Experienced in both the public and private sectors with large and small organizations spanning both coasts of the US; 20+ years experience in Human Resources and employment law and having served as a C-Suite Executive with arguably the world's most formidable Central Bank, Harper Slade's CEO is uniquely suited to support any individual and organizational pursuit toward deeper racial equity.
We have a firm understanding of the link between inequity and economics at the micro and macro level.
The Cost of Race Rooted Turnover
Employee turnover due to racial inequity in the workplace has cost U.S. organizations up to $172 billion over the past five years, according to new research by SHRM (Society for Human Resource Management). A new report, The Cost of Racial Injustice, released today along with SHRM's Blue Ribbon Commission Report on Racial Equity, found one-third of Black employees faced unfair treatment at work based on race and ethnicity in the past year, and over 2 in 5 Black workers say they have experienced this in the past five years.
Key findings from the new SHRM research include:
Over 2 in 5 Black workers (42%) feel they have faced race or ethnicity-based unfair treatment at work in the past five years.
Over the same period, 26% of Asians, and 21% of Hispanics or Latinos felt they have experienced unfair treatment in the workplace due to their race or ethnicity.
Turnover due to racial inequity in the workplace may have cost US organizations up to $172 billion over the past five years.
Absenteeism due to anxiety, worry, stress, or frustration stemming from experiencing or witnessing unfair treatment based on race or ethnicity in the workplace may have cost US businesses up to $54 billion in the past year.
Lost productivity was even more costly, carrying a nearly $59 billion price tag in the last year.
American companies spend around $8 billion annually on diversity training, but training alone is insufficient. The cost to create and implement a comprehensive DEI program can range from $25,000-$450,000.
Equity and Employee Engagement
The $16 trillion drag on the U.S. economy since 2000 is particularly felt in the area of capital investment of black-owned businesses. A 2019 study from Illumen Capital found that $35 trillion of capital would be allocated differently, were it not for racial and gender bias.
According to the estimates from Citi’s research, racism impacting Black entrepreneurs has cost the United States $13 trillion of business revenue and potentially 6.1 million jobs that could have been created — each year.
What’s more, closing the wage gap between Black and white employees could have added $2.7 trillion — or 0.2% of GDP each year to the American economy.
Market and Shareholder Diminution of Value
and Good will due to Racism
In 2018, Starbucks Corp suffered nearly US $16 million in negative press reports related to the incident in Philadelphia, in which an employee called the police on two black men who were waiting to meet a friend at the cafe. Positive press was worth around US$200,000. In that same year, Starbucks Chairman Howard Schultz shared that investors had questioned the expense of the company’s day of anti-bias training across 8,000 stores, estimated by Bloomberg to cost around US$16.7 million in lost sales. But maintaining the status quo would have also been costly.
A San Francisco federal court decided that Tesla must pay a former worker, Owen Diaz, around $137 million after he endured racist abuse working for the company. The jury awarded more than attorneys asked for their client, including $130 million in punitive damages and $6.9 million for emotional distress.
"I can't imagine a more impactful, solution-oriented advisor than Nikki.She's a teacher, advocate, and visionary who can help othersunderstand the ecosystem of equity in the workplace. She's tireless,purposeful, and objective and certainly won't shy away from providingyou with advice and guidance that will move the needle in yourworkplace."
"With a wealth of knowledge and a breadth of experience, this multi-faceted,multi-disciplined executive and leader brings her expertise, passion and talentto an important topic, racial equity. Just read her experiences on her bio andlisten to her speak so thoughtfully and balanced on the Conscious Culture Cafepodcast,
you will begin to understand why Harper Slade and Nikki Lanier areideally qualified to advise organizations and leaders. If you are looking for aracial equity advisory firm to help you find success, you've found one."
- Board Member, Retired Beverage Industry EVP and Philanthropist
"It's often said that diversity is a fact and inclusion is a choice. It's not said enough that unleashing the energy of diversity to its fullest also requires careful attention, engagement, and, most of all, experience. That's just what Nikki Lanier and Harper Slade offer as advisors to leading organizations. As a CHRO, an attorney,
and an advisor to some of the country's leading decision makers in government and business, she is an immeasurably valuable resource to those seeking the competitive advantage of well-fostered diversity."
-former US Ambassador to the UK and Sweden, Author and Philanthropist