Supplier Diversity, Stock Options & More
The first month of Q2 ends this week. Don't stress if you didn't accomplish everything in April. The saying goes, "April Showers, Bring May Flowers." So let's use this week to make plans that will blossom into completed goals for next month!
Cocktails and Conversations with Ciroc
Screenshot from this week's Ciroc's Cocktails and Conversations! We sat down with some of our favorite women in Tech, Social Impact, Business, Entertainment, Art, and Style for an impactful conversation focused on the importance of mentorship. Check out all the incredible women highlighted this month here.
What You Need to Know About Accepting Stock Options in Lieu of Higher Pay
So you've found your dream job.
However, the hiring manager tells you they won't meet your salary requirements, but they can offer you equity. How do you navigate this offer from your prospective employer?
Check out our tips with Grow (Acorns + CNBC) on navigating stock options and other equity offers.
Why Supplier Diversity Programs Are Failing Black Businesses
We ran across this article in Harvard Business Review this week that we wanted to share. It reminded us of some key points from presentations in February with Major League Baseball.
ICYMI, check out our recaps for our events below:
Building Business Remotely, Presence and Virtual Networking
Key Article Highlights
Be customers, not teachers.
"Many of us don't need training; we need customers. Black does not equal remedial. Black business owners are less likely to have the personal connections that help them discover and win business. We're less likely to be hunting or golfing buddies with key decision-makers inside corporations. Many networking opportunities have come to a standstill during the pandemic, and businesses are more likely to hire suppliers they already know. It takes active efforts by buyers inside these corporations to reach out to and build connections with minority business owners."
Establish pricing transparency
"Some businesses say they account for this by vowing to spend a certain portion of their overall budget, rather than several overall contracts, to minority suppliers. But this doesn't solve the problem. The amount of work the business is getting per dollar spent may still be much higher for minority contractors. To address inequities, private corporations should announce how much they've paid for contracts, allowing everyone an understanding of going rates."
Fix pay cycles. "Many major corporations take 75 days or longer to pay. Small businesses that are struggling can't wait that long. This is especially true for Black owners, who have less access to capital and often face higher interest rates. In working for months be