As a career marketer, I rely heavily on KPIs (Key Performance Indicators) to stay focused on critical goals. A well-defined KPI can help ensure consistent progress toward a significant objective. When we consistently direct our attention toward the right targets, the chances of reaching the ultimate goal increase significantly.
Recently, I came across an eye-opening statistic from the Pew Research Center: in 2021, the average wealth for an Asian household in the U.S. was $320,900, compared to $250,400 for a white household, $48,700 for a Hispanic household, and just $27,100 for a Black household.
In my previous career as a marketer, I used a cost-per-sale (CPS) target to guide strategies and tactics. No matter the challenges my team and I faced, we stayed focused on our primary goal: bringing in as many sales as possible at an acceptable CPS. Although many factors contribute to our efforts, we worked to avoid distractions from our ultimate objective.
If we were to consider net worth as a KPI goal to address and reduce racial disparities, what benefits might follow? Imagine if the average net worth of Black Americans increased to levels closer to that of white Americans. How could this impact the nation? Here are a few possibilities:
Reduced Incarceration Costs: With economic equity, the proportion of Black inmates might align more closely with that of white inmates, resulting in fewer Black inmates and lower incarceration costs for the country.
Improved Health Outcomes: Black Americans could experience improved health outcomes comparable to their white counterparts. This normalization could lower healthcare costs, benefiting all Americans.
Equal Educational Opportunities: With more equitable wealth, Black Americans would no longer be confined to lower-income neighborhoods, allowing for better educational opportunities comparable to those of white Americans. This could pave the way for dismantling ineffective social programs.
How do we make net worth equality a driving force to eliminate racial inequality? The first steps are to a) recognize and admit that inequality exists, and b) embrace the idea that achieving net worth equality would foster equality for all.
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