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mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12 mdc-u-grid-gutter-xxl"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xxl BlogEntryContent_mck-c-blog-entry-content__authors-and-tags-wrapper__xvLOB"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f BlogEntryContent_mck-c-blog-entry-content__tag-container__b0iuz mdc-u-grid-gutter-xxs"><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/diversity" class="mdc-c-link-icon___SEKyg_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Diversity</span></a></div><div class="BlogEntryContent_mck-c-blog-entry-content__tag-link__fxyON"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog#/tag/our-people" class="mdc-c-link-icon___SEKyg_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Our People</span></a></div></div></div><div class="mdc-o-content-body"><p><span class="BlogEntryContent_mck-c-blog-entry-content__display-date__vCR9M"><time dateTime="2021-12-16T00:00:00Z">December 16, 2021</time></span>This month marks the one-year anniversary of the McKinsey Institute for Black Economic Mobility, our research institute and think tank dedicated to advancing racial equity and inclusive growth. Over the course of the year, the institute has focused on its mission to help private-, public-, and social-sector leaders take coordinated action to accelerate Black economic development. </p> <p>The institute’s work has included publishing in-depth research on the racial wealth gap, increasing Black representation in the workforce, the impact of COVID-19 on Black livelihoods and more. It has also convened leaders to discuss best practices and partnered with more than 20 organizations across industries to improve the economic mobility for Black individuals and communities.</p> <p>As we look to 2022, we spoke with some <a href="https://www.mckinsey.com/bem/overview">Institute</a> leaders about lessons from the past year, what’s next, and how organizations can best embed racial equity into their long-term planning. </p> <h3>Duwain Pinder</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-left-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Duwain Pinder, partner- New Jersey" src="/~/media/mckinsey/about%20us/mckinsey%20blog/year%20one%20lessons%20from%20our%20new%20think%20tank/mibem-inline-duwain-400x400.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div class="mck-u-sr-only">Duwain Pinder, partner- New Jersey</div></div> <p>It’s been fascinating to see the evolution of our research go from being more reactive to taking on a more proactive lens. Before we launched the Institute, we had published an article on the effect of COVID-19 on Black lives and livelihoods, which was, of course, extremely topical at the time. Yet since then, we’ve become more proactive in researching where the private sector can engage to accelerate Black economic mobility. For example, we’ve partnered with our practices, like Agriculture on ways to support <a href="https://www.mckinsey.com/industries/agriculture/our-insights/black-farmers-in-the-us-the-opportunity-for-addressing-racial-disparities-in-farming">Black farmers</a>, Education on the role of <a href="https://www.mckinsey.com/industries/education/our-insights/how-hbcus-can-accelerate-black-economic-mobility">HBCUs</a>, and Retail on how <a href="https://www.mckinsey.com/industries/retail/our-insights/the-diversity-imperative-in-retail">brands</a> can meet the needs of diverse consumers. </p> <p>Through this work, we’ve seen the Institute’s impact become a force multiplier with more colleagues engaged and looking to embed our findings into the long-term strategies of their clients. Our work is beginning to change the way our entire firm operates and interacts with clients.</p> <h3>Tiffany Burns</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-left-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Tiffany Burns, partner- Atlanta" src="/~/media/mckinsey/about%20us/mckinsey%20blog/year%20one%20lessons%20from%20our%20new%20think%20tank/mibem-inline-tiffany-400x400.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div class="mck-u-sr-only">Tiffany Burns, partner- Atlanta</div></div> <p>For so long, there’s been an aspiration for a fact base that can give businesses the rationale for what they should do as it relates to racial equity. The institute has supported that by taking something like inclusive growth and articulating the magnitude of its opportunities in a very analytical and structured way. </p> <p>Ninety percent of organizations have stated they want to take action, and we’ve seen that much of this happens when the framing of the problem along with the financial opportunity are clear. When you see a client document with a roadmap anchored in analysis that we’ve done, that’s when you know we’ve had impact. The demand for such insights is only going up along with the desire to expand the institute through partnerships with broader corporate entities and industry organizations. </p> <h3>Monne Williams</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-left-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Monne Williams, partner- Atlanta" src="/~/media/mckinsey/about%20us/mckinsey%20blog/year%20one%20lessons%20from%20our%20new%20think%20tank/mibem-inline-monne-400x400.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div class="mck-u-sr-only">Monne Williams, partner- Atlanta</div></div> <p>Quick wins don’t work. These are systemic issues that have taken generations of people to ingrain into society. The sobering moment came when working on our ‘<a href="https://www.mckinsey.com/featured-insights/diversity-and-inclusion/Race-in-the-workplace-The-Black-experience-in-the-US-private-sector">Race in the workplace’</a> report that showed it would take nearly a century for Black workers to reach talent parity, or 12 percent Black representation in the US private sector.</p> <p>For organizations to begin to dismantle these inequities, having a multi-pronged plan that looks beyond the hiring of Black people to also consider aspects like fair promotions and entire career trajectories is key. It means thinking outside the walls of your company to consider factors like supplier strategy to ensure your products and services are available to a broader consumer base, or office location to close the gap between high-growth geographies and predominately Black neighborhoods. </p> <p>As we think about what’s next for the Institute, we will be especially focused on how we can be active participants and conveners among the private, public, and social sectors to help drive knowledge and best practice sharing—something that’s been lacking for far too long. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-lg-span-4 mdc-u-grid-col-md-span-5 Disruptor1Up_mck-c-disruptor1up__image___2Gc4"><picture data-component="mdc-c-picture"><img alt="McKinsey Institute for Black Economic Mobility" src="/~/media/mckinsey/mckinsey%20institute%20for%20black%20economic%20mobility/bem-1536x1536.jpg?cq=50&mh=145&car=16:9&cpy=Center" loading="lazy"/></picture></div><div class="mdc-u-grid-col-lg-span-8 mdc-u-grid-col-md-span-7"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>McKinsey Institute for Black Economic Mobility</div></h3><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-7"><p><div>Our goal is to inspire, empower, and sustain action that leads to the economic development of Black communities across the globe.</div></p></div></div></header><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mck-c-disruptor1up__content Disruptor1Up_mck-c-disruptor1up__content--links__VV4lE mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="/bem" class="mdc-c-link-cta___NBQVi_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Learn more</span><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mck-link-arrow-right-icon"></span></a></div></div></div></div> <h3>Ammanuel Zegeye</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-left-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Ammanuel Zegeye, partner San Francisco" src="/~/media/mckinsey/about%20us/mckinsey%20blog/year%20one%20lessons%20from%20our%20new%20think%20tank/mibem-inline-ammanuel-400x400.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div class="mck-u-sr-only">Ammanuel Zegeye, partner San Francisco</div></div> <p>Beyond the moral imperative of racial equity, what’s been most powerful to come from the Institute’s research is the strong economic case for it. Once you combine the two and put it into quantitative and qualitative ways to capture what’s going on, it’s really hard to ignore.</p> <p>For example, our <a href="https://www.mckinsey.com/featured-insights/diversity-and-inclusion/black-representation-in-film-and-tv-the-challenges-and-impact-of-increasing-diversity">Black representation in film and TV</a> report showed that the industry is missing out on $10B in revenue annually as a result of fewer Black-led stories, underfunding, and undervaluation once ideas are shared. Money is being left on the table, and people understanding that is a huge driver for action. We’ve had over 100 client conversations following this report on how to have impact in this sector. The question for leaders is now thinking whether racial equity should be a differentiator or table stakes. </p> <h3>Shelley Stewart III</h3> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-o-sm-left-span Image_mck-c-image__fhx5v"><picture data-component="mdc-c-picture" class="Image_mck-c-image__img-container__JusDB"><img alt="Shelley Stewart, partner New Jersey" src="/~/media/mckinsey/about%20us/mckinsey%20blog/year%20one%20lessons%20from%20our%20new%20think%20tank/mibem-inline-shelley-400x400.jpg?cq=50&mw=767&cpy=Center" loading="lazy"/></picture><div class="mck-u-sr-only">Shelley Stewart, partner New Jersey</div></div> <p>Embedding racial equity into long-term, strategic planning requires institutional change and investment. For example, ‘<a href="https://www.mckinsey.com/featured-insights/diversity-and-inclusion/the-economic-state-of-black-america-what-is-and-what-could-be">The economic state of Black America</a>’ found that more than half of the $226 billion wage gap that exists between Black and White Americans was concentrated in just 20 industries.</p> <p> Such insights provide industry leaders with a solid starting point so they can thoughtfully pursue efforts that are most impactful in improving Black economic mobility. One way is by increasing representation of underrepresented groups within their organizations, especially among the leadership ranks, and evaluating their company’s current relationships with these groups as consumers.</p> <p>I’m optimistic that companies are leaning into these conversations, and we’re seeing strong indications that significant time and resources are beginning to be committed to issues of racial inequity. Yet, we're still at the very beginning of the journey. There remain a lot of siloed efforts with many people doing this work because it interests them in the moment. To meaningfully address issues of this magnitude, however, we need to ensure collective and sustained action.</p></div></div><aside class="mdc-u-grid-col-lg-start-11 mdc-u-grid-col-lg-span-2 BlogEntryContent_mck-c-blog-entry-content__side-bar__YsMpJ"><section class="RelatedBlogPosts_mck-c-related-blog-posts__GnKmg"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-ts-5">related</h3><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class="BlogItem_mck-c-blog-item__A6TBP BlogItem_mck-c-blog-item--transparent-bg__UXfdT mck-u-animation-slide-up"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/introducing-the-mckinsey-institute-for-black-economic-mobility" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="BlogItem_mck-c-blog-item__picture__8xtXH"><style>.picture-intro-0 { aspect-ratio: 8/5 }</style><img alt="Introducing the McKinsey Institute for Black Economic Mobility" class="picture-intro-0" src="/~/media/mckinsey/about%20us/mckinsey%20blog/introducing%20the%20mckinsey%20institute%20for%20black%20economic%20mobility/bem-hero-small-1182072171-1536x864.jpg?cq=50&mw=767&car=8:5&cpy=Center" loading="lazy"/></picture></a><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f BlogItem_mck-c-blog-item__text-container__WEEHk BlogItem_mck-c-blog-item__text-container--related__VjvZk"><h4 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/about-us/new-at-mckinsey-blog/introducing-the-mckinsey-institute-for-black-economic-mobility" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f">Introducing the McKinsey Institute for Black Economic Mobility</a></h4><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f">Today our firm launches a think tank dedicated to advancing racial equity and inclusive growth to safeguard the lives of Black people around the world.</div></div></div></section></aside></div></div></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="BlogPromo_mck-c-blog-promo__hSsYu BlogPromo_mck-c-blog-promo--full-width__pKXqL mck-u-animation-slide-up BlogEntryContent_mck-c-blog-entry-content__promobar___qKLu" data-layer-region="blog-one-click-module"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-lg"><div class="mck-o-container"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-lg mck-o-container--wrapped mck-o-container--mobile-spacing BlogPromo_mck-c-blog-promo__content__31yfC 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data-module-background="transparent" data-module-category="" class="StickyFooter_mck-c-sticky-footer__in-page__NaLJw" aria-hidden="false"><div class="mdc-o-container__wrapper"><div class="StickyFooter_mck-c-sticky-footer__container___Y7EJ"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-u-align-center StickyFooter_mck-c-sticky-footer__jobs-text-heading__WftuI"></h2><div><a data-component="mdc-c-link" href="" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--primary___Ed-lT_2734c4f mdc-c-button--size-large___jwpUy_2734c4f"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--align-right___94-AR_2734c4f mck-search-icon"></span></a></div></div></div></div></div></div></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Year one Lessons from our new think tank focused on Black lives","displayName":"Year one Lessons from our new think tank focused on Black lives","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"72d78280-4797-4f5c-9114-297163c36c9d","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"d929136a-019a-4786-8072-3e3a60b2f31c","templateName":"Blog Entry","placeholders":{"jss-main":[{"uid":"e18e4703-f541-45d8-89c1-d5d8407f1708","componentName":"BlogEntry","dataSource":"","fields":{"data":{"blogEntry":{"title":{"jsonValue":{"value":"Year one: Lessons from our new think tank focused on Black lives"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"One year since we launched the McKinsey Institute for Black Economic Mobility, leaders reflect on their research, impact to date, and what\u0026rsquo;s next."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2021-12-16T00:00:00Z"}},"body":{"value":"\u003cp\u003eThis month marks the one-year anniversary of the McKinsey Institute for Black Economic Mobility, our research institute and think tank dedicated to advancing racial equity and inclusive growth. Over the course of the year, the institute has focused on its mission to help private-, public-, and social-sector leaders take coordinated action to accelerate Black economic development. \u003c/p\u003e\n\u003cp\u003eThe institute\u0026rsquo;s work has included publishing in-depth research on the racial wealth gap, increasing Black representation in the workforce, the impact of COVID-19 on Black livelihoods and more. It has also convened leaders to discuss best practices and partnered with more than 20 organizations across industries to improve the economic mobility for Black individuals and communities.\u003c/p\u003e\n\u003cp\u003eAs we look to 2022, we spoke with some \u003ca href=\"https://www.mckinsey.com/bem/overview\"\u003eInstitute\u003c/a\u003e leaders about lessons from the past year, what\u0026rsquo;s next, and how organizations can best embed racial equity into their long-term planning. \u003c/p\u003e\n\u003ch3\u003eDuwain Pinder\u003c/h3\u003e\n[[image Duwain]]\n\u003cp\u003eIt\u0026rsquo;s been fascinating to see the evolution of our research go from being more reactive to taking on a more proactive lens. Before we launched the Institute, we had published an article on the effect of COVID-19 on Black lives and livelihoods, which was, of course, extremely topical at the time. Yet since then, we\u0026rsquo;ve become more proactive in researching where the private sector can engage to accelerate Black economic mobility. For example, we\u0026rsquo;ve partnered with our practices, like Agriculture on ways to support \u003ca href=\"https://www.mckinsey.com/industries/agriculture/our-insights/black-farmers-in-the-us-the-opportunity-for-addressing-racial-disparities-in-farming\"\u003eBlack farmers\u003c/a\u003e, Education on the role of \u003ca href=\"https://www.mckinsey.com/industries/education/our-insights/how-hbcus-can-accelerate-black-economic-mobility\"\u003eHBCUs\u003c/a\u003e, and Retail on how \u003ca href=\"https://www.mckinsey.com/industries/retail/our-insights/the-diversity-imperative-in-retail\"\u003ebrands\u003c/a\u003e can meet the needs of diverse consumers. \u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThrough this work, we\u0026rsquo;ve seen the Institute\u0026rsquo;s impact become a force multiplier with more colleagues engaged and looking to embed our findings into the long-term strategies of their clients. Our work is beginning to change the way our entire firm operates and interacts with clients.\u003c/p\u003e\n\u003ch3\u003eTiffany Burns\u003c/h3\u003e\n[[image Tiffany]]\n\u003cp\u003eFor so long, there\u0026rsquo;s been an aspiration for a fact base that can give businesses the rationale for what they should do as it relates to racial equity. The institute has supported that by taking something like inclusive growth and articulating the magnitude of its opportunities in a very analytical and structured way. \u003c/p\u003e\n\u003cp\u003eNinety percent of organizations have stated they want to take action, and we\u0026rsquo;ve seen that much of this happens when the framing of the problem along with the financial opportunity are clear. When you see a client document with a roadmap anchored in analysis that we\u0026rsquo;ve done, that\u0026rsquo;s when you know we\u0026rsquo;ve had impact. The demand for such insights is only going up along with the desire to expand the institute through partnerships with broader corporate entities and industry organizations.\u0026nbsp;\u003c/p\u003e\n\u003ch3\u003eMonne Williams\u003c/h3\u003e\n[[image Monne]]\n\u003cp\u003eQuick wins don\u0026rsquo;t work. These are systemic issues that have taken generations of people to ingrain into society. The sobering moment came when working on our \u0026lsquo;\u003ca href=\"https://www.mckinsey.com/featured-insights/diversity-and-inclusion/Race-in-the-workplace-The-Black-experience-in-the-US-private-sector\"\u003eRace in the workplace\u0026rsquo;\u003c/a\u003e report that showed it would take nearly a century for Black workers to reach talent parity, or 12 percent Black representation in the US private sector.\u003c/p\u003e\n\u003cp\u003eFor organizations to begin to dismantle these inequities, having a multi-pronged plan that looks beyond the hiring of Black people to also consider aspects like fair promotions and entire career trajectories is key. It means thinking outside the walls of your company to consider factors like supplier strategy to ensure your products and services are available to a broader consumer base, or office location to close the gap between high-growth geographies and predominately Black neighborhoods. \u003c/p\u003e\n\u003cp\u003eAs we think about what\u0026rsquo;s next for the Institute, we will be especially focused on how we can be active participants and conveners among the private, public, and social sectors to help drive knowledge and best practice sharing\u0026mdash;something that\u0026rsquo;s been lacking for far too long. \u003c/p\u003e\n[[disruptor1up 1]]\n\u003ch3\u003eAmmanuel Zegeye\u003c/h3\u003e\n[[image Ammanuel]]\n\u003cp\u003eBeyond the moral imperative of racial equity, what\u0026rsquo;s been most powerful to come from the Institute\u0026rsquo;s research is the strong economic case for it. Once you combine the two and put it into quantitative and qualitative ways to capture what\u0026rsquo;s going on, it\u0026rsquo;s really hard to ignore.\u003c/p\u003e\n\u003cp\u003eFor example, our \u003ca href=\"https://www.mckinsey.com/featured-insights/diversity-and-inclusion/black-representation-in-film-and-tv-the-challenges-and-impact-of-increasing-diversity\"\u003eBlack representation in film and TV\u003c/a\u003e report \u0026nbsp;showed that the industry is missing out on $10B in revenue annually as a result of fewer Black-led stories, underfunding,\u0026nbsp; and undervaluation once ideas are shared. Money is being left on the table, and people understanding that is a huge driver for action. We\u0026rsquo;ve had over 100 client conversations following this report on how to have impact in this sector. The question for leaders is now thinking whether racial equity should be a differentiator or table stakes. \u003c/p\u003e\n\u003ch3\u003eShelley Stewart III\u003c/h3\u003e\n[[image Shelley]]\n\u003cp\u003eEmbedding racial equity into long-term, strategic planning requires institutional change and investment. For example, \u0026lsquo;\u003ca href=\"https://www.mckinsey.com/featured-insights/diversity-and-inclusion/the-economic-state-of-black-america-what-is-and-what-could-be\"\u003eThe economic state of Black America\u003c/a\u003e\u0026rsquo; found that more than half of the $226 billion wage gap that exists between Black and White Americans was concentrated in just 20 industries.\u003c/p\u003e\n\u003cp\u003e Such insights provide industry leaders with a solid starting point so they can thoughtfully pursue efforts that are most impactful in improving Black economic mobility. One way is by increasing representation of underrepresented groups within their organizations, especially among the leadership ranks, and evaluating their company\u0026rsquo;s current relationships with these groups as consumers.\u003c/p\u003e\n\u003cp\u003eI\u0026rsquo;m optimistic that companies are leaning into these conversations, and we\u0026rsquo;re seeing strong indications that significant time and resources are beginning to be committed to issues of racial inequity. Yet, we're still at the very beginning of the journey. There remain a lot of siloed efforts with many people doing this work because it interests them in the moment. To meaningfully address issues of this magnitude, however, we need to ensure collective and sustained action.\u003c/p\u003e"},"hidePromoBar":{"boolValue":false},"hideDek":{"boolValue":true},"mobileReady":{"boolValue":false},"selectedModalSubscriptions":{"targetItems":[]},"hideFromSearchEngines":{"boolValue":false},"parent":{"id":"C91995569C2442E0B263E2BDE578903E","name":"New at McKinsey Blog","title":{"value":"New at McKinsey Blog"},"description":{"value":"A collection of stories about our people, our capabilities, our research, and the ever-changing face of our firm."},"url":{"path":"/about-us/new-at-mckinsey-blog"},"heroImage":{"alt":"","src":null,"description":null},"heroBackgroundColor":{"targetItem":{"displayName":"Dark Blue Gradient"}},"heroImageTopOffset":{"value":"100"},"horizontalCropPosition":{"targetItem":{"displayName":"Left"}},"heroImageRenderStyle":{"targetItem":{"displayName":"Full Height Hero"}}},"ancestors":[{"displayName":"McKinsey Blog","name":"New at McKinsey Blog","id":"{C9199556-9C24-42E0-B263-E2BDE578903E}","template":{"id":"{D47350B4-752D-4AEB-9F9E-0478AC2A95EB}"}},{"displayName":"About Us","name":"About Us","id":"{45E65F7E-6B6B-4878-9252-A33F066F365F}","template":{"id":"{85FF0530-7883-480F-9A4C-82123F72FFD8}"}},{"displayName":"Home","name":"Home","id":"{367E4041-0C4A-4A6D-99D7-7D83F5A73EA7}","template":{"id":"{85FF0530-7883-480F-9A4C-82123F72FFD8}"}},{"displayName":"McKinsey","name":"McKinsey","id":"{258857D0-50FA-4C3E-8C11-55EDFF84A992}","template":{"id":"{061CBA15-5474-4B91-8A06-17903B102B82}"}},{"displayName":"Content","name":"content","id":"{0DE95AE4-41AB-4D01-9EB0-67441B7C2450}","template":{"id":"{E3E2D58C-DF95-4230-ADC9-279924CECE84}"}},{"displayName":"sitecore","name":"sitecore","id":"{11111111-1111-1111-1111-111111111111}","template":{"id":"{C6576836-910C-4A3D-BA03-C277DBD3B827}"}}],"promoDetails":{"_1clickSubscription":{"targetItems":[{"title":{"value":"New at McKinsey blog"},"displayName":"New at McKinsey blog","alertCode":{"value":"N37"},"description":{"value":""}}]},"promoBarTitle":{"value":"Never miss a story"},"promoBarDescription":{"value":"Stay updated about McKinsey news as it happens"},"promoBarCallToActionLink":{"queryString":"","className":"btn","anchor":"","linkType":"internal","url":"/user-registration/manage-account/edit-subscriptions-mvc","text":"Subscribe","targetItem":{"name":"Edit Subscriptions MVC"}},"promoBarRenderStyle":{"targetItem":{"key":{"value":"Center"},"value":{"value":"Center"}}}},"authors":{"targetItems":[]},"blogEntryTags":{"targetItems":[{"name":"Diversity","blogTagTitle":{"value":"Diversity"}},{"name":"Our People","blogTagTitle":{"value":"Our People"}}]},"heroImage":{"alt":"Year one: Lessons from our new think tank focused on Black lives ","src":"/~/media/mckinsey/about us/mckinsey blog/year one lessons from our new think tank/mibem-hero-small-5leaders-1536x864.jpg","description":""},"thumbnailImage":{"src":"/~/media/mckinsey/about us/mckinsey blog/year one lessons from our new think tank/mibem-hero-small-5leaders-1536x864.jpg"},"showCaption":{"boolValue":false},"heroImageTopOffset":{"value":""},"horizontalCropPosition":{"targetItem":null},"heroBackgroundColor":{"targetItem":{"key":{"value":"Deep Blue"},"value":{"value":"deep-blue"}}},"heroImageRenderStyle":{"targetItem":{"key":{"value":"Small"},"value":{"value":"-default-width"}}},"relatedPosts":{"targetItems":[{"template":{"id":"D929136A019A478680723E3A60B2F31C"},"url":{"path":"/about-us/new-at-mckinsey-blog/introducing-the-mckinsey-institute-for-black-economic-mobility"},"title":{"value":"Introducing the McKinsey Institute for Black Economic Mobility"},"description":{"value":"Today our firm launches a think tank dedicated to advancing racial equity and inclusive growth to safeguard the lives of Black people around the world."},"displayDate":{"jsonValue":{"value":"2020-12-02T00:00:00Z"}},"image":{"src":"/~/media/mckinsey/about us/mckinsey blog/introducing the mckinsey institute for black economic mobility/bem-hero-small-1182072171-1536x864.jpg","alt":"Introducing the McKinsey Institute for Black Economic Mobility"}}]},"contentType":{"targetItem":{"displayName":"Blog post - 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