'Diversity is good for business, period': Uoma Beauty founder Sharon Chuter

Uoma Beauty founder Sharon Chuter is more than ready for the reckoning coming to monocultural corporations in America. "Now I can be more vocal about it because I have little to lose," Chuter said on this week's episode of the Glossy Beauty Podcast. "I didn't start my business to be a billionaire. It was part of me using a platform to speak up against what was going on." The Nigerian-born founder launched the #PullUpForChange campaign earlier this month, calling for the brands that had come out in support of Black Lives Matter to disclose the number of Black employees on their own payrolls, including those at the corporate and executive level. "You're not giving them jobs," Chuter said about the brands. "You take their culture, you repackage it and you sell it back to them at a premium. Meanwhile, you're not employing them." Some beauty companies divulged these statistics, alongside promises to improve, but for Chuter, "pulling up" also means being held accountable for that down the line -- every six months, specifically. "In six months, some people won't have made much progress. That's reality. Especially right now in the Covid-19 era," she said. "So we want to establish two national days where all national companies pull up for the Black community and let us see." The Black population makes up 13.4% of the country as a whole, but Black employees only account for 8.6% of Fortune 500 board seats and 3.2% of senior managers, according to data reported in The Economist. According to McKinsey & Company, only 1% of Black business owners get a bank loan in their first year of business, compared with 7% of white business owners. And The Washington Post found that only 1% of founders who have raised venture capital are Black; in 2018, 81% of VC firms didn’t have a single Black investor. Chuter is ultimately optimistic. "I have to be," she said. By way of solutions, she urged companies to develop executive talent from within a company's ranks while putting out calls for employment at historically Black colleges and universities; to front ad campaigns and messaging with Black models and organizers even at the cost of alienating certain consumers (or investors) who don't understand the moral urgency; and creating diversity boards that exist outside a company's own workforce. "Unless they're independent, they do not have power to implement change because they answer to you, so they're going to give you the answers that you want to hear," Chuter said. "And that's something that every big company should be thinking of right now."