Business and Finance
Black women most affected by pay inequality
New research shows that a significantly larger percentage of black Americans, and particularly black women, now earn lower than their peers nationally.
While 23% of all U.S. staff earn low wages, defined within the report as lower than $17 an hour, the proportions are much higher when race and gender are taken into consideration.
Some 32% of black staff earn lower than $17 an hour, compared with 21% of white staff, in response to a brand new evaluation by Oxfam, which describes itself as a world organization fighting inequality to finish poverty and injustice. And 35% of black women earn low wages, compared with 29% of black men, 25.9% of white women and 17.4% of white men.
This reportThe “low-wage crisis” has revealed some surprising findings. As many as 39 million U.S. staff—nearly one in 4—are low-wage earners. Single parents make up 42% of those earning lower than $17 an hour, compared with just 12% of oldsters in partnerships.
Among the toughest hit: women and communities of color
The findings revealed that women and communities of color, including Black staff, are most affected by low wages and stagnant minimum wage policies. The federal minimum wage for covered non-exempt staff is $7.25 an hour, According to to the U.S. Department of Labor.
Oxfam said the $7.25 rate has remained unchanged since 2009. Earlier this 12 months, it said the minimum wage had increased by $15 an hour in 22 states since Jan. 1.
The organization found that states which have not raised their minimum wage above the federal standard have higher rates of staff of color earning low wages, particularly within the South. Take Mississippi, where 34% of all staff earn low wages, 46% of black staff earn low wages. In Texas, the state with the most important black population within the country, 34.2% of black staff earn low wages.
The report highlights the urgent need for the federal government to handle in-work poverty and lift the minimum wage.
“Low-wage workers, who are disproportionately women of color, are the backbone of our economy. The least this country can do is pay them wages that cover their basic needs — which the current federal minimum wage does not provide, no matter where in the U.S. you live,” said Kaitlyn Henderson, writer of the report and senior researcher at Oxfam America.
She added: “We’re talking about childcare workers and domestic workers who take care of our families and farm workers who help put food on our tables. But decades of segregation have ensured that these jobs, which primarily employ women, immigrants or people of color, have been systemically underpaid and undervalued. That has to change.”
William Michael Cunningham said the shortage of federal motion to lift the minimum wage and reduce income inequality has led to wider disparities and greater hardship for communities.
He stressed that black women are sometimes doubly disadvantaged because of racial and gender discrimination, which ends up in higher rates of low-paid work in comparison with other demographic groups.
He noted that black women are disproportionately represented in low-wage sectors corresponding to health care support, retail and food service, adding that they earn just 63 cents for each dollar earned by non-Hispanic white men. “Black women also bear significant caregiving responsibilities, both for children and for elderly family members.”
Why African Americans Are More Affected
Henderson shared with BLACK ENTREPRENEURSHIP that the upper percentage of low-wage staff within the black community is because of the long history of racial and gender discrimination within the United States, which might be traced throughout the history of this country.
She explained that when minimum wage laws were introduced within the late Nineteen Thirties, industries that primarily employed black staff within the South, corresponding to farm staff and domestic staff, were excluded from wage protections.
She said those exclusions are repeated today, with continued occupational segregation. She stressed that this includes jobs that employ a disproportionate variety of staff of color, and particularly women of color, who’re paid lower wages.
“As we mentioned in our report, recently the Bureau of Women’s Affairs in the Department of Labor did a study that found that black and Latina women lose literally billions of dollars because of occupational segregation.”
Cunningham said the shortage of federal motion to lift the minimum wage and reduce income inequality has led to wider disparities and greater hardship for these communities.
Suggestions to assist improve future conditions
So what might be done to cut back these numbers? Henderson suggested that wages for all staff should be raised, and that exclusions from the minimum wage should be ended by passing the Raise the Wage Act to lift the minimum wage to $17. Oxfam said it was partly inspired to provide its latest report by the changing conditions of the act.
When it involves occupational segregation, Henderson says there are bills in Congress immediately that might directly address the pay gap, corresponding to the Paycheck Fairness Act. She says that might help women enter higher-paying jobs which are dominated by men — corresponding to the FAMILY Act and the Schedules That Work Act.
Cunningham believes the only most vital think about improving the economic situation of low-wage staff, especially black women, is robust policy intervention.
He says raising the federal minimum wage would offer immediate financial relief for low-wage staff. He also said there’s a necessity to offer higher access to inexpensive education and job training programs, including college, job training and apprenticeships. He also suggested strengthening child care support, access to health care and paid family leave.
While the situation stays dire, Cunningham said there was some improvement over the Trump era under the present administration. He pointed to a greater give attention to addressing racial and economic inequality through quite a lot of policy measures, although progress has been slow. He said some states, outside the South, have taken independent steps to lift the minimum wage, providing a greater lifestyle for low-wage staff.
“The persistently high percentage of low-wage workers of color in the South underscores the need for comprehensive interventions at the federal and state levels to address wage inequality and systemic barriers. Significant efforts are needed to ensure equal economic opportunity for all workers, regardless of race or geography.”
Business and Finance
David Shands and Donni Wiggins host the “My First Million” conference at ATL
December is the birth month of David Shands and Donnie Wiggins, friends and business partners. Most people have fun by throwing a celebration. Others imagine it must be catered for. The chosen ones spend the day relaxing in peace and quiet.
Then there’s Shands and Wiggins.
The two decided that the best birthday gift can be to offer individuals with resources for generational wealth through a conference called “My first million”in Atlanta.
It’s a compromise between how their families and family members need to honor them and their desire to proceed to serve others. Shands acknowledges that almost all people won’t understand, and he unapologetically doesn’t expect them to.
“It’s not up to us to convince anyone why we do what we do,” admits Shands.
“I think everyone does what they do for different reasons, and I would just attribute it to a sense of accomplishment that I can’t explain to anyone else.”
He doesn’t need to clarify this to Wiggins because she understands his feelings. Wiggins has had a passion for serving others for so long as she will be able to remember.
“When I was in middle school, there were child sponsorship ads on TV featuring children from third world countries. I was earning money at the time and I asked my mother to send money,” she says BLACK ENTERPRISES.
She recalls how sad she felt for youngsters living in a world with so many opportunities, but at the same time going hungry. Her mother allowed her to send money, and in return she received letters informing her of their progress.
“It was very real to me,” Wiggins says, now admitting she’s undecided the letters were authentic. “I received a letter from the child I sponsored, a photograph and some updates throughout the 12 months. It was such a sense of being overwhelmed and it was something I felt so good about. I didn’t even tell my friends I used to be doing it.”
She carried this sense throughout her life, even when she lost every little thing, including her house, cars, and money. She still found ways to serve and give back, which is the basis of her friendship with Shands.
They each love seeing people at the peak of their potential, and that is what “My First Million” is all about. There can be no higher birthday gift for them than helping others create generational wealth.
What to expect during the “My First Million” conference.
They each built successful seven-figure empires, then train others, write books about it, and launch an acclaimed podcast Social proof.
Now they’re imparting that knowledge through the My First Million conference, an event for aspiring and existing entrepreneurs. Shands and Wiggins need to prove that being profitable is feasible and encourage people to bet on themselves.
“David and I, on paper, are not two people who should have made millions of dollars. Number one, we want (people) to see it,” Wiggins says. “Then we want them to actually get out of that room with practical and actionable steps.”
Both are clear: this just isn’t a motivational conference. This is a conference where people, irrespective of where they’re of their journey, will come away with clarity about their business and what they must be doing as CEOs. Shands and Wiggins want individuals who do not have a transparent marketing strategy or are considering starting a business to also attend the meeting.
“A few areas we will cover are inspiration, information, plan and partnership,” adds Shands. “We will give you 1-2-3 steps because some people get depressed and uninspired. Even if they know what to do, they won’t leave, go home and do it. So we have to really put something into their heads and hearts that they come away with.”
Sign up and enroll for My First Million Here. The conference will happen on December 13 this 12 months. but Shands and Wiggins say it definitely won’t be the last for those who miss it.
Business and Finance
Operation HOPE on the occasion of the 10th annual world forum
Operation HOPE Inc. takes over Atlanta for the biggest game in the country dedicated to financial literacy and economic empowerment, Saporta reports.
The HOPE Global Forums (HGF) Annual Meeting 2024 strengthens the crucial link between financial education, innovation and community upliftment in hopes of finding solutions to the problems that stifle challenges around the world.
Organized by Operation HOPE founder John Hope Bryant, together with co-chairs Atlanta Mayor Andre Dickens and U.S. Ambassador Andrew Young, the forums, to be held December Sep 11 at the Signia Hotel, will have fun its 10th anniversary with three days of engagement discussions, observations and forward-looking presentations.
Under the theme “The Future,” Hope Bryant says attendees are looking forward to a “powerful moment in history.”
“Over the past decade, we’ve brought together great minds with daring ideas, servant leaders with voices for change, and other people committed to a brand new vision of the world as we realize it. “‘The Future’ is a clear call to action for leaders to help ensure prosperity in every corner of society,” he said.
The extensive program includes influential and well-known speakers who address business, philanthropy, government and civil society. Confirmed speakers include White House correspondent Francesca Chambers, media specialist Van Jones and BET Media Group president and CEO Scott M. Mills.
“John Hope Bryant and his team have been doing this for ten years, and every year HGF raises the bar,” Young said. “Discussions about the FUTURE are important not only for civil dialogue; they are also essential to bridging the economic divide and solving some of today’s most important problems.”
Atlanta is predicted to welcome greater than 5,200 delegates representing greater than 40 countries.
“I have long said that Atlanta is a group project, and through our partnership with HOPE Global Forums, we are inviting the world to join the conversation,” Dickens mentioned. “From home ownership and entrepreneurship to youth engagement and financial education, HGF will offer bold and innovative ideas to ensure a bright future for all.”
It coincided with the organization’s annual meeting launched one other path to enhance financial knowledge with HOPE scholarships. With three tiers of scholarships – HOPE Lite, HOPE Classic and HOPE Silver – clients could have access to free financial coaching and academic resources.
Business and Finance
New Orleans’ black business district is marked by history
New Orleans has given a historic monument to a Black business district closed for interstate construction.
The marker was a project fulfilled by in response to the initiative of Plessy and Ferguson. Founded by descendants of men involved within the Plessy v. Ferguson case that legalized segregation within the United States, the organization worked with other community groups to put a marker under the Claiborne Viaduct.
Before the upheaval, Black New Orleanians could find stores owned by other members of their community on Claiborne Avenue. Racial discrimination originally limited the power to buy on the famous Canal Street. Given this, blacks as an alternative flocked to the realm to purchase every little thing from groceries to funeral arrangements.
This mall was home to many Black-owned businesses, and emerging and established entrepreneurs had arrange shop for generations. Consisting of pharmacies, theaters, studios and more, it helped maintain a vibrant black culture in the realm. It reigned because the most important street of Black New Orleans from the 1830s to the Seventies.
The street once featured a picturesque cover of oak trees surrounding bustling businesses. However, its decline began with the expansion of roads within the southern state. The first casualty was the oak trees that were cut all the way down to make way for the development of Interstate 10, and shortly thereafter, the district’s thriving entrepreneurs suffered an identical fate.
Many residents do not forget that they didn’t know in regards to the upcoming investment until the trees began falling. Raynard Sanders, a historian and executive director of the Claiborne Avenue History Project, remembered the “devastation” felt by the community.
“It was devastation for those of us who were here,” Sanders told the news outlet. “I was walking to school and they were cutting down oak trees. We had no warning.”
Despite its eventual decline, the district stays an integral a part of Black New Orleans entrepreneurship. Now the town will physically resemble a historic center where Black business owners could thrive. They celebrated the revealing of the statue in true New Orleans style with a second line that danced down Claiborne Avenue.
“The significance of this sign is to commemorate the businesses, beautiful trees and beautiful people that thrived in this area before the bridge was built, and to save the people who still stand proud and gather under the bridge,” also said Keith Plessy, a descendant of Homer Plessy’ ego.
The growth of local black businesses continues. Patrons and owners alike hope to evoke the spirit of Claiborne’s original entrepreneurs, empowering the community.
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