About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “George Floyd Murder Forces U.S. Business to Examine its Record on Race” – below is their description.
Derek Chauvin’s trial ended in a conviction. The business reckoning inspired by George Floyd’s killing is far from over.
Since Floyd died under the knee of former police officer Chauvin on May 25, more than 80 companies in the S&P 100 have promised to improve hiring for Black and other minority workers. Almost half have goals for improving representation in management, according to data collected by Bloomberg. Twenty two S&P 100 companies have joined the OneTen Coalition, a pledge to add 1 million middle-income jobs for Black workers in a decade.
That’s the good news. But while corporations such as Microsoft Corp., Target Corp. and Starbucks Corp. have made specific promises for hiring more Black workers, a majority of large companies still haven’t set quantifiable diversity goals. Many companies remain reluctant to even disclose details about the racial composition of their workforce. At the current rate, it will take Black Americans 95 years to reach workforce parity in all levels of U.S. private industry— having 12% representation at every level of a company, according to a February report from McKinsey & Co.
Activists worry about how they’re going to sustain interest and keep companies committed to change, pointing to the police shooting of Daunte Wright just miles from where Floyd died as a reminder that systemic racism remains ingrained in American society. They’re encouraged by what they’ve seen from the business community, but they’re also seeking to hold companies accountable for the pledges they made in the aftermath of Floyd’s death.
“It is more than virtue signaling,” said Yusuf George, managing director for corporate engagement at JUST Capital, which advocates for corporate transparency and equity and is tracking the commitments of the 100 biggest U.S. employers. “What’s different in this moment is companies are really thinking more deeply about how these societal issues impact their stakeholders. This moment is one of asking companies are they honoring the commitments they made for creating a more equitable nation for us all.”Bloomberg Quicktake: Now YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
In This Story: George Floyd
George Floyd was an African-American man who died on 25th May 2020 in Powderhorn, Minneapolis, Minnesota, USA, following police arrest. Video recording by a witness, showing Floyd repeating “Please”, “I can’t breathe”, and “Don’t kill me”, was widely circulated on social media platforms and broadcast by media. The incident led to widespread protests across the United States.
9 Recent Items: George Floyd
In This Story: Microsoft
Microsoft Corporation (NASDAQ: MSFT) is an American multinational technology company with headquarters in Redmond, Washington. It develops, manufactures, licenses, supports, and sells computer software, consumer electronics, personal computers, and related services.
4 Recent Items: Microsoft
In This Story: Police
3 Recent Items: Police
In This Story: S&P
S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. One division of the business, S&P Global Ratings, is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.