Yelp announced Tuesday that it has deposited $ 10 million of its cash reserves with minority financial institutions that support black and underserved communities.
The corporate directory and crowdsourcing reviews forum said those financial institutions included Broadway Federal Bank, Carver Federal Savings Bank, and Citizens Savings Bank and Trust.
Yelp cited a report in the Wall Street Journal that found there were 36 illicit banks in the US 15 years ago and the Federal Deposit Insurance Corp. currently puts this number at only 20.
Each of the banks that Yelp works with is certified as a community development financial institution. This means that it is a specialized organization that provides financial services in low-income communities and for those who do not have access to finance.
David Schwarzbach, Yelp’s chief financial officer, said in a statement, “We recognize that the distribution of financial capital in the United States, especially in black communities, is not fair, and we know we have a role to play to make it more equitable Support financial system. We are committed to providing financial capital for low-income and low-income communities, as well as black entrepreneurs, who have been particularly hard hit by the pandemic. That’s why we’re paying $ 10 million of Yelp cash reserves to these three black-owned financial institutions to support home ownership and local businesses in the communities where they operate. “
The company released its 2020 diversity report on Tuesday.
Women currently make up 43% of the total workforce and 46% of management.
By ethnicity, Yelp is a total of 52% White, 16% Asian, 13% Latin American, 13% Black, 5% two or more races (non Hispanic or Latino), and 1% Native American.
The company’s leadership is comprised of 64% white, 15% Asian, 8% Latin American, 6% black, 6% two or more races (not Hispanic or Latino), and 1% Native American.
Yelp said it attributed last year’s gains to actions such as making individual department heads responsible for increasing the diversity of their organizations and creating a diversity task force that includes CEO Jeremy Stoppelman, chief operating officer Jed Nachman and Schwarzbach. and added that this is the force building on our existing strategies, including using data to challenge assumptions, operationalizing inclusion and helping executives remove roadblocks, and advocating and encouraging individuals to do theirs Accelerate career.
The company also noted its adoption of a diverse approach to the interview process, which means that interviews for open positions must take into account under-represented talent, and the addition of Tony Wells, USAA’s chief brand officer, to its board of directors in late October.
As Yelp wrote, “We strongly believe that all of our diverse workforce have the right to a safe and inclusive work environment, and we do not tolerate racism. We have recognized the need to target objectionable customers and potential customers who use racist or other abusive language in their communication with our employees. We do not want their business and we do not tolerate hate speech against our employees. We have re-evaluated our diversity training program and concluded that there is more to be done. We have introduced mandatory, company-wide training on systemic racism and institutional prejudice. “