Recently, news broke that the streaming giant Netflix would be investing $100 million into black-owned financial institutions in an effort to correct the unfair leverage of white-owned companies and provide support to the black community.
It wasn’t too long ago that comedian Monique called out the company for having unfair practices when it comes to paying female or black talent. Now, just a few years later and in response to the death of one too many black man, the company wants to resolve inequalities that Netflix executives initially denied existed.
It’s commendable that Netflix is doing something to make a difference, especially since the tech industry is very lethargic about contributing to the movement. However, if Netflix wants to make a real impact then the company that sits on Sunset Blvd. in Hollywood should start with its own internal corporate structure.
Netflix didn’t have any black executives on the board of directors prior to 2018 and still ranks low on the number of women hired at the company, according to Bloomberg. Black employees make up less than 10% of the talent pool at Netflix and most positions are in subordinate roles.
On the content side, Netflix is notorious for passing up film and TV projects by black Americans only to have an entire library of content from African filmmakers.
So again, the bigger story begs the question, why does Netflix, a relatively young tech and media entertainment company already have a systemic racism and diversity issue?
Although ridiculous, it’s almost understandable that a company founded in the early 1900s would have these types of problems, but with Reed Hastings and Ted Sarandos at the helm of leadership at Netflix, what’s the company’s excuse?
The idea to distribute funds into the black-owned financial industry came from Aaron Mitchell, a Netflix executive. Mitchell would share the plan with Netflix CFO Spencer Neumann who would then parlay it to Hastings after protests broke out across the nation as a result of George Floyd’s death.
Funding will include a $25 million investment in the Black Economic Development Initiative and $10 million to Hope Credit Union. It’s a good start. But, what can be done about the employees, hiring managers and founders that continue to perpetuate a culture of exclusion and discrimination?
In order for Netflix to come close to the perception that they craft through PR stunts such as this one then a real revamping of the current racist regimen has to take place. That means, HR records should be delved into and zero tolerance polices should be curated and implemented.
The systemic racism comes from the top down. When the top-level executives start practicing what they preach, then big companies such as Netflix will truly be changing the disgusting culture of U.S. systemic racism.
