colleges and universities (HBCU), powered by Google. Prior to Google, she served as Director, Chrysler Group Interactive Communications for DaimlerChrysler AG and spearheaded all digital efforts for Chrysler, Dodge and Jeep. During the Dot Com era, she was recruited back to DaimlerChrysler to lead Chrysler brand’s $400 million advertising and marketing operation. During her leadership tenure, Advertising Age named the Chrysler Group the 2005 Interactive Marketer of the Year, and she co-authored “The Fifth P of Marketing,” an article for CRM Magazine. During the first stint of her automotive career, Ms. Stewart led the brand development for future and existing Dodge passenger cars and minivans, representing an $8+ billion annual revenue target. In 2012 and 2013, she received award recognition from the Harvard Business School and Howard University, respectively, for alumni achievement. She has served on the following non-profit boards: Detroit Music Hall, Cranbrook Art Academy, Harvard Business School African American Alumni Association, Lincoln Center for the Performing Arts and Harvard Business School Club of New York City. Currently, she serves on the American Ballet Theatre Advisory Council for Project RISE and board member for the Women’s Forum of NY. In 2014 Ms. Stewart was nominated to the Deckers Brands corporate board [NYSE:DECK] and currently chairs the corporate governance committee. In 2021, she joined the PagerDuty [NYSE:PD] and Volta [NYSE:VLTA] corporate boards. She served on the Pluralsight board [NASDAQ:PS] from 2018-2021. Ms. Stewart is the co-author of A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive and the 2019-2021 annual Women of Color in Business: Cross-Generational Survey© Ms. Stewart spent her formative years in Denver, CO and graduated magna cum laude with a Bachelor of Arts from Howard University and an MBA from Harvard Business School. She resides in New Jersey with her husband, Kevin Stewart (HBS 1979).

Adams launched a second career as a communications strategist after more than two decades as an Emmy Award-winning CBS News correspondent. A natural “connector,” she has the unique ability to hear clients’ strategic concerns and find creative solutions, drawing upon her wealth of contacts and experiences in media, business, academic and civic circles. Through her boutique consulting firm, J Adams: Strategic Communications, LLC, she counsels corporate and non-profit clients. Ms. Adams serves as a senior advisor to the new payment platform for publishers, NICKLPass and is a co-founder of the bespoke training program for rising star managers of color, The Diverse Future In 2020, Ms. Adams and her co-author, Bonita C. Stewart, published their book, “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive.” Ms. Adams and Ms. Stewart have also released three proprietary surveys and anticipate two more, culminating in a longitudinal study of Women of Color in Business: Cross-Generational Survey©. She has written a bi-monthly column, #TeamUp, for The Christian Science Monitor and is the author of Climate Stories, a series of blog posts for the Harvard Business School Business and Environment Initiative.

Jacqueline Adams President, J Adams: Strategic Communications, LLC and Co-author of “A Blessing: Women of Color Teaming Up to Lead, Empower and Thrive”

A graduate of Harvard Business School, Ms. Adams deliberately saves time for a number of non-profit activities. She serves on the Board of Directors of the Harvard Business School Club of New York and was among the alumnae profiled during the school’s 50th anniversary celebrations of women and African-American students. She is a member of the Council on Foreign Relations, the International Advisory Committee of the United States Institute of Peace, and the Advisory Council of the Milken Center for Advancing the American Dream. She is a patron of the Alvin Ailey American Dance Theater and is beginning a seventh year of studies at the Juilliard School of Music’s Extension Division.

Ms. Adams covered the groundbreaking campaigns of Reverend Jesse Jackson for President and Geraldine Ferraro for Vice President before spending five years as a White House correspondent during the Ronald Reagan and George H. W. Bush administrations. In the 1990s, she was a prolific contributor to the CBS Evening News with Dan Rather and CBS News Sunday Morning. She won a News and Documentary Emmy Award for the 48 Hours broadcast, “The Search for Matthew.”

JacquelineLinkedin

2021 U.S. Women of Color in Business: Cross-Generational Survey© SPONSORED BY 2021 EXECUTIVE SUMMARY U.S. Women of Color in Business: Cross-Generational Survey © SPONSORED BY 2021 Designed by