White employees made up 77% of the U.S. workforce in 2021, according to the Bureau of Labor Statistics, while Hispanic or Latin people make up 18% of the workforce (Latin or Hispanic can be of any race, nearly 9 in 10 identify as white), Black people make up 13% and Asian people make up 7%.
But despite the fact that 1 in 6 Fortune 500 companies publish annual diversity, equity and inclusion reports, just six of them have black CEOs.
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So MoviePass CEO Stacy Spikes knows he's in a unique position as the black leader of a major corporation.
"When I came up in the game venture capital wasn't a thing. I think we're like in the early days of sports where you had one or two minority players and I think that they need to take another look and they need to let more people on the team. I think they will ultimately benefit at the bottom line financially," Spikes told TheStreet.
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Spikes is in a unique position as there aren't many black CEOs of major corporations.
He points out that historically minorities are accessing only 1-3% of the venture capital that is out there. So to help close that gap groups like Harlem Capital are focused on minority founders and entrepreneurs.
He also seems to believe that more action needs to be taken to make sure there is an even playing field.
"It wasn't until team owners started forcing coaches to say I need you to look at all possible players. And look for the best players not just everybody follow a pattern of this is who we think will be the best player. Look at the numbers and I think the math shows up and the financials will shoot up too," Spikes said.
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