At Sterling worth Inc., we recognize that the future of work is changing to a digital-based workforce where automation will dominate. There are emerging professions, as well as declining professions. Our research shows that African Americans have the highest representation in Postal Service Operational Jobs (41%), Home Health Aides (37%), and Postal Service Clerks (35%). In contrast and according to the labor statistics (2019), African Americans represent only 6.1% of Market & Sales Managers, 5.8% of Software Developers, and 6.9% of Web Developers. We have identified that a combination of industry and soft skills are essential in the new digital economy.
Our programs targets youths and young adults in underserved communities between the ages of 14-24. The goal is to align their talents with tomorrow's emerging jobs like Data Scientist, Enterprise Sales Manager, Client Success Manager, and Cyber Security Expert. However, if that's not their passion, our entrepreneur's program teaches the necessary skills to identify problems and monetize business opportunities. Also, we feel vertical-skilling is essential to move entry-level professionals into emerging professions.
We have targeted three New England states, and our partnership with organizations in Massachusetts, Rhode Island, and Connecticut will help us achieve our goals. A contribution from your organization will help us execute our programs and address the Wealth gap. We feel it comes down to shifting professions, which will impact wages. Depressingly, the typical Black households earn a fraction of White families—just 59 cents for every dollar. The gap between Black and White annual household incomes is about $29,000 per year, according to a recent 2020 congressional report.
African American workers are at the bottom of the wage scale and have a higher propensity to perform work that is at or below the minimum wage. Moreover, the low wages have contributed to lagging homeownership at 43% compared to 73% of white family homeownership. The statics show that African Americans made up 18% of the minimum wage earners in 2018, yet represent only 12% of the US population. It's time for a change, and we believe our call for higher skill acquisition and career alignment is the right method to turn the tide.
Program Description
Our closing the wealth gap initiatives focuses on four key areas, which we believe will make a difference in underserved communities. We believe that aligning talent with tomorrow's emerging jobs, Vertical-Skilling, financial literacy, and fostering entrepreneurial skill acquisition. The primary objective is to get teens and matriculating college graduates to consider essential job skills in demand before and upon completing their degrees.
The program will connect employers with potential employees to solidify that aim. Attendees will learn data visualization using Tableau, the Hubspot Inbound sales methodology, and the soft business skills required for entrepreneurial pursuits. These are essential foundational pillars, but if you can't manage money and plan for the future, we will show progress yet fail to establish money management habits. Therefore, financial literacy completes our program.
We are well-positioned to execute our initiative with the talent we have assembled within Sterling Worth Inc. We understand the impact of Covid-19 and have planned accordingly. Our services will be delivered through Webinars, Podcasts, and in-person by late summer. The infrastructure is in place because we believe learning is infectious and continuous. In closing, we strongly ascribe to the principals of Neuroplasticity in that thorough training and exercising of the mind opens one to new possibilities and outcomes.
Community Needs
We are targeting the systemic issues directly related to the widening wealth gap between African Americans who disproportionately live in underserved communities. According to a McKinsey report titled, The Economic Impact of Closing the Racial Wealth Gap, 70% of black children born in the middle class will fall into poverty as adults.
A 2020 congressional report revealed that the median wealth of Black families ($17,000)—is less than one-tenth of White families ($171,000). It also stated, the share of Blacks who are college graduates has more than doubled since 1990, from 11% to 25%—but still lags far behind Whites. Our purpose is to reverse these trends in Boston, Hartford, and Providence; through mentoring, Podcasts, and live events.
Measurable Outcomes
We have identified the wealth gap as a problem; it will require our program attendees to meet change with a plan. Our purpose is to reverse habits that lead to adverse outcomes. Therefore, we will measure success by the number of attendees we touch, over 1,000, and the actions they take after being exposed to our programs. How many have a career plan aligned with emerging jobs and skills, understand the value of money, embrace an entrepreneurial spirit, and understand learning is continuous.
Acknowledgment of Support
Having executed events sponsored by corporate partners in the past, we fully understand how to maximize acknowledgment and support. Therefore, we are only seeking Impact sponsors for our initiative. We will acknowledge sponsors by logo signage on our website, events, and promotional material describing our goals—also, hashtags and media coverage.