Amid rising inflation and fluctuating
labor market dynamics, the journey of Black talent in America
continues to be marked by both challenges and opportunities
NEW
YORK, June 24, 2024 /PRNewswire/ -- OneTen, a
coalition of leading executives and companies dedicated to creating
one million family-sustaining careers for talent without four-year
degrees, today released its latest research report, "Skills
First Pathways: Insights on the Economy, Jobs and Workplace Culture
from Black Talent Without Degrees." The report's insights are
the results of research conducted in partnership with Bully Pulpit
Interactive (BPI) and offer an in-depth look at the economic and
workplace experiences of Black talent without degrees. It provides
actionable insights for employers committed to fostering more
inclusive work environments.
While recent data suggests a decline in both the pay gap between
Black and white workers and in the Black unemployment rate, the
lived experiences of Black workers without a four-year degree tell
a much more complex story. The journey of Black talent in the labor
market, particularly amidst rising inflation, underscores a stark
reality: when it comes to achieving inclusive and equitable
experiences for Black talent, there is still much work to be done.
Adopting skills-first hiring approaches can provide these workers
with greater opportunities while fostering a more equitable
workforce.
"The results of this research demonstrate the need for a
fundamental shift in how we approach talent acquisition and
workplace culture. When it comes to unlocking the potential of
millions of skilled individuals who have been overlooked due to the
lack of a four-year degree, embracing skills-first hiring practices
is a great start. But companies must go further by listening to,
and addressing, the specific needs of underrepresented talent,"
said Debbie Dyson, CEO of
OneTen.
Key Findings:
- Economic and Job Market Challenges: Black workers
without four-year degrees face significant barriers to achieving
equitable employment. Only 23% rate their economic situation as
good or excellent, compared to 46% of the general American
population. Furthermore, 77% rate their economic circumstances as
fair or poor, compared to 53% of the broader U.S. population,
highlighting stark disparities.
- Employment Statistics: Among those surveyed, 40% report
being unemployed, double the rate of their Black peers with
degrees. Only 34% are employed full-time, compared to 63% of
prime-age Americans. Additionally, 88% of Black talent without
degrees work in hourly wage jobs, compared to the national average
of 58%.
- Decreased Confidence in Economic Stability: The report
reveals a significant decline in Black professionals' confidence in
their economic stability. For example, 80% now rate the
affordability of food and groceries as poor or fair, a
13-percentage-point increase from previous OneTen surveys. Concerns
about childcare affordability, retirement security, and the overall
job market have similarly worsened since 2022.
Challenges Highlighted:
- Inflation and Cost of Living: Black talent without
four-year degrees are significantly more worried about inflation
than the general American population, with the rising cost of
living exacerbating their economic challenges.
- Workplace Culture and Inclusivity: The report highlights
feelings of being undervalued and a low sense of belonging in the
workplace. Only 27% of those surveyed indicate feeling a strong
sense of trust in their organizations' appreciation for Black
employees.
Recommendations:
- Adopting Skills-First Hiring Practices: Employers should
refocus talent acquisition on candidates' skills and competencies
rather than formal education, which can help uplift all workers,
especially those traditionally marginalized by the labor
market.
- Creating Inclusive Work Environments: Organizations need
to invest in continuous learning, mentorship programs, and clear
career pathways to support Black talent without degrees.
Proactively addressing workplace culture issues and fostering
inclusivity are crucial for retention and employee
satisfaction.
Read the full report: Skills First Pathways: Insights on
the Economy, Jobs and Workplace Culture from Black Talent Without
Degrees
About OneTen:
Founded in 2020, OneTen is a coalition
of leading chief executives and their companies dedicated to
upskilling, hiring and promoting one million Black individuals, and
others, without four-year degrees into family-sustaining jobs
within ten years. OneTen connects employers with talent developers,
skill-credentialing organizations, nonprofits, and community-based
partners to create equitable and inclusive workforces across the
U.S. Learn more at OneTen.org.
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SOURCE OneTen