Business

Survey: Black Professionals’ Ability to Focus Disproportionately Affected by Rising Cost of Living, Health Concerns

Black workers prioritize their mental well-being more than any other racial group, according to a survey by the employment platform Oyster. The platform surveyed more than 2,500 desk-based – or so-called knowledge – employees and found that more than 58% of Black workers globally chose their mental well-being as their top priority.

Published

1 year ago

April 21, 2023

Oakland Post

Study authors found the ability of Black knowledge workers to focus has suffered because of external factors like the rising cost of living and health concern, particularly in America, Western Europe, and Canada.

By Stacy M. Brown
NNPA Newswire

Black workers prioritize their mental well-being more than any other racial group, according to a survey by the employment platform Oyster.

The platform surveyed more than 2,500 desk-based – or so-called knowledge – employees and found that more than 58% of Black workers globally chose their mental well-being as their top priority.

Asian respondents came in second at 37.7%.

“Bearing the brunt of systemic racism, prejudice, and societal injustice, perhaps Black knowledge workers must put more energy into protecting their mental health and can less afford to spend it elsewhere,” the report stated.

For instance, 60.1% of Black workers struggle with the cost of living, the survey found.

About 9.5% of respondents were Black knowledge workers, and the authors called it disheartening to see that they’re disproportionately affected by the ever-rising costs of living.

“In fact, Black workers are more affected by pretty much every category than other racial groups, notably by global health concerns – 41.6% of Black workers (compared to 14.8% of white workers) were very concerned about this, compared office in many cases, against their will,” the authors wrote.

But nothing came close to spiraling living costs and personal concerns when factoring in the top external stressors, which the authors said was true across genders and geographies.

White workers reported being least affected in nearly every category – an example of privilege in practice, the authors concluded.

“What privilege does do is protect certain populations from being as negatively affected when taken as a group,” the authors noted.

They said the racial wage disparity present at many companies (and in society in general) means it’s logical that Black workers are more affected by rising costs of living.

Systemic racism in healthcare and legislative environments means it’s logical that Black workers are more affected by health concerns and political instability.

Additional findings of the report:

55% of Black workers see a safe, inclusive work environment as very important, almost 14%age points higher than their white colleagues.
63% of Black employees indicated that regular raises affect their well-being at work, compared to 48.3% of white workers.
Black employees value access to mental health support (64%) more than their white colleagues (22%).

Across all genders and geographies, the rising cost of living (75%) and personal worries or concerns (74%) are the top stressors impacting employees’ ability to focus on work, followed by:

Global health concerns (61%)
Economic downturn (55%)
War and conflict (35%)
Political instability (34%)
Climate change (23%)

Black knowledge workers’ ability to focus on work is disproportionately affected by these external factors, more than any other racial group. Most critically:

60% of Black employees report struggling with the rising costs of living, compared to their Hispanic (46%), Asian (39%), and white (30%) colleagues.
Global health concerns impact 42% of Black workers, compared to 15% of white workers.
Younger generations are almost twice as affected by rising living costs and personal concerns than their Gen X colleagues.

“Our data broken down by race was also very revealing. Black employees valued a safe working environment almost 14 percentage points more than their white colleagues and were 20 percentage points more in favor of check-ins with their manager,” the study revealed.

“These employees also placed far more emphasis on regular raises (63.0% compared to 48.3% of white workers), which tracks given that our data also found Black workers were the most concerned with rising costs of living.”

The authors concluded:

“What we’re seeing is a greater need to support, include, and create equitable work environments so all employees can thrive. At the very least, managers should be aware that Black employees on their team may appreciate more face time and encouragement and be ready to provide this support as needed.”

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State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

Published

5 days ago

April 20, 2024

Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”

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Business

Black Business Summit Focuses on Equity, Access and Data

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Published

6 days ago

April 20, 2024

Oakland Post

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

By Solomon O. Smith, California Black Media

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.

Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.

“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.

Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.

Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.

The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.

Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.

“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.

The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.

Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.

“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”