Context of the issue: Despite making up ~30% of the U.S. population, roughly 9% of managers and 5% of CEOs are Black or Latinx. For example, across Fortune 500 companies, there are currently only three Black CEOs, down from a high of 12 in 2002.  Additionally, when reviewing demographic data for 16 Fortune 500 companies that report detailed data on senior executives and board members, White men account for 85% of those roles (Source: bls.gov and Fortune study). These numbers closely mirror Stern's c/o 2021 class profile, as ~30 of 350 students (or 9%) are male and female U.S. citizens who identify as Black or Latinx (Source: NYU Stern). Business school student pipelines continue to contribute to the issue of gross underrepresentation of Black and Latinx leaders.

The business case for D&I is important, but Stern must also firmly grasp the moral case: Diversity and inclusion efforts have been gaining traction, and workforces are becoming increasingly multiracial. The key driver of D&I initiatives has been largely tied to the business case for diversity of thought and background. Despite these efforts, Black and Latinx professionals have struggled to make inroads into the most competitive and influential industries. For example, Black and Latinx professionals comprise ~2% of managing directors and portfolio managers across financial services firms; ~2% of tech executives; and ~2% of corporate law firm partners (Sources: bls.gov and eeoc.gov data).

While unconscious bias and bias in hiring practices may be contributing to this severe lack of representation, it is important for NYU Stern students to understand the historical context and policies that have institutionalized a wealth gap, achievement gap, and systemic underrepresentation for Black and Latinx communities. Unfortunately, these indignities are symptoms of the larger issue of systemic racism. As future business leaders, Stern students should be educated about the historical facts that have resulted in systemic racism in order to increase empathy, allyship, and advocacy for underrepresented groups.

Our hope is that we can take immediate and tangible steps to drive change within the Stern community by equipping students, faculty, and staff with the tools needed to contribute to a more equitable society. As a member of the Stern community, can you help be a small part of this change? 

Immediate and tangible requests:

1. Make Harvard Business School's "African American Inequality in the United States" case required reading for students and faculty, and dedicate ongoing, in-class discussions to ensure students understand the history, meaning, existence, and implications of systemic racism. 
2. Create and maintain a permanent page on NYU Stern's website dedicated to resources that advance the understanding of systemic racism and its impact on business and society in order to bolster empathy, allyship, and advocacy.
3. Equip Stern students, faculty, and staff with robust ongoing training and resources on how to better engage with race-related discussions and advocate for D&I inside and outside the classroom.
4. Develop an annual report that transparently outlines NYU Stern's objectives, metrics, and progress related to racial equity.​
5. Identify new ways of recruiting and retaining Black and Latinx students, faculty, and staff. Currently ~30 of 350 class of 2021 students are U.S. underrepresented minorities and Stern's administration and faculty severely lacks URM representation.