CITI: RACIAL INEQUALITY'S COST TO THE U.S.A $16 TRILLION U.S.D OVER 20 YEARS

This analysis found that racial inequality and discrimination reduced U.S. GDP by more than $16 trillion over that period. That total includes money that Black Americans lost due to inequalities in salary, housing, access to education and lending to business.

The effects of racial inequality can be difficult to quantify. But a new report from Citigroup tries to calculate some of the damage, putting a dollar amount on the economic impact of racial discrimination over the past 20 years. - CNBC

The U.S National Association of Manufacturers is bringing industry leaders together to focus on recommending bold next steps manufacturers can take to increase equity and parity for underrepresented communities in America. The Task Force on Closing the Opportunity Gap has put forth actions that will transform the industry workforce: By 2025, manufacturers commit to taking 50,000 tangible actions to increase equity and parity for underrepresented communities, creating 300,000 pathways to job opportunities for Black people and all people of color. In doing so, manufacturing will reflect the diversity of the overall U.S. workforce by 2030.

Here’s what manufacturers are doing to address racial inequality in the industry:

• Pledge for Action: Last year, the NAM’s Executive Committee unanimously passed an 11-point commitment plan for manufacturers to advance justice, equality and opportunity for Black people and all people of color.

• Closing the opportunity gap: Manufacturers committed to taking 50,000 tangible actions to increase equity and pay in the industry, as well as creating 300,000 pathways to job opportunities for Black people and all people of color. As a result, manufacturing will reflect the diversity of the overall U.S. workforce by 2030.

The Manufacturing Institute, the NAM’s workforce development and education partner, will collect individual commitments from companies to ensure that the goal of 50,000 actions is met by 2025 and that the industry reaches its goals by 2030. NAM President and CEO Jay Timmons joined other leaders to affirm the commitment on behalf of the industry. Timmons, Trane Technologies Chairman and CEO and NAM Board Chair Mike Lamach and Manufacturing Institute Executive Director Carolyn Lee commented on the landmark initiative.

“Our industry plays an integral role in lifting up people and communities,” said Lamach, “and now we have a special obligation to stand with and support all people who face injustice. We must play a part in tearing down the persistent and pernicious structural barriers to opportunity in this country.”

“I am proud to make this commitment on behalf of the industry and thank Mike and the task force for their leadership. As manufacturers across America redouble our efforts to build more inclusive and equitable workplaces and communities, we will be the catalyst for even greater change,” said Timmons. “We can spark a chain reaction for equity—that makes our businesses more successful, our communities stronger and our nation one that truly guarantees ‘liberty and justice for all.’”

“Not only are manufacturers making a bold promise, but they are also committing to be held accountable,” said Lee. “The Manufacturing Institute will collect individual commitments from companies, support their efforts with key resources and track the industry’s progress in creating these opportunities and pathways over the coming years to ensure we reach our 2030 target.”

Members of the task force include the following:

• Task Force Chair: Mike Lamach, chairman and CEO, Trane Technologies and NAM Board chair.

• Dev Ahuja, SVP and CFO, Novelis Inc.

• Alejandro Alvarez, SVP, chief production officer and sustainability officer, Brown-Forman Corporation.

• Neil Chapman, senior vice president, Exxon Mobil

• Julie Copeland, CEO, Arbill

• Mark Cordova, president, Centennial Bolt, Inc.

• Chris Edwards, Co-CEO, Edward Marc Brands, Inc.

• Jim Fitterling, chairman and CEO, Dow Inc. and NAM Board vice chair.

• Vicki Holt, president and CEO, Protolabs and NAM Small and Medium Manufacturers Group vice chair.

• Frederick Humphries, corporate VP, U.S. government affairs, Microsoft Corporation.

• Vimal Kapur, CEO, Honeywell Building Technologies.

• Lawrence Kurzius, chairman, president and CEO, McCormick & Company, Inc.

• Mike McDermott, president, global supply, Pfizer, Inc.

• Aneesa Muthana, president and CEO, Pioneer Service Inc.

• Chris Nielsen, EVP – product support and chief quality officer, Toyota Motor North America.

• Quentin Roach, SVP – global supply chain and chief procurement officer, Mondelez International.

• Kathy Wengel, EVP, chief global supply chain officer, Johnson & Johnson.

• Chris Womack, president, external affairs, Southern Company.

The National Association of Manufacturers is the largest manufacturing association in the United States, representing every industrial sector and in all 50 states. www.nam.org