OfColor founder Yemi Rose offered advice on achieving equity pay for workers of color in startups, urging them to consider the employee's circumstances and background when determining equity pay since workers of color may not have generational wealth at their disposal.
Rose adds that it's not just about "giving pay equality, but the amount of money that employees of color are able to keep is significantly lower" due to their accumulated medical, housing, and other debts.
- Rose recommends that organizations should focus beyond equal pay for employees of color.
- He adds that DEI workshops are insufficient and that workers of color must be actively supported for leadership roles and resources.
- He adds that startups could "completely fund employees' health-insurance premiums, provide nonelective retirement contributions, and fully fund their accounts up front."
- Rose's fintech startup OfColor builds generational wealth amongst workers of color by providing financial therapy and counseling through coaching, content, and community-based initiatives.
- In addition, the firm also provides educational packages to enterprises, such as MetLife.
