Fourth Wave Technology Inc.
1. The long standing discrimination and inequality affecting minority groups in corporate America is a problem.
2. We propose a holistic approach to Diversity, Equity & Inclusion supported by technology that challenges the institutional bias and affords minority groups equal access to job opportunities, training and development, promotions to leadership positions and equal pay.
3. Improving representation of minorities in leadership positions and fast growing industries and narrowing pay gaps in corporations could boost black incomes by 30% and employ one million additional black workers according to research.
Minorities’ representation in leadership positions will give them a voice in decisions that affect them and improve advocacy for other voiceless minorities at lower levels.
Upward trajectory of minorities will lead to their economic empowerment;
Enabling savings, home ownership or decent housing, access to better education and health care;
Ultimately closing the racial wealth gap and reducing poverty in minority communities.
The disparities of minorities globally has been accelerated and highlighted by COVID-19 pandemic. With women’s jobs twice as likely to be cut during this recession than those held by men.
The pandemic has set the world back 36 years in its quest to achieve global gender parity – World Economic Forum.
Job losses were greater for people of color, many of whom lacked savings to cushion the financial blow; gaps in digital infrastructure exacerbated learning losses among children of color.
With Black workers concentrated in low-wage frontline jobs that could not be done remotely, exposure to the virus and inadequate access to healthcare cost lives according to research.
A McKinsey study shows an underrepresentation of black workers in fast-growing, higher-wage industries; lower odds for advancement and higher number of black workers in entry-level jobs; low representation in executive roles; and a lack of sponsorship and allies for black employees. All these factors are key to greater economic mobility of black people.
Our solution helps corporate leaders examine their role in perpetuating inequalities in hiring, pay and promotion of women and people of color.
We use data insights and audits to identify where bias has occurred and highlight areas for improvement.
Fourth Wave Tech offers a holistic approach that includes technology and DEI consulting services.
Our technology is a Voice-led interview software built on Artificial Intelligence and Machine Learning platforms to help leaders get deeper insights about their hiring practices; it identifies where bias has occurred and highlights areas of improvement.
The tool can be used for remote and in person interviews;
It tracks candidates by demographics, their average scores, proportion of candidates progressed, hired externally and/or promoted internally by demographics, average time spent per question by demographics and analysis of acceptance criteria and performance data of those who have been hired over-time.
This is a central place for setting up, conducting, reviewing and scoring interviews;
With tailored interview frameworks ,question banks with panel interviewer functionality.
Includes audio recording and transcription eliminating note-taking to allow for more engaging interview delivery and more accurate scoring.
Through our tool, leaders have access to real time data for transformation insights, efficient reporting and better decision making on diversity, equity and inclusion.
We also offer Diversity, Equity and Inclusion consulting services to ensure the effectiveness of the technology:
Audit Analysis for employee engagement, Internal Mobility, Sponsorship & Talent management processes as retention strategies for minorities.
Our target population is women and black people who have been targets of long standing discrimination and exclusion in corporate America.
Corporate America — including Wall Street and Silicon Valley giants — have pledged to play a bigger role in combating systemic racism across the United States, but track records show that not much progress or change has been made to date.
Representation of women and black executives in leadership positions of the Fortune 500 companies continues to lag behind.
In 2021, there are only 4 African Americans serving as Fortune 500 CEOs; making it 3.3% of Black senior and executive leaders presently working in corporate America, according to Equal Employment Opportunity Commission data.
And there is a total of 41 women chief executives, amounting to female leadership for just 8.1% of the Fortune 500.
Moreover, there is also underrepresentation of black professionals in high paying occupations and industries;
While the tech sector has shown an increase in the number of top earners in the past decade, only 4% of top earners in this group are black.
So, with lower odds for career advancement for black and female workers in frontline and entry-level jobs due to lack of opportunities, sponsorship or allies, their chances for economic advancement are bleak.
As black, female former executives and current business owners, we understand the needs of females and black people.
We have a frame of reference to the challenges they face because we have lived and continue to live the experiences of many. Essentially, Diversity, Equity and Inclusion is personal to us, hence we want to be part of the solution.
We also engage minority workers through DEI audits in corporations to understand their needs. We interview employees individually and through focus groups to get their feedback and recommendations.
Our solution addresses minorities’ needs by helping corporate leaders challenge their institutionalized bias by using data to track gaps and areas of improvement in the hiring, reskilling/upskilling, retention strategies, promotions, pay, sponsorship/coaching of women and black people in their companies.
We help leaders drive DEI through various initiatives including:
- Support to minority-owned small businesses as vendors.
- Partnerships with historically black colleges and universities and Hispanic-serving institutions in the United States for hiring, research programs, and other areas of mutual opportunity.
- Reduce inequalities in the digital workforce for historically underserved groups through improved hiring and retention practices, skills assessments, training, and employer education and engagement
Our solution aligns with the Digital Workforce Challenge and the dimension to reduce inequalities in the digital workforce for historically underserved groups through improved hiring and retention practices, skills assessments, training and development, and employer education and engagement.
We improve diversity, equity and inclusion of women and black people in the workplace by changing the way minority candidates are interviewed, assessed, hired and promoted using data insights from our tool to track where bias occurs and make recommendations.
Through our deep audit analysis and retention strategies, we increase employee engagement among teams; while coaching leaders and managers on DEI strategies.
- My solution is already being implemented in one or more of these ServiceNow locations
- Pilot: An organization deploying a tested product, service, or business model in at least one community.
Pilot stage – we are currently piloting and testing the software tool in Atlanta and New York City in the United States with recruitment companies and large multinational companies that employ approximately 362 000 staff in the United States and 82 000 internationally.
Our solution has already been tested and piloted in Ireland and London in the Health Care sector where many vaccinators were hired remotely during Covid -19 lockdowns. The solution is gaining traction in both Ireland and London through paid pilots.
- Yes, I wish to apply for this prize
Fourth Wave Technology Inc is a black and female owned and led company that develops disruptive technologies to solve business and socio-economic challenges in the United States.
Our solution is designed by black founders to advance Diversity, Equity and Inclusion of people of color to help advance antiracist and equitable digital workforces.
Our approach utilizes best in practice research and technology built on Artificial Intelligence and Machine Learning platforms to level the playing field for attracting and retaining people of color and effectively reducing bias in the hiring process for external and internal black candidates.
Since, there is an underrepresentation of black leaders and black professionals in high paying occupations and industries in the United States,
by using our solution, companies will open more roles for remote work across the United States including for high paying and executive positions.
Most companies including tech companies now have an opportunity to better diversify their workforce and help narrow the wage gaps and access to mobility opportunities between black and white employees.
Our Data Analytics help challenge assumptions about knowledge, skills, attributes and experiences required because for the most part people of color are screened based on preferences than what’s predictive of success.
The team will use the prize to advance the tech solution to include features for gamification as another predictor of future success over and above behavioral competencies, technical competencies and values.
We plan to also increase the tech team to be able to support our clients as we scale.
Founder & CEO