In the wake of the George Floyd protests, Walmart (NYSE:WMT) pledged to boost diversity within its own ranks and contribute $100 million over five years to help fight systemic racism across the country.
On Monday, the company gave an update on that effort. Walmart and its foundation will distribute the first $14.3 million to 16 non-profit organizations. The grants will go toward groups that are tackling racial inequities in various ways, such as educating communities of color about the COVID-19 vaccines, reducing debt for students at historically Black colleges and universities and providing internet access and technology to children who are attending school remotely.
Walmart is one of many companies that promised to throw its money and weight behind addressing racial disparities after Floyd’s killing. Yet as the country’s largest employer and retailer, its actions have additional significance. Company CEO Doug McMillon also leads the Business Roundtable, a powerful corporate voice made up of many of the country’s most prominent chief executives.
When the company made its initial pledge in June, McMillon acknowledged that corporations — including Walmart — must do more than simply write cheques. He said the company would do better within its four walls, too, by recruiting and supporting diverse talent.
Black employees make up about 21% of Walmart’s 1.5 million U.S. workforce, according the company’s most recent diversity and inclusion report. However, that diversity fades in the top ranks of Walmart. About 12% of the company’s managers and 7% of its officers are Black.
WMT started Monday down $1.13 to $139.36.